Venturing into the exciting world of Indian real estate brings forth a multitude of opportunities. However, deciphering the complex jargon can often feel overwhelming for newcomers and investors. Here at CS Land Traders & Developers (CSLT), we value clear communication and aim to simplify the confusion. This blog is your go-to resource for unraveling the common real estate terms in India that you need to know:
Types of Properties:
- Freehold vs. Leasehold: Freehold provides full ownership rights to both land and property, while leasehold grants ownership for a specific duration.
- Apartment/Flat: A self-contained living space within a larger building.
- Villa/Independent House: A standalone residence with its private entrance and often accompanied by a garden.
- Plot: A designated piece of land for potential construction.
- Studio Apartment: A compact living area that combines both living and sleeping quarters.
Area Measurements:
- Square Foot (sq. ft.): A commonly used measurement unit for both built-up area (including walls) and carpet area (excluding walls).
- Acre: A unit of land measurement used for larger plots (1 acre = 43,560 sq. ft.).
- Super Built-up Area (SBA): The overall area of an apartment that includes walls, common areas, and balconies.
- Carpet Area: The actual usable floor space within an apartment, excluding walls and balconies.
Financial Terms:
- Down Payment: The initial payment made towards the property purchase price.
- EMI (Equated Monthly Installment): The monthly payment on a home loan.
- Home Loan: Financing obtained from a bank or financial institution for purchasing a property.
- Registration Charges: Fees payable to the government during property registration.
- Maintenance Charges: Monthly fees for maintaining common areas and amenities within a residential complex.
Legal Terms:
- Sale Deed: a legal document transferring property ownership from seller to buyer.
- Title Deed: A document that confirms property ownership.
- Allotment Letter: Document issued by a developer signifying the allocation of a property unit.
- Occupancy Certificate (OC): Certification from local authorities stating the completion and compliance of a building with regulations.
Project Features:
- Gated Community: A residential complex with controlled access for security purposes.
- Amenities: Facilities available within a project, such as a gym, swimming pool, or clubhouse.
- Floor Space Ratio (FSI): The ratio of maximum permissible built-up area to the plot area.
- Ready-to-Move-In: Properties that are fully completed and ready for immediate occupancy.
CSLT: Your Real Estate Companion
Equipping yourself with the knowledge of these terms empowers you to make confident decisions in the Indian real estate landscape. At CSLT, we are dedicated to providing our clients with the assistance and understanding necessary to accomplish their real estate aspirations. Reach out to us today to discuss your property requirements and embark on your real estate journey with certainty!
