What is Carpet Area, Built-Up Area and Super Built-Up Area?

As a potential homebuyer, knowledge of the terminologies used by real estate agents is important, to avoid costly mistakes that might hamper your chances of getting a flat in Gurugram of your choice. Brokers and developers in India often use the terms like built-up area, carpet area and super built-up area, which made many of us log in to the internet to look up the definitions. As a matter of fact, some companies use the lack of knowledge of buyers to their advantage by charging higher prices. So, it is important to do some homework before you start looking to buy a house in Gurgaon. Here are the three commonly used jargons viz. the built-up area, the carpet area, and the super built-up area:

Carpet area

As the name suggests, a carpet area is a net area covered by a carpet. Technically, the carpet area is the net usable area measured wall to wall from its inner surfaces excluding the area covered by the external walls, balcony, or terrace. According to RERA (Real Estate Regulation and Development) Act guidelines, it is mandatory for developers – before selling the house – to disclose the carpet area of each apartment basis in which the sale price should be calculated.

Built-up area

The built-up area is the gross area which is the total of the carpet area, the thickness of walls, and the ducts of a flat in Gurugram. The area spanned by the terrace or balcony is also included in this. The build-up area can be 20-25 per more than the carpet area and it is also known as the plinth area. Although, it is to be noted that the percentage may vary with the builder or the project. To simply put it - Built-up area = Carpet area + Area of walls + Area of balcony & ducts.

Super built-up area

The super built-up area is the total sum of the built-up area and the space occupied by common areas like lobby, staircase, elevator, clubhouse, lift shafts, and corridor, proportionately divided among all flats. Mostly, builders charge homebuyers based on this area to cover their cost of construction. Thus, it is also known as the ‘saleable’ area.

Knowing these terminologies before purchasing an affordable property in Gurgaon or a flat in Gurugram will help you make an informed & sound decision.

Let the colours of your walls speak for you

Colours talk louder than words. In fact, interior designers and many artists believe that colours can impact your moods, emotions, and feelings dramatically. Even the colours of the walls in your flat in Gurugram can reflect your personality. Here is how colours of your flat in Gurugram can affect your mood.

How do colours affect your mood?

Have you ever noticed that dark colours look dull & need more light to brighten the room & brightly coloured flats in Gurugram instils a sense of happiness in an individual’s mind? It is the colours at play. The effect can vary depending on a lot of factors, including your ethnic background, age, gender, and even climatic conditions. At the same time, different colours can incite different reactions in every individual’s mind. The difference in the reaction can also depend on the variations of tones or shades used. As such, it becomes important to choose colours wisely when it comes to painting your walls.

Now, you must be wondering how to select the best colour for your walls? The best way to go about it is to know colour psychology & how each colour impacts our mood on a broad level and then take your call.

What does each colour represent?

Picking the right colour for your affordable home, Gurugram, is a blend of science and art. That is why you have to understand what each colour emanates before applying it. Here’s what various colours represent:

Blue

Blue is known to have a gentle & calming effect on an individual’s brain. This colour can make you feel at peace and relaxed. That is why this colour is best suited for lounges and bedrooms.

White

White is analogous to the minimalist, sophisticated, classic look. You can make your home look more spacious by painting your walls white. The best idea is to paint your ceilings white to make your rooms look higher.

Green

Green is viewed as the colour of relaxation and rejuvenation. It helps to reduce stress levels and also exemplifies prosperity. It is an ideal colour for your bedroom, living room, and your office as well.

Yellow

Yellow is a beautiful and bright colour that signifies spiritedness. It induces energy in any corner of your home helps and brightens up your mood. This colour is great for painting your bathrooms and kitchen in a lovely way.

Red

Red is often associated with passion & romance. But this colour is also associated with anger and rage. Red has an aggressive appeal & considered the best colour for socialising. You can choose to get your social rooms painted in this colour for a lively and warm feeling.

Purple

Purple is a beautiful colour that is mostly related to royalty and luxury. Deep tints of purple can also indicate romance. If you like this colour, you can choose to paint your bedroom walls with lighter shades of purple, which is known to have a calming effect on the senses.

Now that you know all about colours, you can choose which colour you want to paint your affordable home, Gurugram with. While it is good to go with your gut, it is also important to keep the colour psychology – which colour represents what – in mind.

Signature Global Park in tune with Deen Dyal Jan Awas Yojana

In tune with the Prime Minister flagship project, ‘Housing for All by 2022’ Haryana Government has announced Deen Dayal Jan Awas Yojna. The front runner of NCR’s affordable housing segment, Signature Global is proud to be associated with this policy- Deen Dayal Jan Awas Yojana. It aims to encourage the development of high density plotted colonies in Low and Medium Potential towns of Haryana.

