Feb 9, 2007

Closed Cotton Mills free up Extra Real estate in Mumbai

Real estate prices in central Mumbai could rise because developers are expected to bid higher than market rates for national textiles corporation's proposed auction of four mills in Worli and Parel.

The sale will free up 40 acres of land to private developers in this land starved city.

Something else about how the builders price the apartments. The rate is quotes in terms of Rs/sq ft, but which area is used tells you what you get as a deal.

Carpet Area

The area of the premises measured from wall to wall. It is the actual usable area of the premises.

Built-up Area

The built-up area includes the carpet area plus areas occupied by the walls, enclosures, and niches on the premises. It is usually 15% more than the carpet area.

Super built-up area

A percentage of the common area of the society is added to the built-up area of individual units. Essentially, it means you pay for the swimming pool, the staircase and even small patch of greenery in the compound. Since the super built-up area figures nowhere on paper, the percentage varies from builder to builder -- from 30% to 60% or more.