We’ve all had those awkward moments when we’ve been completely caught unaware by some of the terms used by builders or brokers. Putting aside the discomfort of temporary embarrassment, it is crucial for you to know what you’re dealing with when house-hunting. After all, a property purchase isn’t a small expenditure!
Here’s a list of terms you should know before house-hunting:
Carpet area
Carpet area is the area enclosed within the walls, or actual area on which a carpet can be laid. This area does not include the thickness of the inner walls.
Built-up area or plinth area
This is the carpet area added to the thickness of outer walls as well as the balcony.
Super built-up area
This is the built-up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. The plinth area along with a share of all common areas proportionately divided amongst all unit owners makes up the super built-up area.
Common areas
Common areas refer to those portions of a building, land and amenities owned (or managed) by a planned unit development or condominium project’s homeowners’ association (or a cooperative project’s cooperative corporation). Common areas are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Examples of such areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings and parking areas.
FSI (floor space index) / FAR (floor area ratio)
The maximum amount of construction allowed on a given plot of land is called the floor space index. This is purely dependent on the plot area and would vary from one locality to another based on factors such as the road width. It’s the ratio of the total area of all the floors in a building to the total plot area.
Undivided share of land
All apartment owners in a flat have equal or different share of rights on the total land. This share of ownership is known as undivided share of land. The shares of the land of various owners are not physically delineated by boundaries. Details of UDS are usually mentioned in the purchase agreement clearly. When no details are mentioned in the purchase document, then all owners of the apartments are expected to have equal undivided share of interest and title in the property.
These terms are basic elements of research every prospective home owner should understand before beginning the search for the perfect property. Go ahead, bulk up on your knowledge and be prepared for jargons that builders throw your way!
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