Looking to buy your dream home?
Buying real estate is a lengthy process filled with tedious formalities. You would be investing a major portion of your years of earning in buying a property. That’s why, it’s important for you to know a few real estate terms and other things impacting your decision. To reduce your efforts, we’ve compiled the below list of questions along with their respective answers.
As per RERA (The Real Estate Regulation and Development Act (RERA) 2016 ), Carpet Area is the net usable area of the apartment, excluding the area covered by external walls, exclusive balcony or veranda. Carpet Area includes the area covered by the internal partition walls of the apartment.
Built-up Area includes the carpet area, outer wall thickness and the balcony.
Floor Space Index is the ratio of the combined gross floor area of all floors (except areas specifically exempted under regulations) to the total area of the plot, varies from locality to locality depending on the surrounding infrastructure to support the development. Higher Floor-space index has a higher built-up area.
Commencement Certificate: Issued by the real estate authorities to a real estate developer giving them the consent to begin construction. It is imperative for a developer to get this document before initiating the construction of the building.
Completion Certificate: Issued by the local authority specifying that the construction has been in consonance to the approved sanction plans or specifications.
A Conveyance Deed is a legal document displaying the transfer of property title from one person to another, transferred through sale, gift, exchange, lease, mortgage or any other circumstances.
Encumbrance Certificate (EC) is a certificate that assures that a property is free from all liabilities and has an adequate legal title. This document may also contain liabilities created on a property that is held against a home loan as security. It is a clear indicator of all transactions with regard to the property.
Occupation Certificate also known as Possession Certificate is issued by the local government authorities stating that a building suitable for habitation.
A legal document for manifesting sales and transfer of ownership of property in favor of the buyer from the seller. This document is executed succeeding to the enforcement of sale agreement for sale, and after conforming to various terms and conditions mentioned in the Sale Agreement.
Stamp Duty is a tax levied by the government on the purchase of a property.
You can use the below criteria to shortlist the project:
- Locality: Distance from work location, metro station, hospital, or airport.
- Availability: Under construction or ready-to-move-in.
- Property type: Flat, villa, studio apartment, bungalow, etc.
- Amenities: Lift, gymnasium, swimming pool, security personnel, park, power backup, parking, clubhouse, sports amenities, etc.
- Furnishing: Unfurnished, semi furnished or fully furnished.
- Carpet area: As per your requirements.
Consider the below points:
- Past projects
- Delivery record
- Financials: The prominent lenders which are backing the project, if any.
- Occupancy rates: Occupancy Rates for the previously delivered projects of the developer.
- Market sentiment: Developer’s market reputation and goodwill.
Undoubtedly, Pearl Group is one of the best real estate developers in Rajasthan.