GLOSSARY

One acre of land is 4048.32 Sq mt.

Addendum is a legal document or information attached or added to clarify, modify, or support the information in the original document.

An agent is any person registered to conduct real estate transactions.

Alienation Clause is a Financial clause that enables the lender to collect the remaining loan amount in lump sum after the sale of property

Alley is a narrow lane or passage between or behind buildings

Allottee is a person to whom something is allotted by the builder, development authority or government

An act of assessing something and evaluating its value by a qualified person.

Appreciation is an increase in the value of an asset over time.

Assessed Value is the price of asset taken by the government for tax purpose

It is a document issued by municipal authorities that legally validates that a property adheres to building bylaws and tax regulations, including a valid title deed. It makes it legal to transfer the ownership or construct, expand, and sell the property.

Aluminum formwork technique utilizes aluminum panels to construct moulds for pouring concrete. The technology is known for its durability and efficiency. These moulds can be reused multiple times so it's best suited for large-scale and repetitive projects.

Basic Selling Price (BSP), also called the base price, is the property's starting price. The BSP is quoted per square foot and doesn't include the charges for additional features or upgrades like floor plan customisations or floor rise charges, preferred location charges, clubhouse fees etc.

Building/structure plan is a pictorial portrayal of how the building will appear post construction.

Established in 1941, Builder's Association of India (BAI) is a vertex that represents the civil construction or development organizations. A large portion of the framework advancement firms and land developers of India fall under the umbrella of BAI.

It is a temporary document issued to a property that lacks complete compliance with municipal regulations. It is not legal to transfer the ownership or construct, expand and sell the property. It is issued for the sole purpose of tax collection.

The Circle Rate, also known as the Ready Reckoner Rate, establishes the minimum value at which properties in a specific area can be registered. Set by the state government, it acts as a guideline for determining a property's worth. Circle Rates also play a role in calculating stamp duty, registration charges, and property value for taxes like income tax and wealth tax.

"Capital gains tax (CGT) is collected on the additional gains acquired out of the sale of a non-stock resource. The profit earned from the sale is eligible of being taxed as per the salary slab or at 20% depending on how long it has been with the proprietor. There are two sorts of capital gains in land – Short Term Capital Gains (STCG) and Long Term Capital Gains (LTCG)."

Real estate capital gains are the profits from selling a property, calculated as the difference between the selling and purchase prices. Long term capital gains include all assets held for a period of over 2 years, while short term include any asset held less than 2.

The subset of framework division which incorporates essential comforts given by the civic bodies are called city framework. It can incorporate offices, for example, sewerage, seepage and water and power supply.

A Completion Certificate is an official approval from the local authorities confirming that a building meets safety and quality standards as per approved plans.

Declaration of consolidation is a legal document expressing the establishment of a new venture or company. It is issued by the state government and fuses nuances, for instance, date of solidification, legal proprietors and name of the association.

Established in 1999, the Confederation of Real Estate Developers' Associations of India (CREDAI) is an apex body for private property developers working towards an organized industry. There are as of now 11500 land engineers from 156 urban areas who are a piece of CREDAI.

India's first Credit Information Company, Credit Information Bureau Limited (CIBIL), gathers and keeps up records of a person's advances, charge cards and the related installments.

CIBIL credit score A CIBIL Credit Score, otherwise called CIBIL TransUnion score, is a 3 digit number which outlines a person's credit and money related wellbeing. It sets up the credit-value of a person.

The Credit Information Report (CIR) is a record of the credit installment history. The data is according to the bank records and data from financial institutions. It enables loan givers to know the person's record as a consumer before giving an advance.

A city overview plan is the draft proposition to study a city/town/village to plan the development of different physical highlights, for example, private stashes, streets, sewerage and seepage lines and other framework ventures.

A clearance certificate is required to bear witness to that a substance/individual has paid all dues and is clear of any liabilities that they held towards another entity/individual. Non-issuance of a clearance certificate holds a person liable to pay the individual the amount they owe to them.

It is an official document issued by the local authorities to signify that a real estate developer has received approval to begin construction work on a specific project. This certificate ensures that the construction adheres to local regulations, safety standards, and building codes.

