Consider the following scenario. You’ve gone to the tailor for a new shirt. You’re familiar with the standard terms; length, shoulder width, hemline, neckline, cut, fit, etc. When suddenly you’re faced with a slew of words and phrases you aren’t too familiar with- ‘the bias’, grain, anchoring stitch, basting… And yet somehow these terms are important enough for you to pay attention to because they evidently add value to the garment, and having a grasp on them affords you the ability to ensure the quality of the shirt you get in the end.
It’s much the same with all industries, and under the umbrella of ‘all industries’ is the Real Estate Industry.
Once upon a time, developers and builders used terminology that served to confuse the buyer more than reassure. Not anymore, because today, clarifications are a simple internet search away! Today, reputed developers in Mumbai find their clients’ knowledge of industry terms to be more of a boon, allowing for a clear and balanced sale for both parties.
So we’ve shortlisted 6 Real Estate terms you should know to make your homebuying experience as effortless and clear as possible.
‘RERA’: The Real Estate Regulation Act protects the interests of the home buyer against any malpractices of unfair builders. RERA Registered Projects are a sign of assurance that all the required documents have been submitted and validated by the RERA and the project will be developed in compliance with the RERA Guidelines.
2. ‘OC’: Occupancy Certificate is issued when the local authorities certify that the building in question is suitable for habitation and the project has been completed with provisions for civic infrastructure. It is a key document for the homebuyer, without which the building cannot be occupied. Read more!