Carpet Area: This is the area of the apartment/building, which does not include the area covered by the walls. Built up Area: The carpet area plus the area of the walls. Super Built up Area: This includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc.

Some points which one must pay attention to prior to land deal -

• House plot should not be under any acquisition proceedings of any government bodies .
• Verify from the planning authorities whether the land was designated for residential use.
• The survey number of land is critical.
• Certificate obtained from registrar’s office should confirm that there is no encumbrance on the property.
• The title deed of the land should be clear and an advocate should be consulted for this.
• Verify the rates after contacting some property consultants and some people who have purchased their plots recently. You should also refer guidelines and the market rates published in the government manual of your city/town.
• Stamp duty at the time of registration is mandatory.

Whatever the type of contract, one needs to pay close attention to the following aspects –

• Type of materials
• Quality of work
• Advance payment, if any
• Progress & time schedule
• Future measurement & payment conditions

To give an idea, depending on the finishes you choose, the construction cost should be as follows –

Type of finish in the construction Cost (in rupees) per sq.ft of construction

Top Class Finish
750 – 1000

Medium Class Finish
480 – 700

Simple Class Finish
350 – 550

60:30:10

Once you take house loans, you will repay your amount in monthly installments depending upon the loan amount, total duration and interest rate. This means you have to pay certain amount per lakh rupees during the entire period. This is called Equated Monthly Installments (EMI). The longer is the repayment period smaller will be the EMI. Generally, EMI doesn’t exceed the 50% of household income.