Conveyance deed is an authoritative archive that demonstrates the exchange of property title starting with one individual then onto the next. It is like a Sale Deed, be that as it may, the prime distinction between the two is that a Sale Deed exchanges the title of a property if there should arise an occurrence of a deal. While, a transport deed does likewise in the event of a blessing, trade, rent, contract or some other conditions.

A co-borrower is an extra borrower of a credit. A joint credit should be possible with either life partner or blood relatives. Taking a joint advance permits profiting higher advance sum as well as offers some tax breaks.

Also known as Sinking Fund, refers to a dedicated pool of money that is set aside (as an emergency reserve) for enhancement of property, infrastructure updates, future expansion, and developments. Homebuyers contribute to this fund in the form of monthly maintenance charges, one-time fees, or a percentage of the property's sale price during the initial purchase

A cent is a customary unit of measurement in Andhra Pradesh, Telangana, Kerala, Tamil Nadu and Karnataka. Larger land parcels, especially farmlands are often described in cents where 1 acre is divided into 100 cents. 1 Cent =0.01acres

Down Payment is the underlying installment done while buying something using a loan. In land, initial installment is generally 10-20 percent of the absolute estimation of the property, contingent upon the installment plan offered by the vendor.

EMI represents Equated Monthly Installment. It is the egularly scheduled installment that a borrower is subject to make to the loan specialist. It satisfies both the principal sum and the interest over a chose timeframe, for the most part running into years.

An Encumbrance Certificate (EC) is a legal document that will help you find out if the property is free of any financial or legal charges. You can avail of an EC by visiting the respective sub-registrar's office.

An Expression of Interest is a formal document or letter presented by a prospective buyer or investor, articulating their keen interest in a specific property or real estate opportunity. This initial step precedes the commencement of discussion, exploring the potential of a deal and the subsequent formalisation of agreements.

A freehold property is 'free from any hold' and offers a boundless and full belonging to the buyer. The purchaser is permitted to move and further trade the duty regarding property similarly as the touch base on which it stands.

A home acknowledge plan for settled rate of premium is the one in which the superior rate does not differ in the entire development time span subject to showcase components.

A home loan plan with floating rate of interest is the one in the interest percentage can fluctuate during the loan period based on several market dynamics. It is also known as variable or adjustable interest rate.

A floor plan is a scaled drawing of a room or building when viewed from above. It typically shows the arrangement of walls, rooms, doors, windows, and other permanent fixtures, in the given space.

Floor Rise Charges (FRC) are additional costs paid by the buyers for a flat/unit on a higher floor in a multi-storey building. Most developers raise the per-square-foot cost for units on floors beyond the fourth floor, as home buyers prefer them over lower floors for plenty of sunlight, ventilation, privacy, less noise, and easier access to the terrace.

FSI, or Floor Space Index, also referred to as FAR (Floor Area Ratio), sets the maximum limit for building area on a specific piece of land, which is regulated by local authorities. It is determined by factors like the city zone and building type and varies across locations. While FAR is expressed as a decimal, FSI represents a percentage of the total floor area of all Floors of the Building to the total plot area.

For the advancement of home loans, a guarantor is a person who acts as a collateral security

An indirect tax. GST is levied at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer.

Guidance value, also used to calculate property registration charges, is the minimum amount for which a property can be sold and prevents sales below market value. This value is decided by the State Government for particular localities.

A Gunta is a traditional unit of land measurement in India, especially in states like Maharashtra and Karnataka. It is often used in rural areas, size of each Gunta is typically 1089 square feet. The exact size can vary regionally.

Home Equity is defined as the market value of a homeowner’s share in the property. It is calculated as the property’s current market value minus the outstanding loans.

A hectare is often used for larger land areas, especially in agriculture and official land measurements. A hectare is a metric unit where one hectare is equal to 10,000 square metres or approximately 2.47 acres.

Housing finance companies provide financing for housing either directly or indirectly, primarily or as one of their main objectives. These companies are registered under the 1956 Company Act( 1 of 1956).

Under Sec 54 of the Income Tax Law, a taxpayer can save their taxes by investing the capital gains in bonds or a single residential property. The property must have been purchased one year before the sale of the previous house or two years after the sale.

Immovable properties include land, building and any property that is fixed/attached to the earth.

It is a deed or legal agreement with two or more people

The act that governs the payment of stamp duty to the government for real estate transaction.

