Real Estate Terms You Must Know Before Buying Flat

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buying a property in India


Buying a residential property is not an easy task and involves a lot of planning and hard work. Many of us hire professionals to help us make a sound decision but let’s be honest even then we are unaware of many technical terms thrown by our realtors. While buying a house the most important aspect to keep in mind is the square footage of the total residential property.


There are three different ways to calculate the total area of the property mainly carpet area, built-up area, and super built-up area. Understanding these terms will save you from realtors taking your advantage. Listed below are some basics of real estate to help you make a wise decision while purchasing a property in India.


Carpet Area
As the name implies carpet area means the area that can be covered by a carpet excluding the thickness of the inner wall. It is the actual area that you can use in your housing unit when buying a property in India.


These usually form 70% of the built-up area and do not include the space covered by common areas such as a lobby, lift, stairs, play area, etc. Therefore while buying your dream house consider the total carpet area to get a full understanding of the actual area at your disposal that you get to use in your everyday life.


Built-Up Area
The area that comes after adding carpet area and wall area is called a built-up area. The wall area implies to the thickness of the inner walls of the housing unit. Since the wall, the area constitutes 20% of the built-up area and therefore you must note that this area cannot be used. The other 10% such as the dry balcony, flower beds, etc which is mandatory by law also add up in the built-up area. Hence the usable area is only 70% of the total area purchased in the unit.


Super Built-Up
Super built-up includes both built-up areas and common areas such as corridor, lift lobby, lift, etc. Many realtors include various amenities like garden, pool in the super built-up area. This is more beneficial for realtors than the purchaser. Many realtors sell property in India based on a super built-up area and charge customers as a saleable area.


Per Square Rate
This is perhaps the most common term used property dealers and is normally based on the super built-up area to determine the price of your flat or housing unit. The price of the property in India varies per square footage depending upon the location of the unit.


Loading
The loading includes the area that adds constructed spaces not exclusively allocated to you like stairs, lift, lobbies, etc. supposedly if the unit does not have many amenities the loading will be small but if the loading factor exceeds 1.20 then the builder will add 20% to the carpet area. It is always wise to ask in advance about the loading factor as sometimes builders resort to high loading that can result in half of the carpet area.


Since most of the terms of real estate are difficult and complicated but doing a little research and getting familiar with these terms will help you make an informed decision. The above-mentioned terms will help you understand that a more saleable area does not mean more carpet area and that lower price does not mean better deal when buying housing units or property in India.


The above-mentioned information will help you understand that area calculation can affect your buying price. This will help you to identify areas of preventive maintenance and resolving any hidden defects in the property which saves time and money in the long run.


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