Built up area is Carpet Area + Area of Walls and Ducts + ½ the Area of Terrace. This is usually 10-15% more than the carpet area. A terrace is considered as half the actual area for calculating built up area.
Carpet Area of a property is defined as the net usable area under the walls of your house. In layman words: the area where you can spread a carpet – from the inner sides of one wall to another. It does not include the wall thickness, general passage area, stair case area, lift area etc. Till a few years back, builders were selling their flats on this concept. But it is very rare now and most of the flats are sold as per built-up and super built-up area.
Covered Area is the area under the walls. It does not include terrace / balconies – as that is not under the walls. This is actually the carpet area + area of outer & inner walls added.
Super Built up Area is built up area + area occupied by common amenities like lifts, corridors, club house, stairs, walkway, amenities, etc. Super built up is usually around 25% more than Built up area. This is most commonly the Saleable Area. This is the area which is being sold by every developer today and is the centre point of mis-selling.
While purchasing a property (house or land), you need to pay a stamp duty. Generally a certain percentage of the actual cost of the property and is levied by the respective State Government. Every state has its percentage defined and can vary from 5-14 percent.
Any immovable property document has to get registered at the time of purchase only. All the agreements related with such transactions should be registered with the sub-registrar of assurances under the provision of the Indian Registration Act. Do remember registration happens only when you pay the stamp duty to the government.
Floor Space Index The Floor Space Index (FSI) also commonly known Floor Area Ratio (FAR) is the ratio of the total floor area of buildings on a certain location to the size of the land of that location considering the Road width of the property.
Before a builder starts a construction in a particular area, the plan has to get approved by the respective municipal corporation. The plan shows the layout of the project and flat.
while constructing a building in particular area, every builder has to take NOC from the municipal corporation. This shows that the completed project is as per the approved plan. Required facilities like the water connection, sanitary, electricity connection and the necessary amenities have been provided as per the plan submitted. You can always ask this document from the builder for authenticity.
When you sign a deal for purchase of a property, an allotment letter is issued to you. This letter contain details of price agreed by you, payment made, unit of interest, construction schedule, plan of the house, the delivery date and liability of the builder if he misses the completion date.
