Do you feel completely stumped by realty jargons like built up area, super built up area, carpet area, stamp duty and so on? Here is a glossary of frequently used terms in the Real Estate business so that you do not feel completely at sea if by chance you come across these.
- Carpet Area: It is the actual area that you can use. It includes bedroom, kitchen, hall, bathrooms, balcony etc. It is fairly easy to calculate carpet area for any rectangle room - just measure width and length, and multiply the two numbers.
- Built-Up Area: It is that area of the apartment that includes the area covered by the walls.
- Super Built Up Area: Super Built Up Area is most commonly known as sale-able area. It consists of Built up area plus the area for common spaces such as lifts and stairs etc.
- Covered Area: In general, Covered Area is the actual area under the roof and this term is not so widely used.
- Stamp Duty: Real Estate Stamp duty is a type of tax collected by the Government of India. Stamp duty establishes the agreement value or the market value, whichever is greater.
- Sale Deed: Sale Deed provides the buyer the absolute and undisputed ownership of the property. With this document, the seller transfers his right of property to the buyer.
- Registration Charges:This is the fees associated with getting the legal title registered in your name.
This legal process of registration takes place in the sub-registrar's office in your local court. With a massive upswing in the real estate market, it becomes imperative for each and every individual whether or not involved in the real estate business, to know about these realty jargons. This would stand in good stead while buying any kind of property.