In the previous blogs, we elaborated on under-construction versus ready-to-move properties. We elaborated on gated communities versus individual homes. We also elaborated on things you need to consider before buying a property.
As you start looking to buy properties in Chennai or anywhere – be it a plot or an apartment or a villa, you would come across some terms mentioned in the marketing brochures of real estate companies as well as by the salespeople in their sales pitches.
Through this blog, you can understand various terms and terminologies used in residential real estate buying.
Carpet Area:
This is the net useable area within the walls of the home where one can lay a carpet. The area typically includes living rooms, dining rooms, bedrooms, kitchen, study room, pooja room, restrooms, hallways, and foyer but does NOT include inner walls, exterior walls, or common areas.
The Real Estate (Regulation and Development) Act, 2016 clearly defines which portion of the unit can be included as a part of the RERA carpet area. The major difference between the old carpet area and the RERA carpet area is the inclusion of interior walls in the definition of the RERA carpet area.
Thus, RERA Carpet Area is defined as the area that includes living rooms, dining rooms, bedrooms, kitchen, study room, pooja room, restrooms, hallways, foyer, PLUS interior walls inside a home. However, the RERA carpet area does NOT include the area of exclusive balconies, exclusive private terrace, exclusive veranda, exclusive service utility area, and service shafts.
The Real Estate (Regulation and Development) Act, 2016 mandates a developer to declare the RERA number and the RERA carpet area in the marketing collaterals, advertisements, and website.
Built-up Area:
The difference between the RERA carpet area and the built-up area lies in the inclusion of exterior wall thickness and in the inclusion of certain areas such as exclusive balconies, exclusive private terraces, exclusive veranda, exclusive service utility, and exclusive staircase outside the home that supplement a carpet area. The Built-up Area is sometimes called as Plinth Area.
Super Built-up Area:
In residential apartment complexes, developers provide shared spaces such as a clubhouse, swimming pool, gymnasium, gardens, common walkways, common utility areas, shared elevator spaces, shared lift lobby spaces, shared staircases, shared corridors, and open spaces that are accessible to all apartment owners without any restriction.
These common areas are apportioned to all apartment owners in a residential apartment complex based on the built-up area they own. Therefore, the common areas are co-owned and collectively maintained by all the apartment owners through a resident association or a society.
Thus, the super built-up area includes the built-up area and the common area apportioned for the apartment. Developers sell the property based on this area. Therefore, this term is also called as the saleable area.
Undivided Share (UDS) of Land:
When you buy a plot, you fully own the piece of land that has defined boundaries in the North, South, East, and West. But when you buy an apartment in a residential complex, you shall own a piece of land, on which the entire structure is built, that has no defined boundaries. Every flat owner shall co-own a piece of land, called as UDS area, proportionate to the saleable area they buy in the residential complex.
While this term is not widely used in other parts of India, the UDS area is widely enquired by the buyers in Tamil Nadu. When you buy a new apartment in Chennai and other places in Tamil Nadu, registration for the UDS area and apartment happen separately. The stamp duty and registration charges are also different for the land and the building.
In large, gated community residential apartments that have several towers, developers may apportion the land area beneath the tower and NOT of the entire residential complex.
Hope you learned a few terminologies used in real estate. Next time you hear these terms, you know what it means. Keep checking this space for our next blog on the terms used in the cost sheet when you buy an apartment in Chennai and elsewhere.
