These twenty real estate terminologies help you become more aware of the market and can make you handle anxious circumstances smoothly. The reason for bringing up the following vocabulary is to make people learn more about what they are going after. So, without wasting any time, let’s dive into the topic.
|S. No.||Name||Definition and Purpose|
|1||Sale Deed||It’s a document that verifies the transference of the property between buyer and seller. In addition to this, in a signed document, one can find the type of property, payment method(s) for the transaction, the price of the property, and the history of the land.|
|2||Theka (Lease)||“Leasing is a process in which a person who owns a property permits the lessee to use it. Here, we use two terms: a Lessor and a Lessee. A lessee is a person who demands real estate for their use. And the person from which one demands real estate is called Lessor.” – Excerpt taken from RAAS blog.|
|3||Gardawari||Gardawari represents the official document used for leasing the property between a buyer and a seller. Due to this, the document shows the consensual proof that both parties agreed with the transaction.|
|4||Gardori||A legal person or entity is there to verify land papers. Sometimes, these people are also called “Qanoon-Go” – lawmakers.|
|5||Jamabandi||A government-regulated periodical process caters to the update and verification of property files and papers.|
|6||Marla||A unit-conversion ‘marla’ – created in the times of the British Raj – translates to 272 square feet.|
|7||Partal||Ever heard of the Urdu phrasing (جانچ پرتال کرنا)? That’s the same “partal.” It refers to the process of verifying and updating property records.|
|8||Sarsahi||It’s one of the oldest measurement units but is still used by many industry people. One sarsahi equals 30.25 square feet.|
|9||Shajra||It shows the extensive demographical map of any area. “shajra” includes all the names of subdivisions, allotment numbers, size of the regions, categorization, and whatnot. You may need “shajra” to know about your district, allowed property type, size, etc.|
|10||Fard||The only document one may see to verify the ownership of the property. When the property is transferred between the parties or at the time of property registration, “fard” is the document that dictates the actual owner of the property.|
|11||Kanal||Under British rule, two measurement units, “kanal” and “marla” – explained above, were introduced. One “kanal” equals 5445 square feet.|
|12||Intkaal||A legal process for the transference of the property between the two parties is often used when the ownership of the land or property is changed.|
|13||Qila Bandi (or Kilabandi)||A distribution process refers to the uniformly distributed rectangular land to make the provision of resources easier for the residents.|
|14||Bigha||“Bigha” or “Beegha” is another measurement unit used to calculate the dimensions of the property. It’s challenging to know the precise calculation of “bigha,” as it varies considerably in different sub-continent parts.|
|15||Patwari||A government official with the sole responsibility of record-keeping of properties and lands. Recently, in Pakistan, this word has been getting much exposure for all the right reasons.|
|16||Registry||A document that verifies the proof of ownership of the property holder. In many instances, this document is supplied by the revenue department of the particular province.|
|17||Bandobast||A cumbersome process that includes all the nitty-gritty of the settlement, area, data, shares, and whatnot of the property.|
|18||Haq-e-Shufa||“It’s a constitutional right that comes under the Muslim Law (rather than an English Law) that governs the right of people on purchased land.” Read more about the property laws in Pakistan.|
|19||Moza||A piece of land comes under the specific Gardori (see above).|
|20||Jamabandi Form||We saved the pretty complex one for the last. The “Jamabandi form” describes the complete details of the property, such as the nature of the property, information about the land, type of construction, allotment number, number of property holders, etc.|
Real Estate Terminologies: Do You Need Them?
Short answer: Yes, definitely!
Long answer: It’s always beneficial to gain local industry information and knowledge, especially when you’re thinking of making an investment. The more you are experienced enough in local understanding of things, the more efficient, comfortable, and sound decision you can make.
Real estate is one of the preferable business ideas in Pakistan. In addition to this, most citizens choose this investment as their central business idea; thus, knowing real estate terminologies helps you learn more about the core of revenue growth, local business, and general legal information.
Questions or concerns about real estate investments in Karachi? Connect with RAAS expert for smart future investments.