An easy guide to know Real Estate terms better

An easy guide to know Real Estate terms better

If you have been home-hunting recently, chances are, you have come across some confusing real estate terms. Here, you will find a list of the most commonly used terms and their easy definitions. So you don’t have to waste time searching for trustworthy definitions all over the internet.

Carpet Area

The term literally comes from thought that means the area in a home where you can lay a carpet inside a house. Put in better words, it means the area which you can use. So, this area doesn’t include the area covered by internal walls and external walls. However, it does take into account the area extending across private terrace and balcony.

Built-up Area

This essentially means the carpet area of a house including the area covered by internal and external walls. It is also called as Plinth Area in some regions. The Built-up Area of a house usually turns out to be around 10-20% more than the Carpet Area.

Super Built-up Area

Adding more inclusions to the Built-up Area, this term includes the area covered by common areas of the building like lifts, staircase, corridors, and lobby, and is proportionately divided among all flats inside the building. It is also known as Saleable Area.

To give you more clarity of the above three areas, let us give you an example. Let’s consider a typical ground floor plan of a 3 BHK residential apartment in Gurgaon at our project Imperial Gardens By Emaar-India. The spacious homes have a Carpet Area of 1255 sq. ft. (116.66 sq. mtr.) and a Super Built-up Area of 2025 sq. ft. (188.12 sq. mtr.). However, we have considered the verandah area for each flat separately, which is 250.37 sq. ft. (23.26 sq. mtr.)

Floor Space Index (FSI)

It is the ratio of the Built-up Area to the area of the plot on which a building stands. The FSI of a building determines the maximum number of floors a building can have. Higher the ratio for a building, higher is the number of floors it can have.

Per Square Foot Rate

Though you may assume that the per square foot rate is calculated considering the carpet area, it’s not the case. It is instead calculated considering the super built-up area, as the developer also builds common areas, amenities and infrastructure that needs to be paid for.

Freehold Property

When the title (rights of ownership, possession and custody) of a property has been completely transferred to a buyer, through a sale deed, without any restrictions about their right to sell or transfer the property, then such a property is called a freehold property. The owner of such a property has unconditional ownership of the plot and the building mentioned in the sale deed.

Conveyance

It is the process of handing over the title, rights and all ownership interests of a property from the seller to the buyer.

Certificate of Occupancy

Before a developer can declare a project to be ready for possession, they have to obtain the Certificate of Occupancy (OC) from the local municipal body. The OC is provided after checking the building complies with all permissible construction plans and local laws.

Allotment Letter

This is a document given by the developer to the buyer, which is the proof that a specific piece of land or apartment unit, under-construction or possession-ready, belongs to the buyer from there onwards.

Hope this was a resourceful read and gave you clarity. Equipped with this knowledge, you can make a well-informed decision while buying.

5 Reasons That Make Imperial Gardens A ‘Hot’ Investment In Gurugram

If you have been on the lookout for the ideal home in Gurugram, then Emaar India’s Imperial Gardens is the address for you. Strategically located right off the Dwarka Expressway, Imperial Gardens offers excellent connectivity to Delhi, Gurugram and the International Airport.

Here are 5 reasons that make Imperial Gardens a ‘hot’ investment in Gurugram :

1.The ideal location:

Strategically located off Dwarka Expressway, Imperial Gardens offers excellent connectivity to Gurugram, Delhi and Indira Gandhi International Airport (T3). Adjoining major roads (150 meters Expressway and 75 meters wide sector road), offer quickest access to the project. The now operational railway overbridge at Basai along with its proximity to Gurugram’s Business District and Delhi Public School, makes Imperial Gardens a very well connected community. The project’s location highlights include the following in close proximity: reputed schools, hospitals, hotels, offices, SEZs, sports complex, golf course, shopping malls, entertainment zones, and much more.

2.Acres of greens:

True to its name, Imperial Gardens offers you the unique experience of living in the lap of nature. Discover a whole new world of greens at Imperial Gardens with the designated lots of greens:

·Dew Greens features a jogging track through the gardens, along the periphery of the project.

.Pool Greens: Take a dip in the luxurious waters of the outdoor swimming pool located in the heart of the community secluded by greens all around.

·Hideout Greens: A dedicated kids’ playing area with greens all around.

·The Courts: Tennis and basketball courts surrounded by greens.

·The Culture Court: Open amphitheatre surrounded by gardens where the entire community comes together.

·Central Greens: A central garden designed to add to the greenery all around.

3.World-class amenities

Experience an enriched and fulfilling lifestyle at Imperial Gardens, with a range of world-class amenities at a modern clubhouse with a swimming pool, jogging track, tennis and basketball courts, kids’ play area and much more.

4.Exquisite homes:

Every home at Imperial Gardens has been designed and finished with the greatest attention to detail, and is synonymous with modern, luxury living.

5.The Emaar signature:

Emaar is a pioneer in shaping skylines and lifestyles worldwide, developing vibrant communities that have redefined real estate in 12 countries across the Middle East, Africa, Asia, Europe, USA and Canada. Emaar’s iconic projects and scale of operations have made it one of the world’s leading real estate companies. In India, Emaar is committed to creating best in class real estate developments that would set unmatched benchmarks in thoughtful architecture, excellent engineering and impeccable execution.

Invest in a home at Emaar India’s Imperial Gardens, with 3 BHK residential apartments in Gurgaon.