Real Estate Basics – In this article, we’ll be explaining about construction jargon such as OSR, FSI, Loading & Construction Stages for you, so that you are not taken for a ride by real estate agent.
While doing things that involves an under-construction site, it pays to understand the real estate basics associated with the building stages and other operations. Loading Factor, FSI and OSR are terms used in consideration to the area you will be charged for. The base cost may say something and the end result may cost you a lot more – the base price may be in your budget but when costs such as the common areas, maintenance charges, etc. are taken into account, the total cost booms.

Want to read up about Carpet Area, Built-Up Area and Super Built-Up Area? Know what exactly Developers mean when they use these terms.

Real estate basics

 

Loading Factor – Real Estate Basics

Loading Factor can be defined as the area which takes into account the proportionate share of the common area for a flat which is generated by applying a multiplier to the carpet area. Usually, builders include space around staircases and elevators as common areas while computing the loading factor. Thus, loading factor, when summed up with the carpet area, gives the super built-up area of the home.

For example, if a constructor 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 1,000 square feet then the super built-up area of the flat can be calculated as:

1,000 square feet + 1,000 x 25% = 1,250 square feet.

 

What is OSR (Open Space Ratio) ? – Real Estate Basics

Open Space Ratio (OSR) is the term usually used in the contruction of residential spaces. OSR is ratio of total open space (which is owned on the residential land parcel proposed for development) to the total area of the entire land parcel (proposed for development). Areas and spaces on private lots which can be built (buildable) and any common open space less than 320 contiguous Sq.Ft. are not considered as open spaces. However, areas like parking lots and recreation areas are considered in open spaces.

For example, if there are 5 acres of common open space and 10 acres of land parcel proposed for construction, then the open space ratio is 50%.

What is OSR

 

FSI (Floor Space Index) – Real Estate Basics

FSI (Floor Space Index) also known as Floor Area Ratio (FAR), is derived by dividing total built-up area to the total area of the plot. The municipal body of that area is responsible for deciding the FSI limit in order to take care of the amount and size of construction in that space. Since FSI is the value that combines the height and footprint of a building, regulating it gives flexibleness in the design of the building.

Lets say, if for a plot area of 1,00,000 Sq.mt , an FSI of 1 is allotted, then the construction of 1,00,000 Sq.mt would be allowed for the project.

What is FSI

 

Construction Stages – Real Estate Basics

You may prefer to stay away presuming that the various construction stages don’t worry you, but if your work involves an under-construction flat, these stages will by all odds help you.

Construction stages

 

Here are the real estate construction stages:

1) Mobilisation
Mobilisation means making the plot ready for construction. The procedure generally involves building a fence around the plot, making necessary help available, transport of construction tools and equipment to the plot and making a shed for the workers.

2) Ground Work
The task of levelling the ground of the plot, benchmarking and cleaning the plot comes under the stage of ground work.

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

4) Super Structure Work
Super structure tasks includes the making of the structures that are located above the ground level like columns, slabs, beams, staircases, etc.

5) Masonry Work
Here everything comes to a stage where it gets shape and look. It involves plaster work and levelling of the walls and ceilings (Roofs). This stage is what gears up the project for the services work.

6) Services Work
Services work involves electric work, sanitary work, plumbing work, etc. It involves fixing lights and fans, electric cable and switch boards, bathroom fittings, toilet equipment’s and anything that a builder would provide.

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

8) Completion
Completion phase of the building construction process includes cleaning of the built property, final inspection and handover of the property to the buyer.

We hope you enjoyed reading this.