Legal Terms in Real Estate -Terminologies & Words(B3)




B3. Size of the Property


58. Acre

59. Carpet Area

59a. RERA Carpet Area

60. Built-up Area

61. Super Built-up Area

61a. Loading Factor

62. Floor Space Ratio (FSI)

63. Amenities

64. Common Areas


58. Acre

Acre is a term commonly used for large pieces of land in India , equivalent to about 43,560 square feet or 4046.87 square metres.

59. Carpet Area

Carpet Area refers to the actual usable area within the walls of the apartment or house where you can actually lay out a carpet. [Carpet Area = Area of all the rooms - Thickness of internal walls]

59a. RERA Carpet Area

RERA defines carpet area as the space taken up by the actual usable area within the house as well as the area of internal walls (excluding the area of external walls of the house). [RERA Carpet Area = (Carpet Area + Thickness of internal walls) - Thickness of outer walls]

60. Built-up Area

Built-up Area refers to the area encompassing the Carpet Area, area of additional spaces in the house like balconies, open terraces, etc., as well as the thickness of external walls. [Built-up Area = Carpet Area + Area of extra usable spaces + Thickness of internal walls]

61. Super Built-up Area

Super Built-up Area is the total area of Built-up Area as well as the proportionate area of the amenities or common areas in the building or society that can be used by the house/apartment owner. These common areas include staircases, lift, lobby, clubhouse, swimming pool, etc.

61a. Loading Factor

Loading Factor is the percentage of common areas relative to the actual living space. An ideal loading factor would be 60%; if the loading factor exceeds this threshold it means that the Super Built-up Area is way larger than the Carpet Area. Note that the actual or minimum acceptable loading factor can differ from city to city. [Loading Factor = (Super Built-up area / Carpet Area) - 1]

62. Floor Space Ratio (FSI)

FSI, also known as Floor Area Ratio (FAR), refers to the actual (maximum) permitted area of the land that can be used for construction. [FSI or FAR = Built-up Area ÷ Area of the Land]

63. Amenities

Amenities are the features of a property that enhance the desirability of the property to potential buyers, making it more valuable to them. Some examples of amenities are clubhouse, swimming pool, indoor games room, meditation lawn, yoga room, etc.

64. Common Areas

The common areas of a property, like parking lot, corridors, elevators, lobby, staircase, etc., is not owned by any particular individual and is available for use by all the residents of a particular property. All residents have to collectively ensure the maintenance and upkeep of common areas.



Courtesy: ASSURE SHIFT


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