Many of you might not have heard of Loading Factor, Floor Space Index, or Open Space Ratio which are the crucial terms in real estate. There are many agents and real estate dealers who, while explaining you about the properties, will also come up with some terms that you might not even heard earlier. This is quite obvious because you are not into real estate at all. Real estate as many terms that are related to different stages of buildings and processes involved. OSR, FSI, and loading factor are some of the important terms on which you are usually charged while purchasing a property. Even if the base cost is something different but the end result will cost you while including the above-mentioned terms.
All About Loading Factor, OSR and FSI:
• Loading Factor:
It is the area of the property which includes the share of the common area of the flat. It is determined by multiplying it with the carpet area. Generally, builders include the space that you get around the elevators and stare case. Thus, such factor is a combination of carpet area that also gives the super built area of the flat.
• Construction Stages:
There are different parts included in the construction stages such as Finishing Work, Masonry Work, Sub Structure Work, Ground Work, Mobilization, Super Structure Work, Services Work, and last is the Completion. These terms will be relevant to you only if the property is under construction.
• FSI (Floor Space Index):
This is another term which is also known as Floor Area Ratio (FAR). To calculate this area, the ratio of built up area with the total plot area is calculated. It is the duty of the municipal corporation to establish the FSI so that size of the building and the amount of the construction is well regulation.
• OSR (Open Space Ratio):
This type of term is used is more used for the residential areas development. When the total amount of the open space is divided with the total area of the land parcel, what you get is the open space ratio. The areas that are included in this sector are the private lots such as recreation areas and parking lots.
Understanding these terms in real estate is mandatory while purchasing a property so that the agent or dealer shall not levy unnecessary charges. You will be quoted the right amount for the property in which you will be investing. Such terms must be familiar to you so that while investing in property, you will have a clear idea about every terms and stage involved in construction.