Act
Refers to the Real Estate (Regulation and Development) Act of 2016. Also known as the Central Act of 2016.
Adjudicating Officer
An officer appointed by the Government under sub-section (1) of section 71 who is mandated to adjudicate the disputes arising under section 12, 14, 18 and section 19. An Adjudicating Officer must be someone who has been a District Judge.
Advertisement
Information released in the media, such as notice, publicity, promotion or details regarding real estate projects, sales and investments.
Agreement for Sale
A legal contract between the buyer and the seller, that comprises of the terms and conditions (such as selling price, date of full payment etc.) of sale of a property.
Allottee
A person, to whom a plot, building or apartment is allotted, transferred or sold. This does not include a person to whom it is given on rent.
Apartment
A distinctive enclosed space of a non-movable property consisting of one or more rooms and located on one or more floors of a building, primarily used as residential space.
Appellate Tribunal
Also known as Interim Appellate Tribunal, established under section 43 (4) of the Real Estate (Regulation and Development) Act, 2016. It is a legal body that deals with immediate dispute reprisal. Appellate Tribunal is proceeds hearings based on the decisions, directions or orders from RERA.
Appropriate Government
According to section 2 (g) of RERA Act 2016, the term ‘appropriate’ government means the following:
- For the Union territory without Legislature, it is the Central Government.
- For the Union Territory of Puducherry, it is the Union territory Government.
- For the Union Territory of Delhi, it is the Central Ministry of Urban Development.
- For the State, it is the State Government.
Architect
A person registered as an architect under the provisions of Architects Act, 1972.
Association of Allottees
A collective of allottees of a Real Estate Project that act as a group to serve the cause of its members. It includes authorized representatives of the allottees.
Authority
Also known as Real Estate Regulatory Authority or Interim Authority, it is established under section 20 (1) of the Real Estate (Regulation and Development) Act, 2016. It enables the Government of Karnataka to appoint Principal Secretary to Department of Housing as the Interim Authority.
Building
A non-movable property such as a structure or erection intended for residential or commercial purposes.
Carpet Area
The net area of an apartment that excludes external wall thickness, service shafts spaces, balcony, veranda and open terrace areas. In other words, it is the net usable floor area inside an apartment that includes internal wall thickness.
Chairperson
Chairperson of the Real Estate Regulatory Authority appointed under section 21.
Commencement Certificate
Also known as Building Permit or Construction Permit, it is a document issued by the local authority, which permits the promoter to initiate development activities as specified in the sanctioned plan.
Common Area
Also known as Building Permit or Construction Permit, it is a document issued by the local authority, which permits the promoter to initiate development activities as specified in the sanctioned plan.
- In an apartment, it is the staircases, lift, lobby, fire escapes, common basement, entrance and exit to the building.
- In a building complex, it is the parks, play areas, open parking areas, common basements, terraces and storage spaces etc which can be used by all the occupants in the complex.
- Portion of the project dedicated for its safety and maintenance that incorporates space for installations of electricity channels, gas, water, sanitation, AC, solar heaters, water tanks, sumps, security surveillances etc.
Competent Authority
A legal body established by the Government for time being that possess power over land under its jurisdiction and is authorized to permit developmental activities in it.
Completion Certificate
An official proof declaring that a construction work is completed as per the building regulations and is legally safe and ready to be used.
Cooperative Society
An association registered/deemed-to-be-registered under Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959).
Day
A working day in the State territory, notified by the State Government from time to time.
Development
A physical change brought about on a land or any immovable property, in terms of construction, reconstruction, engineering, design or architecture.
Development Works
Any developmental activity conducted on immovable property.
Engineer
A person who holds a Bachelor’s Degree or any equivalent degree by an Institution recognized by All India Council of Technical Education (AICTE) or any University recognized by University Grants Commission (UGC).
Estimated Cost Of Real Estate Project
The total cost incurred for the complete development of real estate project including land cost, taxes, labour charges, raw material cost etc.
External Development Works
Outdoor developmental activity conducted such as roads, footpaths, drainage systems, waste disposal management, electric supply transformer etc. that are either on the periphery or outside the project area for the benefit of improving the locale.
Family
In the Indian patriarchal context, it is a group of individuals consisting of a husband, wife, minor son and unmarried daughter who are dependent of the family head.
Garage
An enclosed space within a project for parking any vehicle. Unlike a parking lot, garage is a structure with walls on three sides and a door and is usually present in independent houses and villas. Section 2(y) of RERA Act, 2016 suggests that garage can be sold to the allottee independent of the apartment.
Grant of Registration
Upon the registration of a project as per section 5, the Regulatory Authority shall issue a registration certificate with a registration number in Form-C to the promoter.
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Immovable Property
An immobile asset such as land and buildings eternally attached to earth.
Interest
It is the Rate of Interest on a specific price payable by the promoter or allottee, based on the context.
Internal Development Works
Developmental activities conducted within the project site such as parks, garden, tree plantations, rain water harvesting, energy conservation plants, water supply, sewage systems, fire safety requirements, etc. for the benefit of the occupants.
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Local Authority
It is the Municipal Corporation/Municipality/Panchayat or any other Local Body established under the law for providing municipal services such as water, electricity, street lights, roads etc for the areas under its jurisdiction.
Member
An individual appointed to Real Estate Regulatory Authority under section 21.
Notification
An announcement published in the Official Gazette. The expression ‘notify’ will be interpreted accordingly.
Occupancy Certificate (OC)
Certificate issued by the local development authority stating that a property is fit for occupation. OC is issued only after the receiving approval from water, electricity, drainage, fire and safety officials.
Person
- An Individual
- A Company
- A Competent Authority
- An body of individuals
- A Hindu Undivided Family
- A cooperative society registered under law
- A firm under the Indian Partnership Act, 1932 or the Limited Liability Partnership Act, 2008.
Promoter
In simple terms, a person is someone who develops a land into project through construction in order to sell them. A promoter may be a builder, coloniser, contractor or a developer who holds the power of attorney from the owner of the land.
Prospectus
A document describing the details of a project and sales offers by inviting any person to invest or deposit money for such purposes.
Punitive Provisions
A feature of RERA Act, 2016 that allows provision for de-registration of the project and penalties, in case of contravention of the provisions of the Act, or the orders of the Authority/Tribunal.
Punitive Provisions
A feature of RERA Act, 2016 that allows provision for de-registration of the project and penalties, in case of contravention of the provisions of the Act, or the orders of the Authority/Tribunal.
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Real Estate Agent
A person who acts on behalf of another entity to negotiate and sell a plot, apartment, project or a property, in exchange of remuneration for his services. Real Estate Agent is a medium though which the sellers and prospective buyers can meet and negotiate a deal.
Real Estate Appellate Tribunal
A legal body established to hear appeals from the orders of the Authority and the adjudicating officer. This tribunal is headed by a sitting/retired Judge of the High Court with one judicial and one administrative/technical member.
Real Estate Regulatory Authority (RERA) Act of 2016
A milestone legislation passed by the Government of India in 2016 with an objective to reorganize the real estate sector in India by encouraging greater transparency, citizen centricity, accountability and financial discipline. All sections of RERA Act came into force with effect from May 1st, 2017.
Real Estate Project
Construction, development and maintenance of buildings, complex, apartments, townships etc, for the purpose of selling them.
Rule
Rules related to Real Estate formulated by the Government.
Sanctioned Plan
The comprehensive project plan consisting of the details of site, landscape, zoning, building, services, parking, structural designs etc. that has been approved by the competent authority prior to its execution.
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