The Real estate industry has seen tremendous growth in the past decade, as owning a house is one of the most common dreams of every person in India. Buyers make checklists and must-have lists before they start house hunting, however, it’s difficult for a layman to understand the Industry jargon and terminologies. For first time home buyers, it becomes difficult to get hold of the actual meaning of the terminologies being used by builders and dealers. Hence, it is very important for buyers to educate themselves with the real estate basics to avoid confusions and disappointments.
To start with, let us decrypt the real estate jargons to clear out your doubts before your next purchase:
Title deed
Title deed is a legal document that is proof of ownership of a particular person over the property. Title deeds can be obtained from the Registry office of the region. While purchasing any property ensure that the title deed is on the name of the person you are dealing with. Avoid making real estate transactions based on the Power of Attorney.
Freehold property
Freehold property is one that is free from the hold of any entity besides the owner. The owner of the freehold property has the complete ownership and right to sell the property or to use it for any purpose as per the legal regulations. The tile of the freehold property is easily transferable to the buyer.
Leasehold property
A leasehold property is leased by the freeholder for a specific period of time. The lease is transferable to another person with the consent of the lessor. The lease period varies from 30 years to 99 years. At the end of the lease period, the existing owner has to pay to extend the lease.
Carpet area
The carpet area is the floor area that you will be able to utilize. It does not include the walls but only considers the area that can be carpeted. The balcony or terrace is also included in the carpet area. The more the carpet area more the space you will get. Carpet area is another major deciding factor while purchasing a house.
Built-up area
The built-up area includes the carpet area plus the walls and doors. The built-up area is usually 15-20 percent more than the carpet area as it adds the area covered by doors and walls. Builders quote the prices of the property based on the built-up area.
Super built-up area
The super built-up area covers carpet area along with doors and walls and common areas. Common area includes parking, reception, lift lobbies and other common spaces in the building meant for common usage by the residents of the building. These spaces are not exclusive to your property, hence, be careful where the projects are being advertised by builders based on a super built-up area.
It is very important to have a basic understanding of these terms before you start looking out to invest in residential real estate. Knowledge of the above terminologies can help you to have a clear picture of the property you are about to buy. Also, you would be in a better state to ask your queries to the builder and make a wise decision.
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