Know Thy Building- Essential Learning of Real Estate terms

Under construction flats in Mumbai

Want to buy a flat in an under construction building? Tried talking to a real estate agent? Must have been tough trying to understand all those terms associated with the building stages and other processes. Not an issue, as we will help de-jargonise terms such as Loading Factor, OSR and FSI for you in this post, so that you talk like a pro the next time you meet an agent.

When you go to purchase a flat, loading factor, FSI and OSR are terms used with respect to the area you will be charged for. Let us simplify each term for you :

Loading Factor :

Loading Factor is the area that includes proportionate share of the common spaces in a building, such as lobby, elevators, space around staircases, being added to the carpet area by applying a multiplier. In simple terms, Carpet area (of flat) + (Loading factor x Carpet Area) = Super built up area (of flat).

Example: A builder puts 1.35 as the loading factor i.e. 35% of space has been added to the carpet area of the flat. So if the carpet area of a flat is 500 sq ft then the super built-up area of the flat can be calculated as:

500 sq ft + (35% x 500) = 675 square feet.

         OSR(Open Space Ratio)  :

Open Space Ratio (OSR), a commonly used term is calculated by dividing the total amount of open space by the total area of the entire land parcel.

Example: There will be an OSR of 50% if 3 acres of common open space is divided by 6 acres of land parcel proposed for development.

         FSI (Floor Space Index)  : 

Floor area ratio (FAR) (also floor space ratio (FSR), floor space index (FSI), site ratio and plot ratio) is the ratio of a building’s total floor area (gross floor area) to the size of the piece of land upon which it is built.

Example: if an FSI of 1 is allotted for a plot area of 10,000 square metres then only a construction of 10,000 square metres would be allowed for the project.

Construction Stages : 

With your interest in buying a flat in under construction building, it will be helpful if you know the various real estate terms in the building construction process.

       Mobilisation :

Mobilisation is the process, involving the building of fences around the plot, transportation of construction tools and equipment to the plot, making available necessary services, building a shed for labourers etc. towards making the plot ready for construction.

      Ground Work   :

Ground Work involves the levelling the ground, benchmarking and cleaning the plot.

     Sub Structure Work :

Sub structure work comprises the construction of structures like the foundation, neck columns, grade beams, the ground floor, etc.

     Super Structure Work :

The construction of the structures that are situated above the ground like columns, slabs, beams, staircases, etc. is included in super structure work.

     Masonry Work :

Masonry work involves the plastering and levelling of the walls and ceilings. This stage facilitates the preparation of the project for service work.

      Services Work :

The various civil works like electrical, sanitary, plumbing which are provided by the builder is included under Services Work.

      Finishing Work : 

Painting of the walls and carpentry work thereby giving a final touch to the property is called finishing work.

      Completion : 

Completion stage is the last stage which involves the cleaning, inspection and handover of the property to the buyer.

We hope the clouds of confusion has moved away making you much more confident in your dealings with an agent in the future. For more such information please visit shopandhomes.com