Super built-up area
Super built-up area refers to the built up area along with a proportionate share of the common areas (such as the space occupied by the elevator shaft, lobby, stairs, etc.)
Dictionary of real estate terms
Teaser loan
Teaser loans refer to a mortgage scheme, in which the initial rate of interest (for the first few years) is fixed and is usually lower than prevailing rates. After the initial few years, the borrower’s EMIs are converted to a floating rate of interest.
Transfer charges
Transfer charges refer to the fee that is levied by cooperative housing societies, according to its byelaws, to transfer the shares of a member in the society to a buyer.
Tripartite agreement
A tripartite agreement is the key legal document involving the buyer, bank and seller. These agreements serve to assist buyers, with acquiring finance from banks against the planned purchase of a home from a developer.
Undivided share (UDS)
A home buyer who purchases an apartment or flat is essentially buying two things – the constructed part of the building where s/he will reside and the proportionate share of land, where the building is constructed. This proportionate share of the land allotted to the flat buyer is known as the undivided share (UDS) of land.
Valuation
Valuation is the process of ascertaining the estimated value of a property and is performed by a qualified valuer. The valuation of a property is important for determining the potential sale price, the stamp duty applicable on sale of the property and taxes.
Warm shell
A warm shell property is one, where the units have the necessary basic requirements to support the occupants, when they move in.
Written-down value
The written-down value (also called book value or net book value) of a property, is its value after accounting for depreciation or amortisation. The written-down value represents the property’s present worth and is equal to the property’s original value minus the accumulated depreciation or amortisation.
Yard
A yard is a unit of linear measurement and is equal to three ft (or 0.9144 metres). Consequently a square yard is equal to nine sq ft or 0.836127 sq metres.
Yield
It is the return on an investment, calculated as a percentage of the total investment. For example, rental yield is calculated on the basis of the annual rent of a particular property, as a percentage of the total investment that was put in to it.
Zone
A zone is a defined area of land, which is allocated for a specific purpose, use, or is subject to certain restrictions. For example, development plans define certain areas of land for a particular use (land designated for commercial development, or land for residential development).
