Real estate is a term commonly used for any property which could be a building or land with several minerals or even crop resources. This business is gaining great height in recent time as everyone wants to own their house and thus are ready to invest in it. For a common man, it is not at all easy to find a perfect property for themselves for this they contact dealers, builders, and other professionals in the real estate world as they will not only bring best offers for them but can guide a customers what is best as per their requirement and how they can go ahead in purchasing their dream home or any other property. They will also guide their clients on how to go with real estate developers.
Terms you must know
As nobody is an expert in all so there are many chances that you are not knowing the terms your agent is using while giving you details about selling and purchasing of any property. For this, you do not have to worry as this article will surely help you in learning what is the exact meaning of the terms used by the agent who is guiding you.
In simple terms, it is the area which you will be able to utilize while setting a carpet on the floor in your new flat. Thus more the carpet area is more you can use in your flat.
Built up area
The area including doors and walls plus the carpet area. Since doors and walls occupy a calculatable space thus this built-up area will surely be more than the carpet area. The price of the property is basically decided on the basis of this built up area.
Super built-up area
This term is basically used for the advertisement purpose but is not really for you because this actually includes the common space occupied by doors, walls, corridors, and parking area in the society.
This is actually a legal paper which proves the ownership of a person over a property. This always suggested checking the title deed before proceeding with buying any property. It will be best if the title deed is in the name of the person with whom you are dealing with. Never believe in the third party see to it by yourself and never ignore it because there are many chances of fraud by this. In many cases it is seen that a person purchases the property with some x and paid to him only but actually the property belongs to some z. Then you are a loss. So be careful while going for property dealing, you should take help from some legal advisors also.
This is another legal document which will help you in knowing that the property does not have any mortgage, loan, and other monetary dues. This certificate is demanded by the banks also when you apply for any loan on your property as this will let the bank know that there is no pre-existing loan on the same property.
Any government officials involved in the action of property registrations is the sub-registrar office. It is very easy to locate the sub-registrar office of your area by using several location finder apps.
Stamp duty and registration charges
The must pay amount while purchasing any property, stamp duty is actually a government tax paid by the owner of any property. Registration charges as the term itself explain the amount you need to pay at the time of getting any property registered on your name.
These are the charges which an owner needs to pay if he applies for any loan amount from the bank. For this, you will have to present a legal document before the bank to assure them that you have paid the stamp duty to the government.
It is a legal document which has all the details of the property including past history of owners, land area and price. This is required to be signed by both the buyer and seller including two witnesses otherwise the deal is not regarded authentic.
This term actually is for real estate developers which they seek from the housing society for transferring the legal right to the housing society once all the flats of the society are sold. This is done by the developers to save themselves from any future legal issues.
Ready reckoners rate
It is the amount which the government decides for any property. On this price, only the stamp and registration charges are imposed on you.
Floor space index
Actually, the area which you can use for building purpose, which is allowed by the urban development authority. Only the area required for building stairs, lift and other common places are excluded from this floor space index.
Find the best contractor for housing society
The house that is designed according to your special demands and location is the custom house. For that, you need to find a custom home contractor. For that, you can check on several websites which work to provide needed for any house related issues from maid to guard. As constructing a house is not an easy task so need to hire the best. For that, you should check their previous works if possible talk to the owners for whom the developer has worked. This will let you know how to deal with the contractor. These days all the companies are very active in responding to the queries thus you can find a quick solution for several queries that you have. These days the home contractors mainly work to design residential societies because they make them earn high profit. Are you trying to find a custom home contractor but don’t know what characters they must possess which you can see and work accordingly? For that, the only thing is you should plan several meeting then only you will be able to understand that person and also will come to know his future plan regarding the construction of your dream project.
This real estate business is a very tiring work thus real estate developers have to control themselves otherwise it will create a mesh in their business world but they are a very influential person.