Important Real Estate Terms You Should Know Before Buying Flats in Patna

For those who are interested in buying flats in Patna, it is advisable to do your homework first. Regarding that you guys are required to draw yourattention towards each and every details, when it comes to real estate.

According to realty experts, builders and dealers also try to fool thosewho are not aware of the basic real estate terminologies. The moment one sounds novice to well-dressed marketing team, they consider him/her completely readyfor being fallen in their well laid trap.

Today here in this blog, we will explain you some of the most common real estate terminologies. An explanation would be in a manner that at the end of the article, you will for sure have enough knowledge to counter all those well-dressed marketing guys who tried to fool you.

Common real estate terminologies for flats buyers in Patna

Below mentioned are the real estate terminologies which are important for every home-seeker in Patna to be aware of while buying flats in Patna. 

Carpet Area

When you buy flats in Patna, the area where you can lay the carpet is termed as Carpet Area.

According to realty experts,

Till date, apartments are sold onto the basis of Super Area, however incorrect terms, what should matter most to the home buyer is the carpet area. This is actually the area of which you make use.

Higher the carpet area, better the space would be.

Thus, while buying flats in Patna, one should for sure ask for exact carpet area.

Built-up Area

Built up area is actually the area of flats in Patna that do include Carpet area and the area of walls, doors inside the house. This area is usually the15-20% of the total carpet area. Nonetheless, despite this fact, the house is still not sold onto the basis of built-up area.

Super Area

Super Area (also referred to as Super Built-up Area) is actually the sum built up an area and the area of all the common amenities of complexly divided among buyers in proportion. Super area in real terms, is not more than just an artificial impression of the house, onto which one should never rely on. Unless of being assured of the carpet area and built up area, one should never make the purchase.

Common Areas

Common areas are usually the undivided parts of the commonly owned premises or flats in Patna. The area including swimming pool, parking lot, corridors, community, lobbies, elevators etc is not owned by a single individual owner. The responsibility for maintenance and up keeping of them is collective.

Common Area Maintenance

It is the fee or contribution paid collectively by the owner’s individual units or flats in Patna regarding the maintenance and up keeping of the common areas of a real estate complex. The areas are usually maintained and managed by Residents’ Welfare Association or an outsourced Facilities ManagementCompany.

Layout Plan

Realty experts have described the layout plan as the architectural design to the whole project. The plan usually includes the number of buildings/towers, clubs, common facilities, club building and etc.

Floor Plan

The floor plan is the architectural drawing of the apartment that specifies the dimensions of rooms, kitchen, bathrooms, balconies and etc. Floor plan can get utilized regarding the derivation of carpet area and built up area. It is the actual area which you own. It is important for you to ensure that this is part of the apartment buyer agreement.

Inventory

Inventory (also referred to as stock) is actually the real estate area in square feet or number of property units which a company or individual holds regarding the ultimate purpose of leasing or selling.

Basic Sale Price

Basic Sale Price is the per square feet rate onto which flats in Patnaare sold. Beside from BSP, there are also several other charges.

The aforementioned list is not the exhaustive of all the real estate terminologies, however only those which matters the most.

So, being at all the final stage of the blog, we think it would be not wrong to hope from you guys that next time walking into the builder’s office, you will sound as such of an informed buyer.

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