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Real Estate Slangs to Know Before Buying New Flats

Real Estate Slangs to Know Before Buying New Flats

Real Estate Slangs

Over the past few decades, the real estate market in India has witnessed a growing transition. This applies even in the case of terminology. Many local terms have slowly replaced with standard jargon. A simple understanding of these requirements will help in making more informed decisions, whether you are interested in investing in luxury flats in Jaipur or 2 BHK flat in Jagatpura Jaipur.

Before advancing with real estate offers, here are some commonly used terms that must be known to someone

·         RERA Act

·         Carpet Area

·         Occupancy Certificate

·         Super Built-Up Area

·         Floor Space Index (FSI)

·         RERA Registration Number

RERA Act – The Real Estate Regulation and Development Act (RERA) 2016 Effective Starting May 1, 2017, is a law made to regulate the real estate sector. This seeks to ensure transparency and accountability in the real estate sector. This sets clear regulations to protect home buyers & developers against default and provide a redressal fast track complaint.

The carpet area – the carpet area is the floor area that can be used in the apartment. This is not integrated in the area covered by an outside wall, the area under the service shaft, exclusive balcony or veranda area of the flat. However, this includes the area covered by the internal partition wall of the apartment.

Housing Certificate – After completing the project, it is very important for the builder to get a housing certificate, stating that the project has been completed according to the plan approved and suitable for residences and buildings have provisions for civil infrastructure such as water, sanitation and electricity. It was issued by local authorities who said that they had given total permissions for occupancy and was important documents that must be considered by home buyers.

Super built-up area – besides that area occupied by each flat, a building also has public areas such as life axis, corridors, stairs, lobbies, etc. The super built-up area consists of a built-up section along with fairly together. Share along with fair shares. From the public areas that have been proportionally divided between all flats in the building.

Floor Space Index (FSI):

In addition to areas occupied by individual flats, a building also has public areas such as life axis, corridors, stairs, lobbies, etc. The Super Built-Up area consists of a build-up area along with the general part of the commonly owned public area divided between all the flats in the building.

RERA Registration Number:

The RERA registration number was assigned to the project after registration with the RERA Authority in the state. This is given to projects after all necessary documents have been delivered by the developer and validated by the RERA Authority. This shows that a project is being developed according to the RERA.

Each industry has jargon and lingos, and real estate is no different. It is very important you know what each respects before investing in residential properties. Go for famous builders that are in accordance with property norms and provide products according to approved plans. Among the best real estate developers in Mumbai are Somya Buildcon. If you are looking for a flat 2 or 3 BHK flats in Jagatpura Jaipur or even luxury 2 and 3 BHK Apartments – Somya Sky Crest is the best bet. Excellent location and luxury facilities really different from the others.