Real Estate Terms [8]

May 21, 2011     Posted under: Investment

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Built-To-Suit: A property custom-built to suit the specifications of the long-term lessee

Building Completion Date: The date provided by a landlord by which a building is made operational in all aspects including all on-site and off-site works (described in details in the agreement), obtaining the necessary approvals including occupation certificate for the demised premises to be occupied

Building Life Cycle: A concept composed of four stages forming a continuous loop: design/refurbishment, construction, management and review

Building permit: Permission granted by a bona fide authority to a builder granting permission to construct a proposed building

Built-ins: Utilitarian items like cupboards, bathroom fittings, ovens that are build into the building so as to make them immovable

Built-Up Area: Includes the carpet area and the space covered by the thickness of the inner and outer walls of the shell. An area of urban development, also referred to as a developed area

Business Park: An integrated development whereby businesses are provided with common infrastructure, facilities and services. This results in lower costs and greater competitiveness.

NitiN Kumar Jain

Nitin works in an IT MNC professionally but blogs and owns NKJ Live. He is also the co-owner of a professional start-up ARGHAM BYTES

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