Glossary
In this business most losses come not from bad faith but from a single word nobody explained. These are the terms I most often have to explain in meetings: short, plain, and from the field.
Revenue-sharing construction is a model in which a landowner gives their plot to a developer and, instead of payment, receives an agreed number of units in the building to be constructed. Most new urban construction in Turkey runs on this model.
Read the termZoning status is the official document showing what may be built on a plot. It sets out the development right, the permitted number of floors, setback distances and intended use, and is obtained from the municipality.
Read the termFloor area ratio is the ratio of total enclosed construction area permitted on a plot to the plot's own area. On a 1,000 square metre plot with a ratio of 1.50, a total of 1,500 square metres may be built. It is also referred to as KAKS.
Read the termConstruction servitude is the right established over a unit in a building that is not yet complete. Freehold title is the full ownership right established once the building is finished and the occupancy permit has been obtained.
Read the termLand share is the proportion of the shared plot beneath a building that belongs to an individual unit. It is written on the title deed as a share and must be set in proportion to the unit's size, position and value.
Read the termThe occupancy permit, formally the building use permit, is the document showing that a building has been completed in line with its project and with legislation. It is obtained from the municipality and formally registers the building as ready for occupation.
Read the term