Property-Related Questions

Buyers have many property-related questions when they are looking to buy a home. These are with regard to the property type, area, terms, prices, and legalities. Here are some questions you might have when buying a home in a project like Prestige Park Grove:

What is the Floor Rise Charge?

The floor rise charge is an extra expense for homes that are on higher levels of a structure. The calculation of the floor rise charges is based on the cost of construction and the project area. The interest incurred during construction is also considered. The exact amount is based on a number of factors and the amenities in the project.

Homes that are on higher levels are more appealing to buyers. When thinking about buying a house, it is important to have an idea of the floor rise charges. The price of the homes is greatly impacted by this additional expense.

Buyers have to decide whether the corresponding price rise is appropriate based on their own tastes and needs. Before making a choice, it is recommended to speak with experts. They will help you fully understand the effect of the floor rise charges.

What is a Corpus Fund?

A corpus fund is a sum that is collected from buyers for the maintenance of the amenities in a project. It is a fund that is collected by the builder. The sum is not included in the total price of the property. The fund and the interest generated from it are used for the upkeep of the property.

The fund is routinely set up by builders of residential complexes. It is used for large repairs and maintenance of the projects. Any expenses that may come up in the future can also be paid for. It is a safety net that makes sure that money is always available.

Every buyer pays a share of a predetermined amount at the time of the sale of a property. If the project is under construction, the builder hands over the completed property within two years. Therefore, the fund takes care of the expenses over a long period of time.

The fund must be set up for real estate projects to be sound financially. It makes it possible to schedule on-time upkeep of the property. It also helps protect owners of the homes from unexpected financial strain.

What is UDS?

The undivided share (UDS) is associated with housing societies. It is the part of the land that is held by the buyer of an apartment on the plot. All owners of homes in the project have a share in the land. There are, however, no defined boundaries for these.

The UDS is important since it outlines each homeowner's rights, liabilities, and duties. These are in regard to common areas. It determines who has the right to use the amenities and other common areas in the project.

The cost of the land and of the building make up the price of an apartment. The price of the undivided portion of the structure is the cost of the land. If the building is redeveloped, the owners receive compensation based on the UDS.

There is a formula for the calculation of UDS. Divide the super built-up area of an apartment by the total super built-up area of all apartments. Then multiply the value obtained by the total area of land. It is an indicator of the proportion of ownership. It does not grant possession of any part of the land.

Knowing the answers to these property-related questions is helpful when buying homes in an elite project like Prestige Park Grove. The enclave has many homes that are perfect for modern buyers. Understanding these terms will help you buy one of these homes without any doubts.

What is the Difference between Pre-EMI and EMI?

The different options for home loan repayment are:

• Pre-EMI: These monthly payments are on the interest part of a home loan. There is no payment towards the principal amount. It ends on the completion of the construction. The pre-EMI is not part of the tenure of the loan. The option is ideal if the plan is to sell the property upon completion.
• EMI: These are EMIs that are paid every month for both the principal and interest amounts of the home loan. In case the buyer has chosen pre-EMIs, then EMI payments begin on completion of construction.

What are No Common Wall Apartments?

One of the commonly asked real estate interview questions for freshers is what are no common wall apartments? Builders are now building homes that do not have common walls to meet the need for privacy of buyers. These apartments do not share any walls. These are the positive features of the homes:

• The homes are extremely quiet and peaceful. No sounds can come in from neighboring homes and disturb the peace.
• The homes are exclusive, and they have a lot of privacy.
• These apartments are spacious and have ample space for every resident.
• Having no homes close by means that these apartments are filled with light and air.
• Apartments with no common walls mean that floors have a fewer number of homes.
• Residents do not feel overcrowded even though they are living in buildings.