Over the last few years, the Indian real estate market has noticed a burgeoning transformation ranging from developments and purchases all around. This is true when it comes to terminologies as well. You might have to come across various local jargons when you look forward to buying the best residential flats Kolkata. Numerous regional terms have also been replaced by industry-standard jargon. Having a brief understanding of such terminologies will assist you in making a better decision, whether you happen to be keen on investing in the best residential complex in Kolkata. Here are some of the terms for you that you need to know before going to buy residential flats.
Carpet Area
The carpet area refers to the net usable floor area of your apartment. The carpet area excludes the area enclosed by external walls, exclusive balcony areas within service shafts, or verandah area. But, the carpet area includes the region covered by the internal partition walls of your apartment.
RERA Act
The RERA is a short form of real estate regulation and development act. It has been effective since 2017 and it was intended for regulating the real estate industry. It looks forward to ensuring accountability and transparency within the real estate industry. If you look for the best residential flats Kolkata, you need to abide by the rules of this act. It helps in setting up precise regulations to safeguard the developers and homebuyers against default and offers for quick tracking of grievance redressal.
Occupancy Certificate
After the completion of projects, the developer or builder needs to get the occupancy certificate. It certifies that the project is completed according to the sanctioned plans and is ideal for habitation, and the building comes with the provision of basic amenities like sanitation, electricity, and water. Developers of the best residential Complex in Kolkata need to hold the occupancy certificate before allotting it to the home buyers. The occupancy certificate is generally issued by the regional authorities stating that they have offered complete clearance when it comes to the occupancy.
Super Built-up Area
Other than the region occupied by low-cost residential flats, a building additionally features some areas like corridors, life shafts, lobby, stairs, and more. Super built-up area is the area that includes the built-up area and a fair share of the regional areas that proportionally have been divided among all the flats in the building.
RERA Registration Number
This is referred to as a number assigned to the project after completing the registration with the RERA authority within the state. It is provided to the project after all the demanded documents are approved by the developer and authenticated by the authority of RERA. It implies that the project is being carried out in compliance with the RERA guidelines. You need to understand this pretty carefully before you look forward to investing in flats in Kolkata.
Wrapping Up
Every industry comes with its specific lingos and dragons, and nothing is different in the case of the real estate industry. You must understand each of these jargon before you look forward to investing in the best residential complex in Kolkata. Make sure to choose a renowned builder conforming to the property standards and provides a product according to the approved plans.
Among the renowned real estate organizations in Kolkata is Unique Address. If you are looking for special flats in Kolkata for even luxurious apartments, without a further donut, reach out to the authorities now. The beautiful location of the flats and superior amenities truly sets this organization apart from the rest.
