Investing in Real Estate? Don't Miss This || bekifaayati #shorts
As per RERA 2016, the builder is allowed to sell only ‘covered’ parking to home buyers officially.
A builder is NOT allowed to sell ‘open’ parking to any home buyers as open spaces are not counted in the FSI (Floor Space Index) and hence they’re not allowed to monetize such spaces!
The open parking areas must be transferred to the housing society in the conveyance deed by the builder and not sold individually to home buyers! Covered parking in the basement is also free of FSI, however the builder has spent money in construction of the parking space.
