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Implications of RERA on the Real Estate Industry

Saturday, February 09, 2019

By Manit Rastogi, Founding Partner, Morphogenesis

The introduction of the Real Estate (Regulation and Development) Act, 2016 (RERA) intends to enhance transparency of the real estate sector, protect the interests of home buyers and boost investments. Whilst, it aims to create more equitable and fair transactions, the RERA has implications on both the developer and the buyer.

Under this Act, projects require to be designed in detail at an early stage with virtually no changes post the sanction, necessitating a highly process-driven approach taking into account integrated project delivery and all the stakeholders - consultants, project managers, quantity surveyors, engineering consultants and architects. This will result in timely delivery of projects that are virtually identical to the original concept, leading to long-term trust with buyers/clients. With fixed deadlines and penalties for delay, developers are adapting and implementing technologies such as BIM, precast, PODs, aluminum formworks, tunnel formworks, jump forms, etc. to improve delivery speed and achieve economies of scale.

According to the RERA, carpet area is defined as ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, balcony and verandahs, but includes the area covered by the internal partition walls of the apartment’. The balconies, though included in the Floor Area Ratio (FAR) are not included in the carpet area, therefore becoming non-existent. This has resulted in compromising on the effortless flow of spaces between the inside and the outside that bring alive the indoor-outdoor experience offered in traditional houses.

As per the guidelines, cost logistics become transparent as the Act makes it mandatory for the developer to disclose the carpet area, built-up area and the super built-up area. In a high-rise housing, the gross built up area is significantly higher as compared to a low-rise housing owing to increased requirements of fire protection, vertical transportation, MEP and structure to combat wind torque and seismic forces.

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