Buying a home is a huge decision, as much emotional as financial. From zeroing in on location, reputed builders, finding best fit residential properties, managing finances & loans to the actual delivery and possession, it is a long drawn and often confusing (and in some cases misinterpreted) process.
A large part is due to the real estate terminology, legal as well as technical, that can be a bit unclear to a lay person.
As with any major deal, due diligence is the foundation of success, so having a quick & ready reference for often used real estate terms can be an advantage while making the correct & hassle free home buying decision.
So here is a real estate glossary of some frequently used jargon in the housing business…
This is the value of the property that the government determines to calculate the tax on it. The more the assessed value of a property the more tax you pay and must be considered in advance while calculating the total costs.
Buying a house often involves intense negotiations, and rightfully as a large financial sum is involved. Fair market value is basically the highest price that a buyer is ready to pay and the lowest price that a seller is ready to come down up to.
While conducting due diligence (checking whether the property is free from any legal hassles) on a property, it is important to check whether the concerned authorities have issued the No Objection certificate (NOC). This certificate is issued based on the proposed plan submitted by the developer, so getting an NOC means that the plan has been passed and that construction can begin.
This is a search for the property in public records and is mainly done to assess the previous history of the property, whether there are any legal issues, discrepancies or holds on it.
A lot of builders attract customers by saying that the property is semi-custom; this means that the residences can be customized by the developer as per the buyer’s preference as long as no infrastructural changes are requested.
Apart from these some other known real estate terms include farm property (property on agricultural land), closing costs (expenses incurred by both the buyer and seller while completing a deal), encumbrance certificate (proof that the property is free of financial & legal liabilities), occupancy certificate (certificate issued by authorities on completion of work, property is ready for occupancy), blue print (a document depicting the technical drawing of the project given to the buyer to give an idea of how the completed project will look) etc.
We hope this blog will save you from the hassles of running pole to pole for understanding these complex real estate terms. Just like Amanora Park Town, helps you upgrade to a completely hassle-free living experience. Now that you are aware of all the real estate terminologies, exploring Amanora on your own should be a cakewalk!
One of the most reputed names in the world of real estate, Amanora Park Town, is a vast project set on 400 acres of green spaces, consisting of luxurious homes with digital infrastructure and home automation, providing its residents the ‘zero hassle’ experience combined with sophisticated, community living.
Strategically located in the economic hub of Hadapsar, Pune, Amanora, after a decade, is today home to 4500 + happy families residing in 12 + iconic projects. A multi awarded residential project, the Amanora Township offers a wide range of home options from apartments & duplexes to twin & independent villas along with state of the art infrastructure, fire station, school, hospital, high end shopping mall and more, all in the township premises.
Adreno Towers, Sweet Water Villas, Future Towers, Gold Towers, Gateway Towers, Neo Towers, as well as Amanora Select Edition Homes are some of their latest projects offering lavish, finely crafted residences with exclusive amenities and top notch specifications.
Amanora Park Town is just 5 mins away from Magarpatta IT hub, 30 minutes from the Pune Airport, and 45 mins from the Railway Station, making it the ideal combination of luxury, refined community living and convenience!
Explore the world of Amanora for the most hassle free home buying experience!