The real estate sector currently contributes nearly 7% to the Gross Domestic Product. The market further expects to show a promising growth of $1 trillion by 2030. In this industry, real estate developers use certain terms which home buyers must be aware of. Thus, it is essential to possess in-depth knowledge to negotiate a profitable property deal. But keep in mind that there is no standardized land measurement unit. Hence, the value of property differs in each state. For convenience, one can use a land area conversion calculator before borrowing a loan. It will provide a fair idea in advance about the loan quantum one can get.
The common metrics used to measure property
Among real estate developers and home buyers, the use of square feet is quite popular. According to the Real Estate Regulation Act, square feet is the standard unit which developers use to measure an apartment’s carpet area or floor.
A square foot is equivalent to 0.0990304 square meters, with sides measuring 0.3048 in meters. Simply, if a room’s dimension is 12ft*12ft, it will be 144 sq. ft in area. Countries like India, Nepal, Bangladesh, the United States, and more use this as a standard unit to measure land.
A square yard is a common land measurement unit for land surveys. In the metric system, each square side is equal to 0.91 metres.
In simple terms, a square meter is equal to each square side, measuring 1 metre. It is abbreviated as sq. mt. or m^2.
You can convert square meter to square feet or any other units in a few seconds by using an online area conversion calculator.
It is commonly used to measure large lands and plots worldwide. It is equivalent to a square’s area measuring 100 meters. With an area conversion calculator, one can convert hectares into bigha, acre, square meter, etc.
This metric system was in use during imperial rule. It is primarily a part of the US measurement unit but has changed over the years. Now, the modern acre is equal to 4,840 square yards.
Bigha is a traditional metric system used across India to measure land. However, due to a lack of standardization, the unit differs in each state. For instance, 1 bigha in West Bengal is equivalent to 14,400 square feet, while in Bihar, it is 27,220 square feet.
It is conventionally used in Northern India. 14 gunthas is equal to 1 acre. Similarly, 1 guntha is equivalent to 1,089 square feet.
How do developers measure land area?
The real estate developers divide residential plots after making provisions for schools, parks, and more. Then, they use the sketch layout to assess the size and plot number. In the case of residential property, it is usually expressed in square feet. An agricultural plot, on the other hand, is measured in hectares or acres.
Due to discrepancies in the values of each unit, it often becomes cumbersome to determine the land area. Hence, using an area conversion calculator is an absolute necessity for quick conversion.
How to use a land area calculator?
Find the correct measurement by following these steps:
1st: First, evaluate the property value
2nd: Enter the name of the location in which the property is located
3rd: Enter the property unit
4th: Select the unit into which you want to convert
One may convert 1 bigha into multiple units like square feet, meter, etc., as per the requirement.
Almost all leading financial institutions offer this online convertor, which is free to use. These land area converters also don’t entail usage restrictions. Borrowers can use this before borrowing a property loan to assess the actual value in a unit before pledging a property and staying aligned with the seller’s requirements.
This secured credit does not include user restrictions as well. However, one must meet the simple eligibility criteria to avail the same.
Additionally, few lenders also extend pre-approved offers to streamline the process further with hassle-free and minimum documentation. These offers are applicable on various financial products including loans against property, home loans, etc. You can check your pre-approved offer by submitting your name and contact number.
The presence of metric terms in the sales deed may appear difficult for any home buyer to understand. But keeping all these terms in mind will help them to understand the discrepancies in the land value. Additionally, using an online area conversion calculator will further streamline the process before you apply for a loan against property.
However, to get all kinds of measurement software, you can contact the vizcam solution. They have everything that you need.