Real Estate Jargons to Know Before Investing
Author : Sheetal Infra | Published On : 23 Aug 2021
Over the last few decades, India's real estate market has undergone a dramatic transformation. Even terminologies are affected by this trend. Standardized jargons are gradually replacing many local terms. These terms can help you make an informed decision whether you're looking to invest in 3, 4Bhk Flats luxury flats in Ahmadabad .
These terms are most frequently used to understand real estate terminology before you begin looking at potential deals
RERA Act:- The Real Estate Regulation and Development Act 2016 was established to regulate the real estate sector. It became effective 1 May 2017. It promotes transparency and accountability in the real-estate industry. It provides clear guidelines to protect homebuyers and developers from default and facilitates grievance resolution.
Carpet Area:-The total area that an apartment's carpet covers is the net floor area. This excludes areas that are covered by exterior walls, service shafts or exclusive balconies or verandahs. This excludes the area covered by the apartment's interior partition walls.
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Certificate certifying occupancy:- After a project has been completed, the builder will require an Occupancy Certificate. This certifies that the building was constructed according to approved plans and is suitable for habitation. It also includes provisions for infrastructure such as water and sanitation. Local authorities issue an Occupancy Certificate to verify that the building can be occupied. This is an important document homebuyers need to be aware.
Super Built-Up Area:- A building can contain multiple flats as well as common areas such corridors, stairs, and lobby. The Super Built-up Area is the total area built up and a portion of the common areas that have been equally divided among all flats within the building.
Floor Space Index (FSI):- :A building may not only contain individual flats but also include common areas like corridors, stairs and lobby. The Super Built-Up Area includes the total built-up area and a fair portion of the common areas which have been equally divided between all flats in the building.
RERA Registration No:- A RERA Registration Number is given to a project once it has been registered with the RERA authority in the state. Once all required documents have been submitted and are verified by the RERA authority project can be issued a RERA registration number. This number indicates that the project was developed in accordance to RERA.
Each industry has its terminology. Real estate is no exception. It is crucial to fully understand each term before you decide to invest in residential property. You want a builder who is trustworthy and follows property standards. Sheetal Infrastructure is a top real estate developer in Ahmedabad. Sheetal Westpark is the best choice if you're looking for spacious 3, 4, or 4 BHK flats in Ahmadabad. This property is exceptional because of its extraordinary location and luxurious amenities.