Basic Real Estate Terms in India

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Basic Real Estate Terms in India
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List of basic 20 real estate terms

• Carpet Area
• Built-up Area
• Super built-up Area
• Per Square Foot Rate
• Per Square Foot Rate
• Floor Space Index (FSI)
• Residential Commercial Property
• Freehold property?

• Real Estate Broker
• Conveyance
• Credit Score
• Lease Agreement
• License Agreement
• Non-Disclosure Agreement
• Inherited Property
• Subletting

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List of basic 20 real estate terms

• Carpet Area It is the area of the house which
  does not include the inner walls area. Carpet
  area calculation also includes the terrace and
  balcony space, which is normally considered as
  half of the main or the actual area.
• Built-up Area Built-up area includes
  everything right from the thickness of the outer
  walls, carpet area, balcony area until the inside
  walls.
• Super built-up Area This generally comprises
  of the built-up area and also all the useable
  area including the lobby, stairs, corridors,
  lifts etc and are proportionately divided among
  the flats.
• Per Square Foot Rate Generally developers
  decide the value of the property based on the per
  square foot rate of the super built-up area. This
  is the reason for the super built-up area being
  termed as Saleable area.
• Floor Space Index (FSI) Floor Space Index
  calculation or FSI is the actual ratio between
  the total built-up area and the available plot
  area permitted by the Government for a specific
  locality. A higher FSI will have a higher
  built-up area.

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• Residential Commercial Property
  
  
  
  Residential property
  refers to those buildings which are developed
  for personal use and living Commercial
  properties are those which are developed solely
  for business purposes.
• What is Freehold property A Freehold property
  is where the owner has the complete
  unconditional ownership of the land and also the
  building which stands on it. In other words, it
  is the unrestricted ownership of the whole real
  estate property.
• Real Estate Broker Real estate brokers are
  usually professionals who mediate between the
  owner and the buyer in the sale or purchase of a
  property.
• Conveyance It is referred to the act of
  transferring or conveying the rights, title,
  ownership interests of a property from one
  person to the other, who is purchasing the
  property. Any property whether immovable or
  movable should be transferred to the buyer using
  this agreement.
• Credit Score It is a statistically derived
  score of a persons credit worthiness, which is
  generally used by money lenders to know the
  likelihood of that person repaying his/her debts.
  It is usually based on the persons past credit
  history.
• Lease Agreement Lease agreement is one type of
  contractual agreement made between the lessee
  (user) and the lessor (owner) to lease out the
  property for a period of time. The terms cannot
  be changed until the lease term expires and it
  should be strictly followed by both the parties.

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• License Agreement License agreement is referred
  as the written agreement which is entered into by
  the owner of the property who gives permission to
  another person to use the property or involve any
  activity with regards to the property.
• Non-Disclosure Agreement A non-disclosure
  agreement or NDA is a legal contract signed
  between two or more parties outlining
  confidential materials, knowledge or valuable
  information which the parties share among
  themselves for business purposes but wish to
  restrict the access to third parties.
• Inherited Property Inheriting a property is the
  practice of passing on of a property, titles,
  debts and any other obligations upon the death of
  a person or under any other circumstances.
• Subletting It is basically the practice of an
  existing tenant to lease out small fraction or
  the whole property to another person. And the
  subtenant pays the rent to the tenant instead of
  paying it to the owner. In India, the tenant is
  evicted if found guilty of subletting the
  property to another person without the knowledge
  of the owner of the property.