Considering purchasing a future real estate project? Throughout the beginning of time, India has relied heavily on real estate investments to build riches. Furthermore, given the skyrocketing cost of real estate in Hyderabad, buying a home is equivalent to sitting on a treasure trove.
Although purchasing a home in Hyderabad may be pricey, the predicted returns on your investment are also thought to be very substantial. In Hyderabad real estate, reputable developers have launched several new housing developments that provide luxury residences at affordable prices and are excellent choices for a first home or an investment. So, are you prepared to purchase a piece of property? Not until you read through this collection of terms that each Indian buyer of real estate has to be familiar with:
1. Built-up Area: This phrase describes the space from the carpet to the inner walls, including the balcony area and the thickness of the walls.
2. Carpet Area: The term “carpet area” describes the real living space that apartment dwellers have access to. Given that it does not take into account the inner wall thickness, it is the space defined by the walls or the real space to lay the carpet.
3. Floor Space Index (FSI): The maximum amount of development permitted on any given plot of land is indicated by the Floor Space Index (FSI), sometimes referred to as the Floor Area Ratio.
4. Basic Sales Price (BSP): This is the cost of an apartment that does not include additional fees for clubs, a gymnasium, a pool, parking, etc.
5. Pre-approved property – Pre-approved properties are those that have received the approval of financing institutions. This does not, however, guarantee that you will be approved for a loan to purchase this home.
6. Agreement for Purchase and Sale (PSA): A “purchase and sale agreement” is a written document that outlines the conditions of a real estate transaction between a buyer and a seller.
We have compiled the above list of fundamental real estate terminology so you will have a better understanding of the process and organising your move before investing in any property offers.