As it seems like an effortless question, it is not as simple as it sounds. Remember that much more goes into the market value of a house than its square footage. For instance, two houses next door to each other can have the same square footage, but one can have 2 bathrooms while the other can have 1 bathroom. So the previous will cost you more.
Carpet Area is the area enclosed within the walls, actual area to lay the carpet. The area does not include the thickness of the inner walls.
Built up Area is the carpet area plus the thickness of outer walls plus balcony.
Super Built up Area is the built up area as well as proportionate area of common areas like lobby, lifts shaft, stairs, etc. The plinth area with a share of all common areas proportionately divided amongst all unit owners makes up the Super Built-up area.
This fragment is very essential as builders can place it anywhere from 65% to 85% of the super built area as carpet area which denotes that if the price is decided as 1,000 sq ft super built up area, the carpet area could be anywhere from 650 sq ft to 850 sq ft. If this break up is not explained in the contract which demands that the vendor/ builder mention it in the sale deed.
The Floor Area Ratio (FAR) or Floor Space Index (FSI) is the ratio of the total floor area of buildings on a certain location to the size of the land of that location, or the limit imposed on such a ratio. As a formula: Floor Area Ratio = (Total covered area on all floors of all buildings on a certain plot)/(Area of the plot)Therefore, an FSI of 2.0 would specify that the total floor area of a building is two times the gross area of the plot on which it is constructed, as would be found in a multiple-story building.
The common expenses will include the amounts determined to be payable as such by the Society or Association. It includes expenses such as expense of administration, maintenance, repair or replacement of common areas and facilities. Method of calculating maintenance fee varies depending on the agreement or byelaw of association.
There are different procedures or methods adopted by association or society for collecting monthly maintenance fee. Some of the important practices that are prevalent are following.
Flat Monthly Fee:
Under flat monthly fee, society calculates sum or total maintenance charge and divides equally among all flat owners. In an apartment, there may be flats with numerous sizes. Under this system irrespective of size of the flat, all flat owners will be paying equal maintenance fee. This system is generally followed where apartments are of the same size (Sq. ft).
Per Square Feet Rate:
Variable rate is dependent on square feet of each apartment or flat. In this method, rate or fee varies depending on square feet owned by apartment owners. Larger the square feet owned, higher will be monthly maintenance fee. This is widely practiced in Apartment societies with several sizes of apartments. The reason behind being that since you have bought the flat on based of sq ft., you must pay the preservation on the same.
Partial Flat Rate:
In this method, association or society charges flat rate for a limit square feet and each additional unit will be charged extra. For example: flat owners who owns up to 1000 sq ft will be charged fixed rate and for addition of 100 sq ft will charged extra 2 per cent. In this case, all flat owners with 1000 sq ft pay equal amount but flat owners of 1100sqft, 1200 sq ft and 1500 sq ft pay different amount towards monthly maintenance fee.
It’s an essential approach to maintenance charging. It is generally followed in apartment societies with variable sized apartments. Here there is a per square feet charge, which is generally low plus total expenses divided equally among the flats.
There are certain immovable costs such as stamp duty, registration, property tax, service tax, etc, that needs to be taken. In addition, there are extra costs that fluctuate from developer to developer. The majority of frequent costs which are not taken into account are stamp duty and registration charges, floor rise, and the maintenance cost per square foot.
And, since most homes in India are bought through home loans, flat buyers should also take into account the cost of an insurance policy to cover the home loan. Right from your fancy lobby to your elevator to the kid's pool, every square foot gets added to your bill under the common area head. The logic a developer gives is that a home owner uses these facilities as much as his/her own house.
An investment in an under construction project is always better than one in a pre-launch one. Firstly it shows that the builder has enough funds to go ahead and execute, another reason is that it also gives you a time frame in which you can expect on-time possession of your property.
Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are therefore, not required to obtain separate permission of Reserve Bank.