We have been talking about Property Terms, giving you insight on the terminology that sometimes get difficult to comprehend. Read on further to know more such terms.
Facilities management
The co-ordination of many specialist disciplines to create the optimum working environment for staff.
Fail rent
The rent determined by a rent officer (or, on appeal, by a rent assessment committee) under a regulated tenancy and registered.
FERA
An act to regulate certain payments dealing in foreign exchange, securities, the import & export of currency and acquisition of immovable property by foreigners. Under Section 31 (1) of the Foreign Exchange Regulation Act (FERA) of 1973, it is mandatory for foreign corporations, which are not incorporated in India to obtain permission from the Reserve Bank Of India (RBI) to acquire, hold, transfer or dispose off in any manner (expect by way of lease for a period not exceeding five years) any immovable property in India.
Fire certificate
A certificate covering matters of safety required under the legislation for hotels, boarding houses, factories, offices shops and railway premises, excluding those buildings containing less than a minimum number of employees.
Fitouts
Relate to the interior permanent furnishings required in a property including HVAC ducting, fire protection system implementation, establishment of workstations and telephone/computer cabling among others, in order to make the property fit for usage.
Flatted factory
An industrial building of more than one storey, usually with two or more goods lifts, and constructed or converted for multiple occupation. The building is subdivided into small, separately occupied units which are used for manufacturing, assembly and associated storage.
Freehold
Freehold property can be defined as any estate which is “free from hold” of any entity besides the owner.
Frontage(line)
The full length of a plot of land or a building measured alongside the road on to which the plot or building fronts. In the case of contiguous buildings, individual frontages are usually measured to the middle of any parting wall.
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