The stringent enforcement of a standard code for measurement would ensure transparency and greater trust in the property market.
Whenever a property transaction is executed either for sale or rent, the actual size of the property determines the final price. However, property transactions in India are characterised by an on-going practice whereby tenants or potential owners are misguided on what actually constitutes a floor area. In the absence of any standards for area measurements, developers and facility owners set their own criteria to charge exorbitant prices.
Consumers of residential property are resigned to the fact that they will occupy less space than the allocated floor area stated in the contract at the time of purchase. However, to most buyers it remains a mystery as to how much of this extra floor space gets covered and accounted for in the actual cost of the property.
In commercial real estate, building ownership often changes over time. Original plans are either lost or the management company or the owner might make certain additions to the existing structure, which adds further space to the building.
