Decoding real estate terminology

 

Decoding real estate terminology

Changing landscape: High rise apartments beside the National Highway in the capital region of Amaravati, near Vijayawada. File photo K_R_DEEPAK;K_R_DEEPAK -  

Planning to buy a house for long term stay with family across generations or as a temporary investment to save taxes and confused about the terms used in real estate advertisements? Here is a list of the most common terms that are used in real estate market by all the parties involved which could help sort out basic doubts related to the industry.

Carpet area – This refers to that part of the house which can be actually used, or the enclosed space within internal and external walls of the house that can be carpeted. Carpet area does not include the space used by walls, but it takes into account the area stretching across private terrace and balcony as a part of the main or the actual area.

Built-up area – This term denotes the square inch of the house from the internal and external walls to carpet area, including terrace and balcony. In some regions, this is referred to as plinth area, which is usually around 10-20 percent more than carpet area.

Super built-up area – This comprises of built-up area and common areas of the building like lifts, staircase, corridors, and lobby, which are divided proportionately between all the flats within the building.

Floor space index – Also called as Floor Area Ratio, this refers to the exact proportion between built-up area and available plot area actually allotted by the government for that structure. If the FSI is high, then the build-up area also can be larger.

Per square foot rate – This refers to per square foot rate of the super built up area that is determined by the builder and is used by him to state the flat’s price to the seller. This rate is inclusive of the carpet and super built-up area and is also referred to as saleable area.

Freehold property – A freehold property is one whose title has been completely transferred to the buyer through a sale deed without any restrictions about his/her right to sell or transfer the said property to another person. The owner of a freehold property has unconditional ownership of the land and building mentioned in the document.

Conveyance – This refers to the actual process of conveying the title, rights, and all ownership interests of the said property in the document to the buyer from the owner selling the property.

Credit score – This is the measure of an individual’s credit worthiness that is statistically derived from his/her past records of dealings with financial bodies.

Certificate of occupancy – This is an essential document issued by the local municipal corporation to the owner of a house, after ensuring that the building complies with all permissible construction plans and local laws.

Allotment Letter – This is a letter given by the property developer allotting a specific piece of land or apartment unit to the buyer, which could be under development or construction.

After decoding the basic jargon prevalent in the real estate industry, buyers can ask much more detailed questions to builders and have a clearer view about the size of the house being purchased.

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