If this is the first time that you have forayed into the world of real estate, it is important for you to understand and know a few terms in order to make the best of what is available to you. It is extremely important to know a few important terminologies in the realm of real estate as the lack of knowledge of the same can land you in a lot of trouble. One can conveniently misguide you or you may misinterpret the wrong things which may land you an incompetent deal. In order to find a property that is best suited for your needs, you must familiarise yourself with the workings of this industry. To get started on that, here are some important real estate terms to know that will help you a lot in the long run too.
· Per square foot rate:
This is the most basic term that you may have heard extensively in the process of looking for a property. The cost of the property is often calculated on square feet basis. The saleable area or the super built up area is taken into consideration while determining the rate of a building. Usually, developers use per square foot rate on the super built-up area to determine the value of the building.
· Super built-up area:
The super built-up area or saleable area is yet another term that you must understand. It is the built-up area combined with common areas like lobby, lifts, stair cases, corridors, walkways, terrace of the house, etc. Often, the super built-up area is 15 to 25 percent more than the built-up area. Generally in cases of flats and apartments, common areas like gymnasium, swimming pool, garden and clubhouse, etc. are also considered while calculating super built-up area.
· Carpet Area:
Carpet area is nothing but the actual space which you can use in a house. It is the area that does not include the thickness of the walls or common spaces. It is basically the enclosed space within the walls which is used to lay a carpet. Often, the area for terrace and balconies are considered as half of the main area while calculating the carpet area.
· Built-up area:
Built-up area is the area that is inclusive of the carpet area, the thickness of the outer walls, inner partition walls and the balcony area. The terrace area is considered as half of the built-up area. In simpler terms, it is the actual area of the house that comprises of the area covered by the walls. Built-up area is usually 10 to 20 percent more than the carpet area.
· Allotment Letter :
This is a letter given by the developer which allots a specific piece of land, villa or apartment unit to the buyer. It could be an empty land, under development or a project that is completed.
· Certificate of occupancy :
This is an important document that ensures the authenticity of the builder and the project. It is issued by the local municipal corporation to the owner of a house and it can only be obtained after ensuring that the building complies with all permissible construction plans and local laws. A good builder will adhere to the byelaws and a home from a trustworthy builder always comes with a certificate of occupancy.
These are just a few terms that will help you take your first steps in the world of real estate. One must understand the legalities and the finer nuances of buying a property and seeking the help of a legal expert is the best way to ensure that you are getting a deal that is not only beneficial but is authentic as well. Hope you found this article on real estate terms helpful. Do share your feedback in the comments section below.
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