Given the rising trend among young couples buying real estate properties in Kolkata, as most of them are first-time home buyers, there is a need to enhance knowledge on related matters. Some legal terms create confusion thus, making it essential to know their definition.
Possession Letter:-
The significance of possession letter is very high as it is required when you would apply for home loan in particularly when you are buying a resold apartment. Builders of flats issue this possession letter in favour of the owner. However, please keep it in mind that the legal rights of ownership and utilisation of amenities are only granted after the possession of Occupancy Certificate.
Conditional Possession:-
Now you would never have the need to accept a conditional possession letter if you have booked an apartment with a reputed real estate company in Kolkata. You would directly hold the Possession Letter and Occupational Certificate from them. However, one should have the knowledge so that if needs are, he/she could approach the builder and demand the letter of Conditional Possession.
Conditional Possession letter safeguards the rights of owners. Suppose if you are not satisfied with the construction, you could accept a Conditional Possession letter and write on the builder’s copy that you are not satisfied with certain matters and that the builder should solve the issues as soon as possible. This letter could serve as a weapon on whose basis you could approach the court (if the issues are not solved within an agreed time frame).
Occupancy Certificate:-
Another name for Occupancy Certificate is the Completion Certificate. It is the proof that certain housing projects in Kolkata have been developed following the approved plan. Eminent builders of Kolkata offer them at the time of moving into the apartments. As a buyer, you should be completely aware of this feature.
After the completion of the building on the lines of the approved plan, builders apply for the occupancy certificate from the local authorities of town planning. During this phase, the development of residential projects should have been completed. One must show the Occupancy Certificate during the application of utility connections.
Along with having ideas clear on legal certificates, one should know the definitions of some common terms as they might turn quite confusing.
Carpet Area:-
The total area of an apartment excluding the area of inner walls comprises the carpet area of an apartment. It also includes the areas of balcony and terrace which is normally considered to be half of the actual area.
Built-Up Area:-
Built-up area is made up of the carpet area and balcony area still the inside walls along with taking into consideration the outer wall thickness.
Super Built-Up Area:-
Super built-up area includes everything into consideration like the built-up area along with stairs, lobby, corridors etc.
An eminent real estate company having long years of experience like ‘Realtech Nirman Pvt. Ltd.’ assists buyers to carry forward their dreams and realise them actually. Knowing the importance that your apartment holds in your life, we perform as consultants as and when you need it. For any related information, you could approach us within the business hours.
