Carpet area is defined as “the net usable floor area of an apartment, excluding the area covered by external walls, areas under services shafts, exclusive balcony or verandah area, and exclusive open terrace area, but including the area covered by the internal partition walls of the apartment,” according to the Real Estate (Regulation and Development) Act, 2016 (RERA).
Over-the-top The built-up area is multiplied by the proportionate area of common areas such as the lobby, lift shaft, stairs, and so on.
The carpet area, as well as the thickness of the outside walls and the balcony, make up the built-up area of an apartment.
The terms and conditions of the sale of a property agreed upon by the parties are contained in the agreement for sale, which binds them. An agreement to sell serves as the foundation for drafting a conveyance deed.
Total Consideration refers to the amount paid, among other things, for the said unit and the properties attached to it, but excludes any other amounts, charges, security deposits, stamp duty, registration fees, municipality tax, and any other charges/taxes/cess/levies that may be payable by purchasers.
Facility Management Company means the person(s)/agency/body/ appointed by the Developer or the Association as the case may be, who shall carry out the maintenance and upkeep of the said Building and who shall be responsible for providing the maintenance services within the said building or buildings forming part of the project.
A specific percentage of total Consideration amount as indicated in the sale agreement shall be considered by the seller as Earnest Money, which shall be subject to be lost by the seller in the case of breach of any of the terms and conditions herein included by the Purchasers.
The term “common parts and sections” refers to the areas, components, and amenities of the building that are available for use and enjoyment by all Flat Owners and/or occupants.
Any event or combination of events or circumstances beyond the Developer’s control that cannot be prevented or caused to be prevented (a) by exercising reasonable diligence, or (b) despite the adoption of reasonable precaution and/or alternative measures, and which adversely affects the Developer’s ability to perform obligations.