The introduction of the RERA Act, followed by reforms in the taxation system, has helped the Indian real estate sector’s growth. According to a recent market survey, this industry is likely to become a 13% contributor to India’s GDP by 2025.
Furthermore, the RERA Act has also brought the required standardisation and transparency in this sector. Resultantly, the use land measurement of local units to measure properties have been reduced, and buyers who are struggling to convert ground into square feet can now use various online land calculators to find measurements of their property without any hassle.
When it comes to either buying or owning land, two very important factors are its type and area. These aspects come up during purchase, lease, or any other sort of financial exchange and they play a role in determining the land’s value at the time of sale. In India, there are 6 main types of land, which are Residential land, Commercial land, Agricultural land, Farmland, Real estate land, Barren land Each of these has their own value and guidelines.
To convert the measurement unit of the area from the ground to square feet, you need to multiply the number by the value of one ground.
How to use online land calculators?
These online devices are simple and easy to use and offer accurate solutions land measurement. Here is a step-by-step guide on how to use them –
Step 1: Go to the website of an online calculator and select the units of conversion
Step 2: Enter the values in their respective fields
Step 3: Click on submit to complete this process and get the result
Therefore, individuals can quickly find the desired results within seconds.
Ground to square feet – the conversion rate
The land measurement unit of ground is primarily used in the state of Tamil Nadu. Even though this unit is not a standard one, it is still in use in various parts of the state.
- 1 ground = 2400 square feet
- One Square Feet is equal to 0.0004166055604 Ground
Therefore, individuals in Tamil Nadu can quickly calculate their property size before applying for a loan against property.
The \ of the real estate sector owing to the Real Estate Regulation and Development Act of 2016, has also prompted mortgage loan providers, real estate companies and other associated parties to shift to the benchmark of square feet.
Therefore, borrowers can also convert square metres to square feet in order to stay at par with the current benchmark.
Know the process to convert sq m to sq ft
Individuals can refer to a conversion table to know the associated values with land measurement. For instance –
- 1 square meter = 10.764 square feet
Now, loan applicants can use this threshold value to convert square mt. to square ft. For example, for a property size of 70 sq. mt. one can just proceed with the following calculation – 70×10.764 = 753.48 sq. ft. Alternatively, one can use an online land calculator for this purpose.
Furthermore, the geographical diversity of India results in the usage of various land measurement units. These units are primarily used locally, and here are some notable mentions –
- Bigha: Primarily used in the eastern states of this country, it is a very popular unit of measurement. However, an issue with this unit is that there is no absolute value of one bigha, it alters from one region to another.
- Hectare: Mainly used to measure agricultural lands, this unit is used across the states. One hectare equals to 100 acres.
- Gaj: Mostly used in northern states of India, Gaj is a popular local measurement unit. One Gaj equals to 9 square feet. It is primarily used to measure small pieces of land.
Kattha, Chatak, Biswani, Killa, etc. are other popular land measurement units used across India. Nevertheless, as already mentioned above, it is vital to know the square feet value, as financial institutions use this unit to calculate the valuation of a property while extending a LAP loan.
Loan against property – an easy financing solution
This sub-type of mortgage loan allows individuals to hypothecate their property and avail funds against it. The benefits of this financial product include the following –
- The loan quantum here depends on the market valuation of a property, hence, it can rise up to crores.
- The interest levied here is comparatively low, which makes repayment more affordable.
- The loan tenor can extend up to 20 years, which reduces the EMI burden and accounts for a better borrowing experience. One can use a LAP EMI calculator to find the exact amount.
- The eligibility criteria to qualify for a loan against property are simple.
- Lastly, there is no restriction on the usage of funds, so one can meet an array of requirements.
Along with these, the availability of pre-approved offers further increases borrowers’ convenience by shortening the loan application process. It is applicable on financial products like home loans, loan against property, etc. Borrowers can check their pre-approved offer by submitting their contact details.
Land measurement can be a complicated task, owing to the number of metrics used across the country. Nonetheless, with the upgradation of the land measurement system, the liking for sq. m to sq. ft conversion has increased, so one can consider land area calculator.
The area of a piece of land can be calculated in any unit. The length and breadth of the land is measured at first and the results are multiplied. Land calculators are a useful instrument to convert a property’s measurement to meet the benchmark unit. Moreover, with its assistance, borrowers can now apply for a loan against property correctly and avoid any rejection.
