19
Afternoon Despatch & Courier
MUMBAI | THURSDAY, OCTOBER 3, 2013
Property quandary
>> Before you buy a new house, make sure you know common real estate jargon
The next time you visit a property dealer or call a contractor to get work done, don’t have a confused expression plastered across your face as they dole out a list of complex terms. This article will ensure that you know the jargon, says Dev Goswami
PSF: Per Square Feet Let’s start off with the most confusing one: the area of the house, which not only decides whether it’s value for money, but also if it is enough for your needs. Confusion arises because you think the builder is talking about the carpet area (the actual liveable part of the house), but he is talking about the super built-up area which includes the carpet area, wall width, balcony area and the area of all the shared facilities (such as the building’s corridors, swimming pool and club house) divided by the number of occupants of the building. Built-up area includes the carpet area and wall width.
OC: OCCuPanCy CertiFiCate This is a certificate issued by the municipal corporation stating that the building has been completed as per plans and that utilities such as water and electricity have been provided and the fire department has approved the building and its fire fighting capabilities (presence of fire exits and extinguishers). Legally, you cannot move into a new home unless the OC has been granted.
FSi: FlOOr SPaCe index FSI is the proportion between the total floor area (built-up area) of the building and the gross area of the plot on which the building stands. So, an FSI of 2.0 would mean that the total floor area of the building is twice the area of the plot. This stops very tall buildings from being constructed on tiny pieces of land. In Mumbai, the FSI is usually capped at 1.33, though in some cases the government grants extra FSI.
eC: enCumbranCe CertiFiCate EC is not something that you’ll have to
deal with when buying a new house. But, if you’re buying a house secondhand or selling yours, you’ll need an Encumbrance Certificate. The certificate is a record of all the transactions that have been done on that particular house/property. Whether it’s reselling (transfer of ownership), gift, will — all records are maintained with the government and the EC will give you a full history. Apart from needing the EC while you’re buying/selling properties, banks too demand the EC if you’re taking a loan with your home as collateral.
nOC: nO ObjeCtiOn CertiFiCate Ideally, you needn’t be bothered about this. But, it is important that you do not get confused between NOC and OC. An NOC is merely a confirmation that the building’s plan are in order with the current rules and regulations and that the municipal authority has no objection to the commencement of construction. An NOC is important for the builder and not so much for you. So, if you’re buying a house, it is the OC that you should be looking for and not the NOC.
Shutterstock
I
f you’ve been house-hunting or have done so in the past, we’re pretty sure you’ve had this experience — you walk into the house, which the builder promised was 2,000 square feet, but for some reason it just doesn’t seem that big. It probably isn’t. So, did the builder lie to you? Not exactly. Confused? It’s all got to do with the difference between super built-up area and the built-up area. And those are not the only terms that can be confusing. That’s why we bring you a glossary of important realestate terms that you should know:
« STRANGE 7: BIZARRE BABY PRODUCTS There are some outrageously absurd baby products in the market these days. Priyanka Singh brings some jaw-dropping ones If necessity is the mother of all inventions, then who’s the daddy? Someone with a lot of inane time! Some inventions can prove to be saviours — think diapers and baby bottles, but some can only be categorised as plain absurd. Here comes a list of some of the most bizarre baby products.
baby HangerS
Hand SHaPed PillOwS
The way you hang your clothes? Yeah, just like that. After all, there is hardly any difference between the two, right? We aren’t against parents wearing these baby keepers to be close to the child, but using it to hang them on the door or the wall? Unacceptable.
If these creepy looking hands can freak us adults out, imagine how your baby will feel when they are around them!
baby PerFume
baby butt Fan
Are you trying to say that your baby stinks? Well, that means that you need to take the baby for a warm bath! Not spray perfume over him or her.
Plain, old air is just not enough anymore. You not only need a fan for your baby, but also a separate one for your baby’s butt.
baby wigS
Because you think that your baby is just not cute enough. No? So then, why would you trouble them with artificial hair?!
birtHing dOll
Your child wants to know how he or she came into this world? Don’t worry, because there are dolls with detachable placentas available to explain the process. We don’t know if it’ll solve your child’s query or not, but it will surely haunt him for a few days.
baby knee PadS: Overprotective parents, we’re looking at you. Who knew developing was so dangerous? Then again, would you like to crawl around on hard floors all day? Your kneecaps will get bruised, wouldn’t they? But wait... babies are born without kneecaps and have fleshy and cushioned knees designed for crawling. Got our point?