To contribute to the Prime Minister’s mission ‘Housing for all-2022’ the government aims to build 2 lakh affordable houses. Along with, to encourage the initiative and for development of such colonies, the rates of the license fee and external development charges have been substantially reduced, while the conversion (CLU) charges and infrastructure development charges have been waived off. Under the scheme, premium floors project Signature Global Park in South of Gurugram has connected with this policy where we have sold out 300 units out of the total number of units 576 which does not include any ready to move-in homes.

Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, Assocham - National Council on Real estate, Housing & Urban Development said, “We are proud to be associated with such a noble policy from our government where builders can go ahead without any loopholes while developing affordable houses. It would turn out to be beneficial as this project includes all the basic and modern amenities which make it an automatic choice for the buyers of this segment.”

Buying a home is one of the important and pivotal decisions we take in our lives. When we start looking for a house of our choice, we always consider the obvious costs. However, most of the times we tend to overlook or are unaware of certain costs that might become a hurdle in the path of buying a new home. These additional costs might hike the overall price for one leading to spending more than the planned budget. So, it is essential to know them before you sign the dotted line.

So, let’s take a look at some of these costs to prepare you better which are as follows:

Registration + Stamp Duty

Registration charges are the fees you pay to the state government to get a residential property in Gurgaon registered in your name. It will be a significant percentage of your allocated budget. Generally, the charges range from 5-7% of the value of your residential apartment in Gurgaon but each state has different stamp duty charges. Additionally, you will have to pay registration fees of around 1-2% of your property value.

Service Tax + VAT/GST

When you buy a new residential apartment in Gurgaon, these are additional charges that are incurred by you. You have to pay VAT/GST while buying an under-construction property. So, VAT/GST will be applicable, when a residential property in Gurgaon is sold from the seller to the buyer. Generally, it is 1-5.5% of the property value. Central Government also levies Service tax and the tax is applicable for under-construction properties, which is about 8-10% of the total property value.

Maintenance Deposit

In the upcoming societies and townships, Maintenance Deposit Advance is generally charged by the builders. However, in other societies, it is charged as a deposit by society members. The maintenance deposit is commonly used for the maintenance of the amenities in the project like gardens, clubhouse, and basic infrastructure facilities such as water supply, lighting, etc.

Parking Charges

Parking space charge is generally excluded in the original cost of the residential apartment in Gurgaon, and therefore in some societies, the parking space needs to be bought separately. However, the parking space cost depends on the size, its setup – if it is covered or open, and the location of the property. If you wish to let go of the parking space, the seller gets the right to sell it to another member of the society.

Make sure you are aware of all costs before you make a purchase to ensure that you are not taken by surprise later.

5 factors influencing your real estate properties in Gurugram

A real estate property can yield huge capital gains given a perfect set of conditions. Generally, people buying properties are more focused on specific features of residential properties, such as structure, exterior and interior designs rather than paying attention to the factors that impact the value of the property.

Before browsing a new residential project in Gurugram for an affordable price of real estate property, it important to know about the real estate. The value of every unused piece of land will not necessarily go up with time. The market value of certain areas might remain unchanged or even go down with time. It is good to know the factors that can enable you to make the right decision and avoid fruitless investments.

Here are some drivers of the real estate property value:

Location: While buying a new residential project in Gurugram, it’s important to check whether the targeted property you’re planning to buy is located in a developed, developing, or at a location that is going to develop or transform in future. Also, you would have to see if your property is located in a peaceful location or on a highway. If your property is located close to any expressway, you can turn it to your advantage and market value is decided accordingly. Closeness to medical facilities, shops, work locations, and schools should be the other determining factors for families while buying a property. A broad array of good transport facilities and local amenities in the vicinity would certainly enhance the price of your potential property.

Floor: You may get more or less value, depending on the area of your new residential property in Gurugram. Flats on higher floors always cost more when compared to the ones on the lower floor. If your flat is built on a higher floor, you can always capitalize on factors such as sunlight, view, and fresh air.

Geographical stability: It is interdependent on locations. Locations that are susceptible to the effects of natural calamities, such as flooding, earthquakes, tsunamis, and volcanic activities are not considered good decisions when buying real estate property as your family’s safety comes first than any other factor.

Age and condition: The value of a property might not necessarily go up with time. However, the state in which your property is could make a huge difference to the value of the property. The property in excellent condition can get a good valuation on par with a new build of equivalent specifications. 

