Real Estate Terms and What They Mean

By Accommodation Times News Service

By Sahil Shah, Regional Manager – RE/MAX Mumbai Gujarat Maharashtra

Some terms and terminologies are very relevant in the real estate industry but a lot of investors actually have no knowledge about what they mean. These details may seem small but fine print matters in the long run. Not only will you have a good grasp over these real estate terms but also be able to convey to the builder that you are well updated about the industry.

Carpet Area: When you buy a property you do not get to know the carpet area unless you ask for it as the builders advertise the apartment based on other parameters that are often not what you get and include various other things. Remember the carpet area is the actual area of your flat and specifies the area that you can lay a carpet on.

Built up area: This is the carpet area together with the area of the walls and the doors. This measure is about 20% more than the carpet area and the rate quoted by your builder is based on this.

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