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Planning to invest in the upcoming real estate projects in Mumbai?
Real estate investments have been an important source of wealth creation in India since aeons. And, owning a house in a city like Mumbai is nothing less than sitting on a gold mine considering how property prices have skyrocketed in the city.
Buying a house in Mumbai could be an expensive proposition but the expected returns on your property are also estimated to be equally high. Reputed developers have several residential projects in Mumbai that offer premium residential properties at competitive rates and are ideal to buy as an investment or your first home.
So, are you ready to buy a piece of real estate in Mumbai? Well, not before you familiarize yourself with these essential real estate terms every property buyer in India must know.
Basic Sales Price (BSP): This refers to the price of an apartment without the charges for extra amenities such as car parking, clubhouse, gym, pool, etc.
Built-up Area: Refers to the carpet area plus the wall thickness and the area of the balcony until the inside walls.
Carpet Area: Carpet area refers to the actual area that residents can make use of in an apartment. It is the area enclosed within the walls or the actual area to lay the carpet as it does not include the thickness of the inner walls.
Credit Score: Your credit score represents your credit worthiness and is used by lenders to determine whether you’d be able to meet your mortgage repayments or not.
The credit score is a sum total of your financial behaviour and is derived from your credit report that can be sourced from various credit bureaus that keep track of your financial history and behaviour. Remember to pay your utility and credit card bills on time and don’t default on your loan repayments to keep your credit score high.
Conveyance: A legal term that refers to the act of transferring or ‘conveying’ the rights, title, ownership, and interests of a property from one person to another, who is purchasing the property.
Floor Space Index (FSI): Also known as the Floor Area Ratio, it refers to the maximum amount of construction allowed on any plot of land. It can be calculated as the ratio of the total area of a building to the size of the land upon which it is built.
Super built-up Area: Super built-up area is the term for the built-up area plus the proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. Most developers decide the value of a property based on the per square foot rate of the super built-up area.
Vaastu Shastra: An ancient architecture system of India that specifies various aspects of house construction and decoration for prosperity and good luck. Just so you know, all old and new housing projects in Mumbai by Omkar Realtors are built according to best construction practices integrating the principles of Vaastu Shastra. View more details about their upcoming projects, here.
Knowing these real estate terms is key to a successful property purchase in Mumbai’s dynamic market. Armed with this knowledge, you’re better equipped to make informed decisions.