When you have decided to buy a property and have shortlisted some of the properties, a visit to the developer’s sales office often sends you back more confused. Here it is very important that you know the developer well. Find out who is the right developer for you based on your requirements first before you go to his office because once you are there you will be bombarded with various technical terms, knowing which could have given you an upper-hand while negotiating the rates of the property.
So, here are some of the terms you should know before you make that trip to the developer’s office:
FLOOR SPACE INDEX (FSI): Floor Space Index, is the ratio between the built up area allowed and plot area available. For instance, if FSI is 1 then on a plot of 100 square meters, one can build 100 square meters of built up area and with the setbacks and open spaces. The building can be higher than one floor. This means that higher the FSI, higher built up area is possible. In many regions, FSI is also referred as Floor area ratio (FAR), or floor space ratio (FSR).
As a formula: FSI = (Total covered area on all floors of all buildings on a certain plot) divided by (Area of the plot). Thus, an FSI of 2 would indicate that the total floor area of a building is two times the gross area of the plot on which it is constructed, as would be found in a multiple-story building.
There are certain structures or spaces which are to be excluded from the built up area including:
1. The space under a building constructed on stilts and specifically used as parking space
2. Any area used for open parking
3. Ramps leading to any area exclusively used for parking
4. Steps limited to height of 1.5 meters only and ramps, fountains, septic tanks, water tank, swing frame, swimming pool, underground tank, overhead tank, well, boring, tubewell, reservoir and purification plant
5. W.C., bathroom of servant quarters, garage and storage sheds as permitted in the rear marginal area of ground floor construction only.
6. Architectural projection like balconies to the extent of 0.6 meters
7. Elevated water tanks and space less than 2 meters below elevated water tanks.
8. Stairs, Ramps and lift cabin with machine room constructed on terrace to the extent minimum necessary.
Ideally what builders do is that they include spaces like balconies, flower beds, terraces, voids and niches in their building plans. These areas were exempt from the FSI calculation, that is, the total permissible area to be built. Yet, when the builder calculated the area for sale, he includes all these spaces and then divides and allocates these among all the buyers. Thus, all the flats were sold on a super built-up basis.
Knowing something about floor plans and how they are designed does help here. In fact you can create and furnish your house floor plan with the help of our tips too.
CARPET AREA: Carpet Area is the effective area available for use within the property, excluding the area occupied by the walls. It is measured from wall to wall within the property and translates into the actual area to lay the carpet. This area does not include the thickness of the inner walls.
BUILT UP AREA: Built up area is the carpet area plus the thickness of outer walls and the balconies (in case of an apartment). It is around 10 percent more than the carpet area. A terrace is considered as half the actual area for calculating built up area.
SUPER BUILT UP AREA: It is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. This is usually 25 percent more than the built up area. This term is therefore only applicable in the case of multi-dwelling units or apartment complexes. The plinth area along with a share of all common areas proportionately divided amongst all unit owners makes up the super built up area. Developers usually include the common areas such, swimming pool, garden, clubhouse, etc. to the super built up area.
HOW KNOWING THE CARPET AREA, BUILT UP AREA AND SUPER BUILT UP AREA CAN HELP YOU:
As a buyer it is very important to know the break-up between the carpet area, the built up area and super built up area. Most developers place anywhere from 65 to 85 percent of the super built area as carpet area; which means you are also paying for the area which is not part of the usable area. Most developers also charge the buyer for the dry terrace same as internal rooms too. You can negotiate the per square feet price of the super built up area with the builder/ developer.
For instance, if the price quoted is 1,000 square feet super built up area, the carpet area could be anywhere from just 650 to 850 square feet. If this break-up is not mentioned in the agreement, demand that the vendor/ builder mention it in the sale deed.
Once you are aware of these technical terms, your next step will be to decide whether you want to search property options on real estate classified websites or take the services of real estate agents. Whatever you choose, make sure that you read our tips which will definitely help you in finding the right property.
Looking to buy a holiday home in India? We have reviewed the best developments on our website. Browse them from the list below and contact the developers directly. And don’t forget to tell them that you heard about their project from us!
Belvederre Villas by Ashray Real Estate Developers in North Goa
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In our earlier articles we had reviewed some of the best holiday home properties in Haridwar. The city with is about four hours drive from Delhi and is well connected by both road and rail has been a leading holiday home destination in the north of the country, owing to its significance in the Hindu pilgrimage circuit and also its […]
Esmeralda – Villas, Row Houses and Apartments by Naiknavare Developers in North Goa
Old Goa or Velha Goa provides an absolute reflection of that’s now left of Golden Goa with half-a-dozen imposing churches and cathedrals. Not as commercial and busy as the relatively modern and touristy locations of Goa, Velha Goa is an ultimate holiday home location for those looking for a quieter holiday yet remaining near to the beaches and vibrant nightlife. […]
Magic Marvel – 2BHK Apartments by Magic Space Pvt. Ltd. in Mapusa, North Goa
North Goa has always been the first choice of holiday home buyers in this beach capital of India. And why not? It is the most happening part of Goa and the parties never end. And above that North Goa has the most beautiful beaches, some of which are considered amongst the best in the world. With so many pluses it’s […]
Scarlet Studio Suites by Rebekka Realty Pvt. Ltd. in Nainital
Bhowali near Nainital despite not being a perfect location for a holiday home has seen a flurry of holiday home constructions by some good developers over the years. Perched at an altitude of 1750 meters, what makes Bhowali a premium holiday home destination is its strategic location – very close to the tourist destinations of Nainital, Bhimtal, Ranikhet, Ramgarh, etc. […]
Puraniks Sayama – Premium Row Villas by Puranik Builders in Lonavala
Lonavala near Mumbai offers a combination of urban and countryside lifestyle that allows one to enjoy the luxury lifestyle without missing the serenity and calmness of nature. It is due to these reasons that number of luxury residential projects have come up in Lonavala, which has further strengthened the identity of the location as a perfect weekend getaway for not […]
Albertsville Universe – 1 and 2 BHK Seaview Serviced Suites in Murud Near Alibaug
Murud, also known as the ‘Mini Goa of Maharashtra’ is easily accessible from Mumbai/ Pune via road with a driving time of 3 hours. It is home to a couple of beautiful beaches making it a leading holiday home destination where one can have a holiday amidst a green environ. Owing to its relatively unspoilt beaches and vicinity from both […]
Muskotia Retreat – 1, 2BHK Duplex Villas in Nainital
The adjoining areas of Nainital like Bhowali, Sataal, Bhimtal, Ramgarh, Mukteshwar, etc. have been witnessing the launch of several projects by developers – both small and big. This is owing to the fact that while Nainital is close by, these locations are well connected by both road and rail. And add to it the scenic beauty that one can still […]
Rhythm Residences – Serviced Studio, 1 and 2BHK Apartments in Lonavala
A leading vacation destination in the western part of India, Lonavala needs no introduction. For years it has also been the leading vacation home buyers’ happy hunting ground, owing to its beautiful landscape and availability of numerous options to choose from. Today we will take a tour of a project launched last year by Rhythm Realty Pvt. Ltd. which comprises […]
Anandam City – Apartments and Expandable Villas in Haridwar
In the North, Haridwar which is a gateway to Hindu pilgrimage route, is one of the leading holiday home destination that is frequented by a large number of tourists each year. Owing to its vicinity to Rishikesh, another religious town and well known for adventure sports, Haridwar today sees a flurry of real estate activity with developments mostly catering to […]
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