Saturday Brain Storming Thought (119) 26/06/2021

COMPILED BY ER. AVINASH KULKARNI

TERRACE TOP VALUATION

A terrace is an external, raised, open, flat area in either a landscape (such as a park or garden), or as a roof terrace on a flat roof

Difference between terrace and balcony

A Terrace is an open space that can be attached or detached to a building

Balconies are small elevated platforms that are affixed to a given room in the house

The terrace can have multiple points of access

The balcony is typically only accessible through the room

Terrace floor plan

Detail of terrace floor plan of a building

This working drawing includes all dimensions, levels, section line, center line

Also includes sloping roof detail with Mangalore tiles, water slope detail, HVAC wall, roof drain, etc

Open Terrace

Every room that is intended for human habitation shall abut on an interior or exterior open space or on to a verandah open to such interior or exterior open space

Terrace Area Valuation as per Ready Recknor Rates

Terrace area allotted should be included in the deed of declaration and agreement to sale or sale deed

Valuation of Terrace adjacent to flat

In the case of terrace adjacent to the flat, 40% of the ready Recknor rate shall be multiplied by the terrace built-up area

Valuation of the terrace above the flat

In the case of the terrace above the flat, 25% of the ready Recknor rate multiplied by terrace built-up area

Creative Terrace Ideas

1) squeeze in a mini greenhouse

2) get some plantation

3) design the lighting effects

4) add a lush fast-growing wall of plants to add an instant evergreen look to your space

5) add some fragrance, which fills the air with the rich and heady smell of jasmine at night

6) grow your own, edibles and vegetables can easily pick out

7) relax in a hammock

8) introduce low walls that double as seating

9) put up some shelves, so the terrace looks prettier

10) paint the walls white for brightening and lightening of the outdoors

11) brighten up with colorful furniture

12) plant a multi-tasking garden

13) mix your media, create interesting interlocking zones with distinctive materials

14) focus on the furniture, position it towards the back of a paved area

15) try chalet chic to create a smart decked area

16) build a cool cabana to make your place feel more comfortable and cozy

17) perfect your look to make space feel brighter and lighter

18) add a water feature

These creative ideas will transform your open terrace into a comfortable retreat or a fun space for entertaining people

These spaces provide an added luxury and space with some fresh air and also offer an amazing view

Difference between terrace and roof

The terrace is a platform that extends outwards from a building

The roof is the cover at the top of a building

Can builder sell terrace in the apartment

The terrace can not be bought or sold

It states that a developer has no authority or right to sell the terrace to any individual which is the common easement of all the residents

It is for the same reason a terrace is not included in Floor Spac Index (FSI)

Can the terrace be locked

The terrace is a part of the common area

The terrace cannot be locked all the members have an undivided share in the society common area

Every society member had the right to access the terrace

Permissible construction on terrace

By getting terrace occupancy rights, you cannot construct any permanent structure on the terrace

Locking of apartment terraces

Accessibility should be restricted and the door to the terrace should be locked

All housing society members may come to an agreement about a particular time of the day when the terrace can be accessed

The keys to the terrace can be left with a security guard, who can be stationed near the terrace

Covering of terrace

Covering of terrace area is illegal

Common terraces cannot be sold, purchased, encroached or covered

It will be punishable under the regional town planning act

Fixation of the capital value of open terrace

If an open terrace in exclusive possession is attached to a flat, the capital value of such terrace of a non-residential flat shall be fixed at 40% of the relative rate of the base value of such flat

For residential flat at 10% of the relative rate of the base value of such flat, and by applying the relevant weightage by multiplication provided for in these rules

Capital Value of Open Terrace

1) Open terrace built-up area 10 sqm (weightage 0.10)

2) user category – residential (weightage 1)

3) nature and type of building – RCC (weightage 1)

4) Age of building – 6 years (weightage 0.97)

5) Relative rate of base value – Rs 80000/Sqm

Capital value of open terrace = (Rs 80000/sqm X 0.10) X (UC 1) X (NTB 1) X (AF 0.97) X (Built-up area 10 sqm)

= Rs 56,000.00

Section 80-IB(10) of the Income Tax Act

The income tax appellate tribunal (ITAT) Chennai held that the private open terrace attached with residential unit would form part of built-up area for the purpose of computing deduction under section 80-IB(10) of the income tax act if the same was included in the house project approved by the local authority

Open Terrace – Improvements that create a sense of space, privacy and give a great first impression will increase saleability

Compiled by:-

Avinash Kulkarni

Chartered Engineer
Govt Regd Valuer
IBBI Regd Valuer

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