Security: People always prefer secured places while buying homes as security is the fundamental need. That’s why locations that are safe are more valuable. Also, apartments with facilities like security guards, CCTV cameras, gated societies add to the value of your property.

Apart from the above, the implementation of an affordable housing scheme in Gurgaon can too pave the way for a potential hike in price.

Gurugram’s emergence as housing hotspot

In recent times, Gurugram has become a leading financial and industrial hub with the third-highest per capita income in India. When compared to other cities like Delhi, Mumbai and Hyderabad, Gurugram is relatively young and has most of the retail sector and residential apartments in the modern format with a striking 78 per cent being concentrated in malls and corporate houses. The Millennium City also leads when it comes to annual income with people earning more than 300,000 per year, followed by Central Delhi, South Delhi and Noida.

Best Affordable Housing project in Gurgaon

Gurugram’s vast middle-income-group market is the key attractive force for global retail giants and real estate developers wanting to enter into newer markets, which in turn will help Gurugram to grow faster. With the help of fast connectivity through better roads, Dwarka Expressway and improvement in public utility infrastructure and self-sustained townships, the residential apartments in Gurugram have got an immense boost. Gurugram has a good mix of residential projects and commercial units to offer immense opportunities for people because of its location in retail as well as residential sector.

The future of the housing in Gurugram looks promising, considering advanced technologies aiding operations, the growth of the market, and favorable government policies. The key to the growth of the housing in Gurugram seems to be nuclear families, large young workforce, rise in working women population and emerging opportunities. Not only that, but Gurugram also has one of the fastest-growing retail markets in the National Capital Region. Major metropolitan cities like Mumbai, Delhi and Bengaluru have seen investment of as many as 70 global and domestic brands previous year. Markets in NCR will continue to be the preferred points of entry for global retailers as NCR has the presence of the right target audience as well as suitable real estate opportunities. 

Space-hungry hypermarkets and the need for housing in Gurugram will continue to expand and locate on newer residential developments. Product categories like food and beverages and fine dining, in particular, will continue to grow as the demand for residential apartments are continuously increasing.

Upcoming construction projects coupled with existing physical and social infrastructure are likely to be the driving force behind growth of housing sector in Gurugram. Hence, Gurugram is the rising sun for the housing sector in the coming time.

How to get a home loan faster?

Home loan applications and experiences differ from person to person; for some people, the process is extremely smooth and not so smooth for the rest. But there are some factors that bring around these different encounters. You need to keep in mind the fact that your eligibility for a home loan also can be enhanced with certain pre-meditated criteria. There are well-defined and logical criteria on the basis which your eligibility is decided and a loan is sanctioned. Hence, the actual test is getting your home loan application ready and sanctioning of the loan.

Here are a few suggestions to improve on your eligibility:

Your credit score

A credit score represents your debt-paying capacity on the basis of your historical dealings. It’s a 3-digit score calculated for the consumption of further lenders by agencies like CIBIL, who process all your past credits like how regularly were you paying them back or if you ever faltered, how many loans were accumulated. Things from as small as any business/home loans to your credit card monthly payment in the past are all taken into consideration while working this score out. By popular set standards, a score of 750 or above is said to be favorable while evaluating your application for a home loan. It also depends on each bank/NBFC as they might have their own criterion and there is no one standard rule to access your home loan application. What is usually advised, is to maintain a healthy debt to income ratio and also to pay your debts on time.

Buying a resale residential apartment?

For instance, if you are planning to buy a resale residential apartment for 60 Lakhs and you’re applying to get a 45 Lakhs loan, there is a good chance the bank might reject your application. This is because the bank might conclude that the residential apartment is worth only 50 Lakh after all. This might never be the case with a new flat being bought directly from the builder. Banks might have some reasonable offers for resale residential property, but there are chances that offer comes with higher down payments or granting shorter loan tenures. Additionally, the documentation might not come in very easily from the current owner.

The pre-owned residential property seems to be a bit too much trouble for buying a house and might have issues that you shall only discover as you move forward. Hence, to make your loan process simpler, it is always advisable to buy a new house.

Did you consider co-applicants?

To increase your loan eligibility, having co-applicants is always preferred because a new income is then added to the application which then increases your capacity of repayment. Additionally, this helps because when you are past your 40s/50s, you start planning your retirement and the tenure is shortening. The co-applicant can be your spouse or your earning children. Co-applying for a house with your wife increases your eligibility, you might also get some added advantages like lower interest rates and stamp duties.