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10 Real Estate Words And Terminologies Every Home Buyer Should Know

 

Buying a home can be an intimidating process; you have to choose the right locality, have to find the correct square footage for your needs and you also have to deal with a lot of paperwork. In all of this, the real estate terms and terminologies used can be confusing, especially if you are buying a home for the first time. So, without further ado, here’s a list of 10 important real estate words used in India that’ll make your home buying experience a smooth one:

Built-up Area - The built-up area refers to the total area of your apartment. It includes the entire floor area of the flat, plus the internal and external wall thickness, the carpet area, the dry balcony, attached balcony, verandah etc.

Carpet Area - Carpet area refers to the actual usable floor area of your apartment. This measurement excludes the area covered by the external walls, attached balconies, verandahs etc. However, the carpet area includes the area covered by internal walls, the ones located within the apartment.

Floor Space Index (FSI) - Floor Space Index, commonly known as FSI, is the ratio of the gross area of all the floors in a building to the total area of the plot. Simply put, it is the maximum allowed area a builder can construct, on a particular plot.

Freehold Property – When you are buying a ‘freehold property’, it means you will be having complete ownership of the house or plot of land. The property is ‘free from the hold’ of any other person besides you.

Leasehold Property – If you are buying a ‘leasehold property’, it means you are buying the right to occupy a property for a pre-decided tenure. For this stipulated period of time (generally 99 years), you will not be the owner of the house or land. You will be ‘leasing’ the property from the leaseholder.

Agreement to Sell – An Agreement to Sell is a written agreement made between the buyer and the seller and mentions all the cost factors and terms of the property transaction. It is not to be confused with a Sale Deed.

Sale Deed - The Sale Deed succeeds the Agreement to Sell. It is an important document which mentions that the seller has transferred the right of the property to the buyer.

Stamp Duty – Stamp duty is a state government tax levied on all property transactions. It is calculated and paid as per the provisions under Section 3 of the Indian Stamp Act, 1899. In Maharashtra, the stamp duty is calculated at 10% of the market value of the property.

Property Tax - Property tax is an annual tax that you, as the property owner, have to pay to the municipal corporation. The municipal corporation collects this tax and utilizes it for the improvement of the locality and its infrastructure. 

Maintenance Charges – Maintenance charges are the charges you pay to your society/ residential complex for its maintenance and care. This amount that you, and every other resident of your society pays, is used for things like payment of electricity bills of the society, paying the sweeping and cleaning staff, carrying out any repairs to the common facilities of the society etc.   

Now that you know these 10 important real estate terms used in India, we are sure you can make a more informed decision while buying your new home. Should we post a part 2 of this blog where we talk about terminology such as Credit Appraisal, CIBIL, RERA, No Objection Certificate etc.? 

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