An organization that invests money in real estate assets and various other types of investment properties.

Inventory in real estate refers to total sq ft of rentable area available on offer for a buyer

When the principal employs two or more agents to act on his behalf. In case of agents, if one agent makes the sale the remuneration has to be shared by both parties in agreed upon proportions.

A Joint Ownership Agreement is a legal document defining the terms of shared property ownership between two or more individuals. It outlines ownership shares, financial responsibilities, mechanisms for dispute resolution, and provisions for the usage, maintenance, and sale, ensuring a clear framework for decision-making.

Khata is a legal document issued to property owners containing information about the size, area, location, as well as type of property- residential or commercial. The possession of it is necessary to obtain layout plan approvals, home loans, and an Occupation Certificate. It is also crucial to get civic amenities and utilities like water, electricity, and sewage connections.

A Kick-out clause allows sellers to continue showing the property to potential buyers and 'Kick out' an existing offer should a better one come along. The clause allows the seller to sell to a second buyer without having to pay a fine to the first one.

An estate property is partly in hand by the client for a pre-decided fundamental time span. The client owns the property, principally a flat, however not the land on that it stands. The renter is entitled to pay a ground premium and annual lease rent. When the lese comes to a closure, the possession of the property transfers to the freehold owner. In India, estate amount usually goes up to 90-99 years.

An estate property is partly in hand by the client for a pre-decided fundamental time span. The client owns the property, principally a flat, however not the land on that it stands. The renter is entitled to pay a ground premium and annual lease rent. When the lese comes to a closure, the possession of the property transfers to the freehold owner. In India, estate amount usually goes up to 90-99 years.

Every piece of land is assigned a particular ‘survey number’ so as to stay a legal record of its location, shape, size and possession. A surveyor assigns a singular variety to each land parcel, which might be used at the time of legal disputes. A land survey numerical is additionally vital for registration and sale of the plot; and land acquisition method.

A site plan is Associate in Nursing drawing or a group of construction drawings of a given site/plot. It's a graphic illustration of the assorted components to be made on a bit of land. This footprint might embrace options like arrangement of buildings, parking tons, landscape and different civic amenities like emptying facilities, hygienic sewer lines, water lines etc. it's sometimes conducted by professionals like accredited engineers or architects.

Load-bearing construction is a traditional technique in which the load is transferred to the foundation of the building through the walls including the weight of the roof. No columns are required in this type of construction. This technique is suited for independent homes no more than 2 floors.

Mutation is that the method of adjusting title possession from one person to a different. It's to be worn out in all cases of property transfer like sale-purchase, gift, death of possessor or perhaps purchase created through Power of professional person (PoA). By doing this, the new owner gets the property title beneath their name, and therefore the government is in a position to stay their records updated and collect taxes from the correct owner.

NOC may be an instrument issued by any agency, organisation or institute indicating the intent of not objecting with the agreements mentioned within the document.

National code (NBC) refers to a set of rules and laws for the development of buildings in an Asian nation (India). It's a document set to standardize the development quality of properties in terms of building necessities, construction material, structural necessities, hearth safety and plumbing necessities. It's developed by the Bureau of Indian Standards (BSI) and is a national instrument for guiding construction activities.

An Occupancy Certificate is a document issued by local authorities that certifies that a building is completed according to the approved plans, meets all the safety and quality standards, and is suitable for occupancy.

Physical infrastructure could be a set of infrastructure sector associate degreed sometimes includes basic physical structures that are very important for the functioning and survival of an economy, town and neighborhood. Transportation networks like roads, rail, airports and mass transits; communicating and telecommunication services etc are a component of the physical infrastructure.

A property card could be a legal proof of the possession of a land in AN geographic region. It contains the history of possession of a land parcel. The document is employed in case of court litigations associated with land at intervals the town limits.

Preferential Location Charges (PLC) are premium charges paid by the buyers for specific advantageous locations within a project. Some common types of PLC include corner units, homes with Vaastu compliance, views of external landscapes (water bodies/natural greenery/ cityscape), or amenities like swimming pools, boulevards, etc.

Property tax is paid annually by the owner of the property to the municipal body. The funds collected are primarily allocated for public services and infrastructure, such as road maintenance, public safety, and other community needs. The amount is calculated as a percentage of the property's assessed value.

