Terms You Need to Know Before Buying Property-Part2

//Terms You Need to Know Before Buying Property-Part2

Terms You Need to Know Before Buying Property-Part2

When you start looking for a property, you might come across certain terms that are used frequently. To help you understand these realty jargon, here is a brief explanation

Common Areas Factor

The Common Area Factor refers to shared spaces on a single floor, and within the entirety of the building. These spaces can be shared on a pro-rata basis for common areas like restrooms and elevator lobbies, or main building lobbies or any amenity which all tenants will share.

Sale Area

Sale area or Super-built up area is inclusive of carpet and built-up area and all the area under common spaces like the lobby, staircase, lift, security room etc. In other words, it is the built-up area plus proportionate area of common areas.

Carpet Area

As its name suggests, Carpet Area is the area where you can spread a carpet, means area calculated from inner wall to wall distance. This area does not include the thickness of the inner walls. Basically, it is the net usable area inside the house.

Built-up Usable Area

Built-up area is the area that comes after adding carpet area and wall area. The wall area refers to the thickness of the inner walls of a unit. It also consists of other areas like balcony, flower beds, etc.

Loading

Loading Factor can be defined as the area which includes the proportionate share of the common area for a flat which is determined by applying a multiplier to the carpet area. Thus, the loading factor, when combined with the carpet area, gives the super built-up area of a flat.

Super Area of Building

Super area of the building is the actual used area of an apartment. It is the built-up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.

Usable Area

Usable area or Net internal area (NIA) is the Gross Internal Area (GIA) less the floor areas taken up by lobbies, enclosed machinery rooms on the roof, stairs and escalators, mechanical and electrical services, lifts, columns, toilet areas (other than in domestic property), ducts, and risers.

Service Elevator

The service elevator is an elevator designed for carrying freight. It is constructed in a building for the use of servants and delivery people for carrying large items.

AHU Room

AHU room refers to a room equipped with an air handler, or air handling unit. AHU is a device used to regulate and circulate air as part of a heating, ventilating, and air-conditioning (HVAC) system.

LV Shafts

Low Voltage shaft refers to an underground vertical or inclined passageway constructed in a building as per electric safety codes.

Building Services

Building services are the systems installed in buildings to make them comfortable, functional, efficient and safe. They include services like daylight and artificial lighting, escalators, lifts, heating, ventilation, security systems, fire detection and protection, communications networks, drainage, plumbing, air conditioning, etc.

DG, transformers, Chiller units, AHU’s, vents, ducts, fire detection and fighting equipment, parking equipment

Equipments and machines required for various comfort needs and safety protocols of the building.

Maintenance Services

Maintenance Services are required for the continuation of building machinery, equipments and services. It involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure, and supporting utilities in industrial, business, governmental, and residential installations.

Car Parks

A car park, also known as a car lot or a parking lot, is a cleared area that is intended for parking vehicles. Usually, the term refers to a dedicated area that has been provided with a durable or semi-durable surface.

Efficiency of Building

Building efficiency refers to energy efficiency for heating, cooling, and lighting and the use of energy-saving appliances and equipment.

Fixed load charges (vis a vis electricity)

Fixed load charges are the fixed amount charged for billing period according to the load.

E-Waste Management

Electronic waste management deals with the disposal of e-waste i. e. discarded electrical or electronic devices which are destined for reuse, resale, salvage, recycling, or disposal. This global environmental and public health issue is significant in any real estate devoted to IT sector.

By |2019-01-23T11:35:51+00:00September 19th, 2018|Realty Terminology|Comments Off on Terms You Need to Know Before Buying Property-Part2

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