Over the past few years, India’s real-estate sector has witnessed massive growth, making it one of the main contributors to the nation’s economy. According to IBEF reports, it has been anticipated that by the end of 2025, the real estate sector will account for almost 13% of India’s GDP, reaching approximately Rs.65000 crores by 2040.
Moreover, this sector is considered as the second-highest employment generator after the agriculture industry.
Such a massive rise has created an urgent requirement of regularity across the country, especially when talking about land measurements of India. Due to the geographical, economic and cultural diversity, several land measurement units have developed in different parts of the country. While some of the standard land measurement units are used worldwide, some countries such as India use some of the locally popular units that are in use for a long time.
While one can use a land area conversion calculator to convert such units into other metrics and imperial area units, both borrowers and lenders must be well aware of the most commonly used land measurement units. In addition, it will significantly help them understand the legal and financial procedures related to the purchase.
Most common land measurement units
Although the usage of standard units is increasing and almost used in every financial transaction and legal documents, regional units are also utilised for the convenience of buyers and local authoritative bodies. Let’s take a look at some of the popular units used in India; individuals can also find it in certain tools like area converter.
- Square foot
It is the most widely accepted unit, which is equal to 0.11 square yards. It is a supreme part of area measurement, determining the area during property transactions around the world. One can also use an area conversion calculator and other online tools to determine the necessary measurements. This particular unit is used in UK, USA, Pakistan, Nepal, Malaysia etc. According to the Indian real-estate law, builders must convert the land area into square feet.
- Square metre
This unit is also commonly used to measure property areas, where one square metre equals 10.76 square feet. Since this unit is used to measure land area, it is not used to determine length or distance in one direction. One can also use a land area calculator to convert into convenient metrics required for specific property transactions.
This metric is used to measure plots and lands across the globe. One hectare is equal to 10,000 square metres.
- Square yard
This unit is used to measure land, especially residential properties all over the world. In India, states like Delhi, Haryana use this unit for land measurement where 1 square yard equals 9sq.ft. One can also use a land area converter tool to convert measurement units to their preferred area unit.
It is one of the oldest land measuring units in India. Generally, agricultural areas are measured with this unit. Therefore, 1 acre= 4840 square yards / 4047 square metres.
However, manual land conversion calculation can sometimes give inaccurate results. Instead, one can use an area conversion calculator to accelerate and simplify the conversion process.
Since property or land is considered a long-term asset, one can collateralise it during financial emergencies and opt for a loan against property. This is a secured form of credit, does not entail any end-use restriction, and can be utilised to meet personal and professional needs. Moreover, a loan against property also helps in consolidating existing debts.
Being a secured form of credit, these advances come with flexible eligibility parameters and affordable interest rates. However, one should also consider the CIBIL score factor as a credit score can affect loan against property eligibility.
Apart from these, flexible repayment tenor, minimal processing fees etc., make this form of credit popular among multitudes of borrowers.
Leading financiers extend pre-approved offers that reduce the hassle of loan applications. Further, these lucrative offers expedite the loan application process and can be availed on a wide range of financial products such as loans against property, home loans etc. Prospective borrowers can check their pre-approved offer by submitting their essential credentials.
Therefore, for any conversion like a square meter to square feet, hectare to bigha etc., one can use an area conversion calculator to determine the accurate land value. Moreover, one can also pledge the property and avail substantial funds during financial urgencies.