Real estate is a professional industry which encompasses various facets and careers. Even then, real estate is in a way an important aspect of every individual’s life as well.
At some point, every person aspires to own a property, buy a home or rent out some space. Right? Hence, it is always advantageous to explore the vast field of real estate and learn at least the basic jargon’s.
With that ideology, Hallmark is back with another article which fundamentally explains a few of the terminologies that are frequently used in the real estate industry.
We are sure that these terms would definitely come handy whether you are a potential buyer, an eager real estate enthusiast or aspire to pursue a career in real estate.
1. Carpet Area:
As per RERA (Real Estate Regulatory Authority), Carpet area implies the net usable floor area of a property. This area excludes the area covered by the external walls and areas under the service shafts. Carpet area is also exclusive of balcony area, verandah area or open terrace area, but includes the area that is covered by the internal partition walls of the apartment.
The most commonly used metrics to measure the carpet area is square feet or square meter.
2. Built-Up Area:
The built-up area of a property is simply the carpet area with the wall thickness, inclusive of other unusable areas within the apartment such as the dry balcony, flower beds, terrace, etc. The built up area is always more than the carpet area.
Built-up area = Carpet area + area of walls
The most commonly used metrics to measure the built up area is square feet or square meter.
3. Super Built-Up Area:
As per RERA (Real Estate Regulatory Authority), the super-built up area is the sum of the carpet area, the built-up area, and the shared common area like the stairs and lobbies, which can be used by the entire building.
Super built-up area = Built-up area + common areas
The most commonly used metrics to measure the super built up area is square feet or square meter.
4. Total Property Area:
The total area of a property is the super-built up area, But, in addition to the super built up area, the total property area is also inclusive of the area covered by the amenities offered by that particular property.
The most commonly used metrics to measure the total property area is square feet or square meter.
5. Total Project Area:
The total area of a project, as the term itself suggests, is the total land area wherein the project has been constructed. It includes the area that is used for any kind of construction and also the open space area.
The most commonly used metrics to measure the total project area is acres or square yards.
Well, that was your dose of real estate information today. We, at Hallmark, always look out for various ways to spread the knowledge that we have accumulated over the 13 years of experience we have had. And, we hope that you enjoyed learning something new and important today!
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