When it comes to life goals, buying a house is a major milestone for most people. It is one of those experiences that gives you a sense of accomplishment. People consider many common aspects while zeroing in on their dream home – locality, amenities, budget and decor, among others. It’s extremely important to evaluate all these parameters before finalising your choice. Equally crucial is having a grasp on real-estate lexicons, as they will enable you to make informed decisions. We have decoded some of the most common real-estate terms for you. This will make your journey as a homebuyer smoother. Take a look:
What is a Carpet Area?
According to the Real Estate Regulatory Authority (RERA), the Carpet Area is the total usable floor area of a property. In layman’s terms, it is the area over which a carpet can be spread. It’s calculated by measuring the space between the walls (the floor) of all the rooms – living and dining room, bedrooms, kitchen, and bathroom. If there’s an internal staircase, that’s also included in the Carpet Area. The more spacious a flat is, the more its Carpet Area will be. For example, if the Carpet Area of a house is 1,000 sq.ft, that is the area you can use inside the house.
What is a Built-Up Area?
The Built-Up area consists of the Carpet Area along with the areas covered by external walls, balcony/terrace and even the corridor if there is one. On an average, the Built-Up Area will be 10% to 30% more than the Carpet Area. For example, if the Built-Up Area of a home is 2,600 sq. ft and it’s 30% more than the Carpet Area, then the Carpet Area of the said home will be 2,000 sq. ft.
What is a Super Built-Up Area?
The Super Built-Up Area (SBA) of a property does not in any way indicate the area of an individual apartment. It’s calculated by adding the built-up area of your flat to the area occupied by all common spaces and amenities like the lobby, clubhouse, swimming pool, lift, garden, gym and clubhouse.
As per RERA, buyers cannot be charged on the basis of SBA.
What are Common Areas?
As the term suggests, Common Areas are areas open to every member of a housing community. These include lifts, staircases, lift/staircase lobbies, entry and exit points, emergency exits, parking spaces, parks, playgrounds, terraces, basements, watchmen’s cabins, community and commercial facilities on the premises, ducts, water tanks, all amenities, etc.
What is Load/Loading Factor?
The Load/Loading Factor of an apartment is the difference between its super built-up area and the carpet area.
Super Built-Up Area = Carpet Area x (1-Loading Factor)
It’s always calculated in percentages. Ideally, the Loading Factor of an apartment should not be more than 30 per cent. Higher Loading Factor means that the Super-Built-Up Area is more than the Carpet Area.
Let’s look at an example. For example, let’s assume that the Super-Built-Up Area of an apartment is 1,600 sq.ft and its Carpet Area is 1,300 sq.ft. That is 1,600 = 1300 x (1-Loading Factor).
So, 1-Loading Factor = 1600/1300
1-Loading Factor = 1.30
Loading Factor = 1.30 -1 = .30
This means that the Loading Factor is 30% or 0.30.
What is the difference between Floor Space Index (FSI) and Floor Area Ratio (FAR)?
There is no difference between the two. FSI/FAR is the maximum area of the land on which construction is allowed. It is the ratio of a building’s (total) usable floor area and the area of the land on which the building is built. Let’s take an example. If a building with a total usable floor area of 8,000 sq.ft is constructed on a 2,000 sq. ft-land, the FAR of the said property is 4. (The ratio between 8,000 and 2,000). FSI rates are not uniform and are decided on the basis of multiple parameters like the category in which a specific city falls and the type of building being built, etc. For example, 2.25 is the maximum FSI allowed in Bengaluru for residential properties, while it is 2 in Chennai.
What is Escrow?
An Escrow/Escrow agent refers to a third party in a transaction. In any property transaction, there is a buyer and a seller. When you involve an Escrow agent, he/she holds control over the said property until the buyer fulfils all the conditions in the agreement and the property is released in his/her name. The biggest advantage of an Escrow agent is that the transaction remains safe for both the buyer and the seller. While the seller doesn’t have to worry about payment issues, the buyer can also rest assured that all the conditions in the agreement will be fulfilled.
What is HOA?
HOA is Homeowners’ Association. In a residential community, it’s the HOA that drafts and implements rules for the property and its occupants. They also collect a monthly/yearly fee for the maintenance of all the amenities and common areas. They have the authority to charge non-compliant members with a fine.
Take a look at the list above, and you’ll realise how important it is to have a clear understanding of each of these lexicons. Apart from making sure that all the documents are in place, always buy from a reputed and trusted developer. At Provident Housing, you can rest assured about 100% transparent and honest dealings. We have properties across India – Bengaluru, Chennai, Hyderabad, Goa, Mumbai, Kochi and Mangalore, to name a few. Irrespective of which developer you approach, it’s important to be well-informed, as it enables you to make the right decision. You can read more about such relevant terms here.
What is the Carpet Area of a 3 BHK in Provident Park Square, Bangalore?
Provident Park Square (off Judicial Layout, Kanakapura Road, Bangalore) has two types of 3 BHK apartments – 3 BHK Comfort and 3 BHK Grand. The Typical Carpet Area of a 3 BHK (Grand) is 905 sq.ft, while that of 3 BHK (Comfort) is 780 sq.ft. These flats in Kanakapura Road offer impeccably designed apartments with an impressive array of amenities.
What is the Carpet Area of 1 and 2 BHKs at Provident Park Square?
The typical Carpet Area of a 1 BHK Condo here is 365 sq.ft. When it comes to 2 BHKs, there are two types of apartments – 2 BHK Comfort and 2 BHK Grand. While the Carpet Area of the former is 480.sq.ft, it is 600 sq.ft. in the latter.