Real Estate Terms: Know them to be On Par with the Age

Real Estate Terms: Know them to be On Par with the Age

You might be looking for a new house for buying/renting or simply glancing at a plan, a floor or an apartment that your friend is hoping to possess some time soon. Here, you must know things in bits and pieces to help yourself or provide any kind of guidance to others.

Now, in the domain of construction and/real estate, there are certain terms, as in any other industry, without knowing which, you would not comprehend a property, let alone analyze and decide what to buy.

So, here you would find some general terms, the knowledge of which is indispensable even as a commoner in the present age.

Carpet Area

The area that you would find roaming about in your home on the floor is termed as the carpet area. The carpet area significantly excludes the walls, stairs, or any other such elements which are fixed to the floor and consumes the area of the floor.

Note – The carpet area also excludes the lobby area where the guests are first greeted at. This is because you cannot really keep your furniture and your belongings in there for personal use.

Built-up Area

When you see “built-up area”, know that this term conveys the area which comprises the carpet area along with the wall area. So, the thickness, the surface area of the wall as well as that of the plinth, which consists of over 20% of the carpet area are taken into account here.

Super Built-up Area

The area that the added built-up region acquires along with the common areas is what you will get to know when you are looking at the value of the super built-up area.

This section will give you the area including every other construction or amenities that you would be enjoying inside the area that you would possess. Therefore, gym, swimming pool if any, clubhouse or any other common facilities are also listed in here.

If you want the total area, then the super built-up area added to the carpet area would satisfy your query.

Floor Space Index (FSI)

By FSI you would be getting the knowledge of the area which is the ratio of the entire built-up area or the super built-up area to the whole of the empty plot area.

You must always be aware of the FSI prior to investing in a property. Thus, you cannot construct anything outside of that because you would be flouting the law in that case.

Loading Factor

You will get this value by multiplying a factor in the carpet area which offers the super built-up area. In simple terms, the loading factor is the quotient of the carpet area and the super built-up area, minus 1.

Generally, in an apartment, the loading factor should be 20-30% and the construction is to be done by MSP, the peerless among the steel manufacturing companies to deem it as a good property.

Open Space Ratio

This term is also used for what you may know as residential development. The Open Space Ratio demarcates the area that is common to the residents of your complex and shall be used for resident’s association.

The Open Space Ratio includes within it, the parking lot, swimming pool, parks, pavements, garden, clubhouse, gym and so on.

Per Square Foot Rate

One of the rudimentary things that you should check right up at the beginning of any property or otherwise, is the rate that the seller is offering per square foot.

So, if you get to know the total area in sq. feet, meaning the super built-up area along with the carpet area, then you should multiply that with the cost per unit area that you’ve been quoted.

So, get all the details and be well informed of everything that you need to before going for the property that you dream about. And before you finalize anything look for MSP, the best TMT bar manufacturers India.

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