Investing in real estate is considered as one of the ideal investment among varied income groups. Long term security is guaranteed with this investment along with greater scope of returns. Since it involves great capital, there is always greater amount of risks accompanied with this. There have been various fraudulent cases recorded on the builders, complaining about their unfair practices. Common people who are planning to zero down on a property either villas are flats in Chennai might not know every minute detail related to the property. Usually small scale builders take advantage of this innocence of people who are planning to buy their first property. They promise to provide numerous facilities to their customers and sometimes fail hugely in that.
There are few other builders who advertise about super-built-up area instead of the usable carpet area. Providing false hopes by advertising super-built-up area would disappoint the customers when they come for a site visit. Not many of the common people know the difference between carpet area, built-up area and super-built-up-area. It is advisable to know the exact usable carpet area one pays for before buying a property. Knowing about these jargon and terms used in the real estate industry would benefit every home buyer before buying a property.
As the name suggests, the area that can be used inside a unit is the carpet area. This area does not include even thickness of inner walls of the unit. Common areas such as lobby area, stairs, lift area, car parking, play area, area used for amenities are also excluded from carpet area. It is advisable for a home buyer to enquire about sq. ft. allocated for carpet area while planning to buy apartments in Chennai. This will give a clear view about the area that can be utilised in the kitchen, master bedroom, living room, etc. The builders these days neglect mentioning about the carpet area to increase the influx of customers towards their project. But after the implication of RERA act, it is mandatory for any builder to advertise only about the carpet area to the people. Make sure that the property constitutes a carpet area of about 70% of the built-up area.
The area with which a unit is built defines built-up area. That is, it includes the carpet area and wall area. Here, the wall area refers to thickness of the inner walls of a unit excluding its surface area. The area comprised by walls constitutes around 20% of built-up area. This built-up area also constitutes of dry balcony, flower beds, etc which adds to 10% of the existing built-up area as mandated by the authorities. For example, if built-up area of a unit is 1200 sq. ft., the usable area is 70% (840 sq. ft.) and the remaining 30% (360 sq. ft.) remains as the built-up area. It is advisable to have a tab on the usage of built-up area in a unit to have better ventilation and natural light.
Many of the builders these days use this term to describe a unit and draw customers to their project. Total area that can be used by a resident in case of a gated community defines the super-built-up-area. It is also referred as “saleable area” in the real estate industry. Technically, this area is the summation of both built-up area and common area that is available to a resident. Here, the common area refers to corridor, stairs, lift lobby and even the amenities such as play area, garden, and swimming pool in case of few builders.
It is never too late to be informed about the real industry jargon if you are planning to buy a property. Knowledge about all these will lead to a smooth process of acquiring your dream home. Make sure that you pay for the area that you get to use and be informed about the property.