Legal Terms in Real Estate -Terminologies & Words(B1)

 

B. Types of Real Estate Properties & Size






Residential Property B1

 

35. Apartment

36. Studio Apartment

37. Multi-storey Apartment

38. Builder Floor Apartment

39. Service Apartments

40. Condominium

41. Duplex/Twin House

42. Farmhouse

43. High-Rise

44. Independent House

45. Penthouse


35. Apartment

An apartment, also known as “flat” in India, is a self-contained housing unit, typically occupying a part of the building, generally on a single storey. The building containing several individual apartments is called an ‘apartment building/complex’.

36. Studio Apartment

A compact living unit where the bedroom, living room, and kitchenette are combined into a single open space. It is considered residential property when used as a primary dwelling space for an individual or a couple.

37. Multi-storey Apartment

A tall building with multiple floors, each housing individual or multiple residential units. It's classified as residential when units are primarily for living purposes.

38. Builder Floor Apartment

A single, independent floor in a building, usually without the amenities of a multi-storey apartment complex. It's considered residential when it's inhabited by families or individuals as their main residence.

39. Service Apartments

Apartments equipped with hotel-like amenities, such as housekeeping. While they can be used for short-term stays, they're considered residential when used for longer-term accommodation, blending the comforts of a home with the services of a hotel.

40. Condominium

A condominium, or condo, is a single unit within a larger building or complex. Owners have sole ownership over their unit and share ownership of common areas with other unit owners.

41. Duplex/Twin House

A duplex is a single building that contains two separate housing units, either next to each other or one above the other, each with its separate entrance.

42. Farmhouse

A farmhouse is a property in an agricultural land, used for residential purposes. It is usually surrounded by a farm or landscaped garden that’s spread over an enormous land area.

43. High-Rise

The term typically describes buildings having 7 or 8 storeys or more. In a Central Business District, this could mean buildings having 25 storeys or more from the ground level.

44. Independent House or Single-Family Home

This refers to a standalone house that is meant for the occupancy of a single family. It doesn’t share walls with any other residence and usually comes with its own plot of land.

45. Penthouse

A luxurious apartment unit located on the topmost floor of a building, often offering panoramic views and exclusive amenities. However, the definition of a penthouse is changing in current times, and now refers to a living unit that has a different layout from the other living units in the building, offering ample outdoor space and good views, but not necessarily on the top floor.




Courtesy: ASSURE SHIFT



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