In a major move, the Noida Authority has decided not to not increase the FAR for under-construction and forthcoming projects in the city.
Home buyers in Noida have much to cheer about after the local authority announced new policy that simplifies and removes the hurdle in home buying process.
The Noida Authority has come up with one more landmark decision to protect the interest of home buyers. In a meeting with Confederation of Noida Residents Welfare Associations (CONRWA) members, the Authority has decided not to permit hike in floor area ratio for under-construction projects. This move has been taken after receiving the several complaints by home buyers
“The non-scheduled increase in floor area ratio leads to extra cost burden of not only their purchased house but also it puts impact on stamp duty and registration cost increased. Now homebuyers will not have to pay any such unauthorised and unscheduled charges which were not part of their sale agreement”, says Sunil Pandey of Real Homez.
PK Agrawal, Chief executive officer, Noida Authority has shared the details of meeting held with CONRWA representatives. As per new amendments No-Objection Certificate (NOC) and completion certificates will be issued to any builder until he complete all the work in their ongoing towers/ project and clear their dues.
What is it?
Floor Area ration (FAR) is the parameter that decides on how much area a builder is allowed to carry out construction on a allotted land. It is the ratio of the building’s total floor area compared with size of the land upon which construction has to be carried out.
How to calculate it?
It is calculated by using a simple formula: total covered area of all floors (in square footage) divided by the allotted land area. This ratio is useful to local government while calculating the density of a property of area.
Know some more related terms:
Carpet area is defined as the precise area within the walls of your home. If you had to lay out a wall-to-wall carpet in your entire home, the area covered would be the carpet area.
Built-up area is inclusive of not just the carpet area but also the area being occupied by the walls of your home.
Super Built-Up Area
Super built-up area takes into account all the area under the common spaces which is the apartment’s proportionate share of the lobby, staircase, elevator and the corridor outside the apartment.
Generally, carpet area is approximately 70 -80 per cent of the super built-up area. This percentage may vary slightly from project to project. But buyers pay on super built-up area.