Real Estate Jargons to Know Before Investing
Over the last few decades, the real estate market in India has witnessed a burgeoning transition. This holds true even in the case of terminologies. Many local terms have slowly been replaced with standardized jargons. A simple understanding of these terms will help in making a more informed decision, whether you are keen on investing in luxury flats in Mumbai or a 3 BHK flat in Ahmedabad.
Before going ahead with real-estate deals, here are some of the commonly used terms that one should know
RERA Act – The Real Estate Regulation and Development Act (RERA) 2016 effective from 1st May 2017, is the law created to regulate the real estate sector. It seeks to ensure transparency and accountability in the real estate sector. It sets up clear regulations to protect the home buyers & developers against default and provides for fast track grievance redressal.
Carpet Area – Carpet Area is the net usable floor area of the apartment. This excludes the area covered by external walls, areas under service shafts, exclusive balcony or verandah area. However, this includes the area covered by the internal partition walls of the apartment.
Occupancy Certificate – Upon the completion of a project, it is imperative for the builder to obtain the Occupancy Certificate, certifying that the project has been completed as per the sanctioned plans and is suitable for habitation and the building has provision for civic infrastructure such as water, sanitation and electricity. It is issued by the local authorities notifying that they have provided complete clearance for occupancy and is an essential document that a homebuyer must be aware of.
Super Built-Up Area – Besides the area occupied by individual flats, a building also features common areas such as life shafts, corridors, stairs, lobby, etc. Super Built-Up Area comprises of the built-up area along with a fair share of the common areas that have been proportionately divided among all the flats within the building.
Floor Space Index (FSI):
Besides the area occupied by individual flats, a building also features common areas such as life shafts, corridors, stairs, lobby, etc. Super Built-Up Area comprises of the built-up area along with a fair share of the common areas that have been proportionately divided among all the flats within the building.
RERA Registration Number:
A RERA Registration Number is assigned to a project after its registration with the RERA authority in the state. It is granted to projects once all required documents have been submitted by the developer and validated by the RERA authority. It indicates that a project is being developed in compliance with RERA.
Each industry has its jargons and lingos, and real estate is no different. It is imperative you know what each of these represent before investing in a residential property. Go for a reputed builder who conforms to property norms and delivers a product as per approved plans. Among the best real estate developers in Mumbai is Adani Realty. If you are on the lookout for spacious 2, 2.5 or 3 BHK flats in Mumbai or even luxurious 3.5, 4 BHK apartments- Western Heights is the best bet. The excellent location and luxurious amenities truly set apart from the rest