Revising the basics of Property Buying

Property buying in realty market of a city like Pune is a challenging task. Understanding the insecurities that a new home buyer would have, today, we go back to the basics of the property buying process and the commonly used terminologies of the industry that the potential home buyers will come across.

Imagine you go to the shopping complex to buy clothes. You find a variety of clothes with many designs in different colors at the store. You like a particular dress design and you purchase it and return to home. And later, after a few weeks, you realize that the quality of the dress you purchased was not good and that disappoints you. This is due to lack of awareness and knowledge about the types of fabrics which led you to buying a dress of poor quality. Similarly, in the real estate industry, you must know the commonly used terms and their meanings so as to not get bluffed by the advertisers and agents and make an informed choice. 

The following are the commonly used terms in the real estate industry:

Carpet Area: This is the area that you actual usable space that you get inside the house. Carpet Area, literally, is the area that you would be paying for  while buying that property. The builder needs to quote rates for this carpet area and you must find out how much carpet area is available out of the built up area.

Built-up Area: The built-up area takes into account the thickness of the internal and outer walls and also the area of the balcony. This excludes the carpet area of the house.

Super built-up Area: Commonly known as the sale-able area, super built-up area is relevant to the multi-dwelling units and hence is one common term that you would get to hear too often. This includes the area that is available for common  use such as lobby, lifts, staircase, etc. At present, it would also include the swimming pools, gardens, clubhouse, and other similar amenities. This area is proportionally divided amongst the flats. The loading factor is derived here, which is applied to the carpet area in order to get the super built-up area or the sale-able area.

Hence, if you are planning to buy a home in near future, this is the homework that you need do before stepping out in search of properties that fulfill your requirements. 

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