In precast construction, the components such as beams, panels, columns and walls are manufactured off-site and then transported to the site for assembly. Precast construction has become popular due to its precision, speed and cost-effectiveness. It is used in large-scale construction such as gated communities, and industrial and commercial buildings.

A restriction contained in a legal document that limits the rights of a person's interest in a piece of land.

Return on Investments (ROI) may be a gain ratio. it is used to verify the profit one will earn over their investments in proportion.

Registration of a property makes the customer the legal owner. Without it, the legal rights of the property still be unconditional with the developer. to induce a property registered, the customer is needed to pay the required stamping and registration prices. These prices vary from state to state. On a mean, in India, the registration charges vary between 3-8% of the overall registered value of the property, reckoning on precise location and registrar jurisdiction.

RERA Real Estate Regulation Authority was brought into effect on May 1, 2017 . It seeks to protect home-buyers as well as help boost investments in the real estate industry.

This is a traditional construction method that involves a combination of concrete and steel reinforcement bars. This is still a popular construction method that's widely used in the construction of buildings.

A subvention scheme is a tripartite agreement between the homebuyer, banker, and developer. The buyer pays a small portion of the property value as a down-payment towards the purchase of a unit in an under-construction project. The bank then disburses the loan in installments to the developer. In return, the developer pays the interest incurred on the loan until construction is complete.

A sanction plan is a detailed project plan that includes all site specifications like landscaping, zoning regulations, building layouts, among others. By ensuring that the plan is approved by the authorities, buyers can be sure that their home meets all the regulatory criteria to begin construction.

The set of infrastructure sector which has social services like academic establishments, health care facilitates, retail and amusement avenues etc is termed social infrastructure.

Sale Deed or Final Deed is that the most significant document created between the client and also the merchant of a property. This document contains all the clauses of the acquisition like the ultimate deal worth, the accepted model and amount of payment, the parts sold-out and enclosed services/facilities. The sale of a property isn't thought-about valid till the sale agreement has been signed by each the parties. it's ruled by the Registration Act of Republic of India.

Stamp duty is a tax levied by the government on the purchase of property, including builder floors. It is calculated as a percentage of the registered price of the property, and the rates vary from state to state in India, ranging between 3.50-12.50%.

Sub-registrar of Assurances is that the authority through which the Sale Deed has to be registered by four months of the execution of the document.

The standard unit for small land areas, often used in context of residential spaces like villas or apartments.

A Square Metre is a RERA approved measure to describe the size of the property and used when filing the necessary paperwork for the property. 1 Square Metre = 10.76 Square feet

A square yard is often used in real estate to typically refer to larger pieces of land like plots. It's also one of the most common measure of land across the world. 1 Square Yard = 9 Square Feet

For long-term holdings a 20% tax applies, while short-term gains are added to income tax returns based on the applicable tax slab.

States are divided into districts; and a few districts are divided into Tehsils. Tehsildars are revenue officers chargeable for collection taxes from Tehsils. they're category I Gazetted Officers in most states of Republic of India.

A townhouse is a low-rise residential building with at least two homes/units in a single structure. Arranged in rows with one or two common walls, the townhouse offers separate entrances to each unit along with private yards or terraces but shared amenities. It is a unique blend of individual ownership and community living within a shared complex.

UDS, or Undivided Share of Land, refers to the portion of land allocated to the owner of a flat in an apartment complex, without defined boundaries, on which the entire structure is built.

A virtual Tour is a scaled 3D replication or a sweeping viewpoint of a location. It is made using various comprehensive pictures or videos. The 360 tour can be enhanced using audio and video additions to make it more immersive.

A warehouse is a storage place where manufactured goods or stocks or raw materials are stored

A set of plans that show how the construction of a building should proceed. It includes a set of specifications for the projects.

The value of an asset after making deductions for depreciation.

The return gained by an investor. It is expressed as a percentage of the amount invested

Division of city or town into smaller parts. This enables authorities to set structural, architectural and usage standards for each building in the zone.

A zoning ordinance are rules regarding how people can use land and buildings within a certain area which controls and directs the use of a particular land and construction improvements in a specified location

A 3D Floor Plan is a three dimensional perspective of a building/unit floor plan. It portrays a bird eye view to see and passes on the compositional plans with more subtleties.