Home |Kerala Land Registration | I applied for a home loan of 60 lakhs for a villa (actual cost 76 lakhs) in Kerala. The loan was approved and the project was also approved by the bank. Registration was supposed to be in next week. Now bank came up saying Builders charged on super built up area and plan is given in superbuilt up area.So, as per valuation by engineer of the bank, the loan can be given for 50 lakhs for built up area. What can be done as the project is rera approved one?

I applied for a home loan of 60 lakhs for a villa (actual cost 76 lakhs) in Kerala. The loan was approved and the project was also approved by the bank. Registration was supposed to be in next week. Now bank came up saying Builders charged on super built up area and plan is given in superbuilt up area.So, as per valuation by engineer of the bank, the loan can be given for 50 lakhs for built up area. What can be done as the project is rera approved one?

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Kerala Real Estate Regulatory Authority (K-RERA) Kerala Real Estate Regulatory Authority (K-RERA), Government of Kerala verified
Answered on December 14,2023

As per the Real Estate (Regulation & Development) Act, 2016, the promoter shall sell only the carpet area of an apartment /flat. The saleable area is the carpet area. In this case, the aggrieved party can approach the K-RERA against the promoter for statutory violations. 

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