Most Basic Yet Crucial Terms To Know Before Investing In Real Estate
Buying a property is possibly one of the most significant financial investments in one’s life. The purchase of property involves a substantial amount of money, but it is also an investment that is more or less permanent and hence irreversible to a large extent. As you can guess, this makes the purchase even more crucial.
We at Kamlesh Gandhi Projects want to ensure that our customers are well-aware of their investments. Like any other sector, the real estate market in India has witnessed evolution bringing along a lot of new terminologies. Many industry lingos have slowly been replaced with standardized jargon. A simple understanding of these terms will acquaint you with the process of making a more informed decision. Therefore, this blog is brought forward to make you better understand the nuances related to buying a property in Vadodara.
It is that area of a residential property that you can use to move around or to lay carpet. Hence, it only includes the area within the walls. However, it excludes the areas that cannot be used as open spaces, such as the lobby, stairs, lift, etc.
As the name suggests, the built-up area refers to the entire property’s periphery, including the thickness of the outer and inner walls, the carpet area, and the area covered by the balcony and terrace. However, like in the case of the carpet area, the built-up area does not include the lobby, stairs, lift, etc.
Super Built-Up Area
The super built-up area comprises the entire extent of the individual unit or apartment unit within a campus, i.e., the built-up area and other usable areas such as corridors, lobbies, stairs, lifts, and so on. In the case of apartment buildings or bungalow development, the common spaces such as lifts, garden areas, clubhouses, hallways etc. are divided proportionately amongst all homeowners within the community.
Floor Space Index (FSI)
Floor Space Index refers to the ratio of the total built-up area and the actual plot area permitted by the government. The higher the FSI, the more significant is the built-up area.
Agreement Of Sale
An agreement of sale is a legal document that outlines the terms of a real estate transaction. It lists the price and other details of the transaction and is signed by the seller and the buyer.
This is an agreement between the seller and the buyer which should cover comprehensively the terms on which the sale will take place and the date on which the sale will be completed.
Occupancy Certificate (OC)
Upon completing a project, it is imperative for the builder to obtain the Occupancy Certificate, certifying that the project has been completed as per the sanctioned plans and is suitable for habitation. The building has provisions for civic infrastructure such as water delivery, drainage work and electricity. It is issued by the local authorities notifying that they have provided complete clearance for occupancy and is an essential document that a homebuyer must be aware of. If you plan to buy property in Vadodara, ensure you get this ticked off the essentials list.
A completion certificate is an important document that states that the structure has been built according to safe construction standards and proves the project’s legitimacy.
Each industry has its jargon and lingos, and real estate is no different. You must know what each of these represents before investing in a residential or commercial property. If you have been contemplating buying property in Vadodara or investing in Real Estate, we believe you must be looking for a trusted name that is known to provide value for money. Don’t know where to look at? Well, you can start by Contacting Us.
Kamlesh Gandhi Projects conform to property norms and delivers a product true to the sanctioned plans. If you are looking for a spacious bungalow or flat in Vadodara, check out our current projects loaded with luxurious amenities situated in fast-developing areas, which truly set us apart from the rest.