Estimating the measurement of a property is mandatory before one goes for selling/ purchasing or pledging it as collateral to a lender to derive a substantial loan amount. As per Real Estate (Regulation and Development) Act, 2016, square feet are considered the standard unit for property measurement, mandating promoters and developers to measure their property in this unit.
Hence, an individual looking to purchase a property or invest in it must perform land area calculation using area conversion calculator to bring uniformity and adhere to the mandated measurement unit.
Know the process of making square meter to square feet conversion
Firstly remember one square meter is equivalent to 10.763914692 square feet. Hence, the formula used to convert 1 square meters to square feet is:
- ft2 = m2 X 10.763914692
To convert square meters to square feet, multiply the figure in square meters by 10.764 or divide the area in square meters with 0.09290304.
For instance, if an individual wants to convert 6 square meters to square feet, multiple 6 with 10.764 to get the result in square feet, that is:
- 6 X 10.764 = 64,584 square feet
Inversely, for making square feet to square meter conversion, divide the figure in square feet by 10.764. For instance, 6 square feet = 6/ 10.764, which results in 0.557 square meters, or else multiple the figure in square feet with 0.0929. One square foot is equal to 0.09290304 square meters.
Know about a square meter
A square meter, abbreviated as m2 or sq.mt., is a unit of area measurement used to estimate two-dimensional areas like floor or field. It is the area of a square with sides measuring one meter each. The square meter is the SI unit of area. It is generally used to compute dimensions within a room or exterior part of the land.
A square meter is used to estimate area and is avoided while measuring the length and width of a property in one direction; this is one of the reasons why sq. meter to sq. feet conversion is performed, and square feet are considered a standardised mode of area estimation.
Know about square feet
Square feet are imperial and US customary units of measurements referring to the square area, with each side measuring 1ft in length. It is mainly used in the United Kingdom, Bangladesh, Canada, India and many other countries.
In real estate estimation, square feet is used to measure the following dimension of an apartment, house or flat:
- Carpet area
- Built-up area
- Super built-up area
Square feet are the accepted unit of area measurement in the Indian real estate sector. Hence, individuals availing of a loan against property must provide the calculation of the pledged property in the mandated unit of measurement.
Having a clear idea regarding property measurements will help borrowers derive a considerable loan amount from lenders at a competitive interest rate, helping one fund an array of personal and business expenses without bequeathing the property.
Apart from estimating property measurements, borrowers will have to adhere to the eligibility terms and keep the list of documents needed to apply for a loan against property handy.
Additionally, borrowers should know certain things before applying for a loan against property to make the borrowing effective. For example, calculating property measurements in an accepted unit, meeting eligibility criteria and remaining well informed regarding the other particularities of the lending process will help one receive quick approval for the loan amount.
Providing property size in the standardised and accepted area measurement unit helps to streamline a loan application process. Additionally, facilities like pre-approved offers extended by leading financiers also ease this procedure and save time. These offers are applicable on financial products like loans against property, home loans etc. and help minimise the loan expenditure. Intending borrowers can check their pre-approved offers by submitting their names and contact details.To sum up, while measuring real estate, converting area dimensions from square meters to square feet is integral to bringing clarity in the measurements that will further help an individual understand the property’s market worth and make an apprised decision. In addition, knowledge of units and the conversion process is integral to purchasing a property or using it as a security to obtain funds from a lender.