The real estate market in India has been witnessing a hike in the past few years with mushrooming transition. This holds true even in the case of many terminologies where local terms have slowly been replaced with standardized jargons.
For a home buyer it becomes important to understand the realty terms which will ultimately help in making a more informed decision. Whether you are keen on investing or buying in luxury flats or a 3 BHK flat for sale.
The property buyer should be aware of the terminologies being before going ahead with real-estate deals. So, here are some of the commonly used terms:
RERA Act
RERA that stands for Real Estate Regulation and Development Act (RERA) 2016 came into effect from 1st May 2017. It was introduced to create rules, regulations and bring laws to the unorganised sector. To regulate the property for sale while ensuring transparency and accountability in the real estate sector.
It will be helpful in setting up clear regulations to protect the home buyers and their interest. The developers against default and provides for fast track grievance redressal are other services provided by RERA.
Carpet Area
Carpet Area is defined as the net usable floor area of the apartment for sale excluding the area covered by external walls, areas under service shafts, exclusive balcony or verandah area.
But this includes the area covered by the internal partition walls of the apartment.
It is better to understand the carpet area carefully to know how much exact area the buyer gets to use.
Occupancy Certificate
Occupancy certificate for the residential project or commercial property is obtained once the project is completed. It gives the approval that the building is certified completed as per the sanctioned plans and is suitable for habitation. Moreover, the building has provision for civic infrastructure such as water, sanitation and electricity.
A homebuyer should be aware about OC as it is issued by the local authorities notifying that they have provided complete clearance for occupancy.
Super Built-Up Area
Super Built-Up Area is the area including built-up area and the common areas such as life shafts, corridors, stairs, lobby, etc. The fair share of the common areas that have been proportionately divided among all the flats within the building is added in the Super-Built Up Area.
Floor Space Index (FSI)
The Floor Space Index (FSI) of a flat for sale is also known as Floor Area Ratio (FAR). It is defined as the ratio of total floor area of a building (Built up area) to the total Plot area (land). FSI indicates the total amount of area (on all floors) you can build upon a plot.
RERA Registration Number
After the enrolment of RERA, it is mandatory for all the projects, developers and the agents to get them registered. The RERA registration number is allotted to every new launch and under-construction property since 2016 after its registration with the RERA authority in the state.
It will be assigned to projects once all necessary documents and approvals are held at place, submitted by the developer. Once the validation is done, RERA authority gives a specific number indicating that a project is being developed in compliance with RERA.
So, before you start your search for the dream home for sale, understand these jargons to avoid any misleading or malpractice and to be smart buyer.
Read Also: Kerala Land Records Online: Check E-Rekha
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