Do you find yourself constantly googling terms when you’re talking with a real estate agent? Don’t worry, you’re one of many! While doing business that involves an under-construction building, it pays to know the real estate terms associated with the building stages and other processes. Loading Factor, FSI and OSR are terms used with respect to the area you will be charged for. The base cost may say something but the end result could cost you a lot more – the base cost may be in your budget but when costs like the common areas, maintenance charges, etc. are factored in, the total cost shoots up.

In this post, we demystify construction jargon such as Loading Factor, OSR and FSI for you, so that you are not taken for a ride.

Loading Factor

Loading Factor can be defined as the area which includes the proportionate share of the common area for a flat which is determined by applying a multiplier to the carpet area. In general, builders include space around staircases and elevators as common areas while calculating the loading factor. Thus, the loading factor, when combined with the carpet area, gives the super built-up area of a flat.

For example, if a builder puts 1.25 as the loading factor, then it means 25% of space has been added to the carpet area of the flat. If the carpet area of a flat is 500 square feet then the super built-up area of the flat can be calculated as:

500 square feet + 500 x 25% = 625 square feet.

OSR (Open Space Ratio)

Open Space Ratio (OSR) is a terminology commonly used in the development of residential spaces. OSR is calculated by dividing the total amount of open space (which is commonly owned on the residential land parcel which is proposed for development) by the total area of the entire land parcel (which is proposed for development). Areas on private lots that are buildable and any commonly-owned open space that is less than 320 contiguous square feet are not counted as open spaces. Although, areas like parking lots and recreation areas are included in open spaces.

For example, if there are 4 acres of common open space and 8 acres of the land parcel proposed for development, then the open space ratio is 50%.

FSI (Floor Space Index)

FSI, meaning Floor Space Index, also known as Floor Area Ratio (FAR), is the ratio of total built-up area to the total area of the plot. The municipal council of a particular area is responsible for establishing the FSI limit in a certain range in order to regulate the amount of construction and the size of the buildings in that area. Since FSI is a measure that combines the height and footprint of a building, regulating it ensures flexibility in the design of the building.

For example, if for a particular plot area of 10,000 square meters, an FSI of 1 is allotted, then the construction of 10,000 square meters would be allowed for the project.

Construction Stages

You may choose to stay away from assuming that the various construction stages don’t concern you, but if your business involves an under-construction flat, these stages will definitely help you.

Knowing the real estate terms of all the stages in the building construction process and their significance will save you much trouble:

1) Mobilization
Mobilization is the process of making the plot ready for construction. The process generally involves building a fence around the plot, making necessary services available, transport of construction tools and equipment to the plot and building a shed for the laborers.

2) GroundWork
The process of leveling the ground of the plot, benchmarking and cleaning the plot comes under the phase of groundwork.

3) Sub Structure Work
Sub structure work involves the construction of structures like the foundation, neck columns, grade beams, the ground floor, etc.

4) Super Structure Work
Super structure work involves the construction of the structures that are situated above the ground like columns, slabs, beams, staircases, etc.

5) Masonry Work
Masonry work is a phase in which everything comes into shape and gets a face. It involves plasterwork and leveling of the walls and ceilings. This stage is what prepares the project for the services work.

6) Services Work
Services work includes electrical work, sanitary work, plumbing work, etc. It involves fixing lights and fans, bathroom fittings, toilet equipment and anything else that would be provided by the builder.

7) Finishing Work
At this stage, it is time to give the final touch to the property. It involves painting and any kind of carpentry work like doors, door frames and, in some cases, false wooden ceilings.

8) Completion
The completion stage of the building construction process involves cleaning the built property, final inspection, and handover of the property to the buyer.

We hope these terms solve all the confusion you had regarding realtor jargon when it comes to starting construction. If you have more questions, ask us!

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Let’s admit it – the terms and jargon thrown at us by Agents and Realtors have us staring at them cluelessly most of the time. While buying a house, terms such as carpet area, built-up area, and the super built-up area mostly evade our realm of understanding, or at least cause some confusion. In every residential complex, there are these three ways of calculating the area, or the square footage. They may not all sound very different, but there is, in fact, a BIG difference between carpet area and built-up area!

Not knowing what each actually means is what could give Developers a chance to take you for a ride. However, it is not rocket science. Just a little reading and you will be pretty thorough with the terms. Here are some of the basics of Real Estate you should know.

Carpet Area

Carpet area is the area that can actually be covered by a carpet or the area of the apartment excluding the thickness of the inner walls. Carpet area does not include the space covered by common areas such as a lobby, lift, stairs, play area, etc. Carpet area is the actual area you get for use in a housing unit. So when you are in search of a house, look at the carpet area and then make your decision, because that is the number that will give you an idea of the actual space at your disposal. Focusing on the carpet area will help you understand the usable area in the kitchen, bedroom, living room, etc. Nowadays, many builders don’t even mention the carpet area at first, and usually, charge on the basis of a built-up area or super built-up area. Carpet area is usually around 70% of the built-up area.

Built-Up Area

The built-up area is the area that comes after adding the carpet area and wall area. Now, the wall area does not mean the surface area, but the thickness of the inner walls of a unit. The area constituting the walls is around 20% of the built-up area and totally changes the perspective. The built-up area also consists of other areas mandated by the authorities, such as a dry balcony, flower beds, etc., that add up to 10% of the built-up area. So when you think about it, the usable area is only 70% of the built-up area. So, if the built-up area says 1200 square feet, it means around 30% (360 square feet) is not really usable, and the actual area you will get to use is only the remaining 840 square feet.

Super Built-Up Area

Super Built-up area is a builder’s BFF! It is the area calculated by adding the built-up area and common area that includes the corridor, lift lobby, lift, etc. In some cases, builders even include amenities such as a pool, garden, and clubhouse in the common area. A Developer/Builder charges you on the basis of the super built-up area which is why it is also known as ‘saleable’ area.

Now let us consider this case – the rate is Rs. 2,000 per square foot and the super built-up area is 1,200 square feet, then the base cost will come up to 24 Lakhs.

When there is more than one apartment on the floor, the super built-up area is calculated in a different manner. Let us assume this is the case.

• The area of Apartment 1 is 1000 square feet
• The area of Apartment 2 is 2000 square feet
• The total common area is 1500 square feet, out of which the share of Apartment 1’s common area is 500 sq. ft. while the share of Apartment 2’s common area is 1,000 sq. ft.

Then the super built-up area of Apartment 1 is 1,500 square feet and of Apartment 2 is 3,000 Square feet. The super built-up area, as seen in this example, is divided in the ratio of the apartments’ built-up areas (in this case 1:2).

We hope this clears up the confusion that always seems to permeate floor areas and how prices are calculated, making it easier for you to make decisions. Got more questions? Ask us below!

Source : https://housing.com/news/real-estate-basics-part-1-carpet-area-built-up-area-super-built-up-area/?src=popularposts