All over India, super built-up concept has taken its place in real estate transactions. It is applicable to residential units, commercial premises and now to the open vacant land.
Although, there is no place of such concept in any law for the time being inforce, the transactions cannot take place without it.
Question is, who invented and why ? When builders started selling concepts instead of flats in early 80s, they were asked to sell it on carpet and no due charges were given for the extra amenities they had provided.
The balcony was charged extra premium by the BMC and builder mounted balcony area on carpet area of the flat. And slowly he started adding areas of passage, common staircase, lift wells, compounds, terrace, gardens etc on the carpet area to maximise his profits.
The permissible built up ratio was 18% that time and is still applicable. But the trend changed over the years. Builders started mounting 23% in … Read the rest