Over the last few years, the real estate market has witnessed a lot of changes. Thus, purchasing a property is not a piece of cake now. There are legal regulations, middlemen and a lot of things involved in the construction industry. However, many local terms are there that you must know before you venture into the unknown world of the real estate industry.
The best real estate developers in Ranchi are offering many excellent construction projects that are attractive, functional and cost-effective. However, a simple understanding of this jargon will help you make a better decision. Since properties are a big-time investment, hence making an informed decision is necessary. Before going ahead with the purchase decisions, take a look at this jargon and its meanings.
Important Jargon and Their Meanings
1. RERA Act
The full form of the RERA act is The Real Estate Regulation and Development Act which has been created to regulate the construction process in the real estate industry. As per this act, things have been made more transparent in the real estate industry. The major motive of the RERA act is to develop protective regulations against any kind of grievances that customers face within the property market.
2. Floor Space Index
You will hear this term being used by the developers now and then when you purchase a flat or other property. Apart from the square feet of the flat, there are some other spaces available in the property, which takes up a lot of space. Thus, floor space index refers to the lift, corridors, shafts, and lobby area covered by the lift.
3. RERA registration number
This is a registration number issued by RERA for every project. This makes the project valid. Hence, when you go to a real estate developer, remember to check the RERA number positively before purchasing the same. The presence of the number ensures that your project is developed in compliance with all the necessary regulations.
4. Occupancy Certificate
Once the project is completed, it is necessary that the builder hands over an occupancy certificate to you. This document contains the declaration that the project has been completed as per the rules. You’ll get the certifications for proven electricity lines and water lines as well.
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