Investing in a new property is exciting and risky at the same time due to the wide variety of options being available in the market at present. Thus to be on the safe side. You need to be aware of the technical terms related to the real estate industry such that you have a clear idea. Additionally having the correct market knowledge will keep you away from any kind of fraud. Though most of us take the help of property dealers in newtown to make a sound decision when investing in an apartment. You should be aware of at least the basics.
Various Classification Depending On Space Availability:
There are mainly three different ways to calculate the actual area of the property- carpet area, built-up area, and super built area. It is crucial you understand these terms as many fraudsters can take advantage and make you deal which will only give you loss.
Technically speaking, the carpet area is the space measured wall to wall from its inner surfaces. While the name suggests it is the area which will be covered by a carpet excluding the width of the inner wall. It usually covers 70% of the built-up area and does not consist of the lobby area, play area, or stairs but includes the washroom and kitchen. When buying your dream house do make sure you have the correct understanding of the carpet area which is the actual space you can use in everyday life.
This is the gross area of the flat which is an aggregate of the carpet area and the inner thickness of the walls. It is needless to say that due to the wall thickness being included, you cannot use 20% of the built-up area. If you calculate all the limitations correctly. You will encounter that only 70% of the super built area is usable.
Everything else that the developers are providing you like the lift shafts, lobby, corridor, pool, garden, and other extra amenities comes under the super-built up area. Usually, the realtors and property owners are more interested in this than the buyers or purchasers.
When you are discussing the price of your house. Your property consultants will determine the cost based on the super built-up area. This price range varies per square footage depending upon the location of the property.
It is the ratio of the total built-up area and the actual plot area according to government mandate. The higher the FSI, the larger is the built-up area.
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