It is a legitimate notice served on the proprietor or occupier/inhabitant of a property to advise them regarding the infringement of nearby laws relating to the maintenance of the property. The notice likewise demonstrates activities that are expected to address the infringement and tells them of the outcomes in the event that they neglect to take the correct measures.
Unit of measurement of land. One acre of land is equivalent to 4048.32 square meters and 43560 square feet.
An expansion or change in a legitimate contract.
An individual approved by the state to lead real estate exchanges.
An arrangement that requires the borrower to pay the equalization of the credit sum in a solitary huge portion after the property is sold or moved.
The person who is allotted a property, either by a government authority or by a builder.
The individual who is allocated a property, either by a government authority or by a manufacturer.
Any feature that provides comfort, convenience or pleasure, For Ex: The house has a swimming pool, two fireplaces and other amenities.
Official valuation of a property given by an ensured Real Estate appraiser or valuer.
An advance instalment (EMI) that is at a minimum double the number of past instalments (EMIs), done to clear a payment.
Basic Sales Price (BSP)/ Base Price
Cost of a flat eliminating the charges for services like vehicle parking, clubhouse etc.
It is a Hindi term used to signify the token cash given by a purchaser for a specific property after arrangements are finished. The instalment shows the purchaser's interest for the property and is normally offered to finalize the deal.
An individual/person or a foundation assigned to get a salary from a trust, domain,estate or a deed of trust.
Based on the informed well-being standards inside a particular zone, a building code is a regulation which guidelines the characterizes the structure, development and materials utilized in a structure. It incorporates the carpet region in addition to thickness of the external walls and territory of balcony/balconies and galleries.
Built up Area
Built up Area is the carpet area plus the thickness of outer walls and the balcony.
It is an informative paper document (often used for advertising) which can be folded into a template, pamphlet or leaflet.
Deal/Purchase of a property.
The correct usable zone of a loft/office unit/showroom deducting wall thickness. Basically, it is that region within the walls where you can really lay a floor carpet.
CBD or Central Business District
Business region and its instant span of 2 - 3 kms, normally situated towards the downtown area, which structures the center point of all significant business activities in a city. The vast majority of the bigger corporate businesses, enormous retail outlets and business organizations would be situated around there. The Real Estate costs here would be the most expensive compared with the various areas in the city.
A title that is free from cases or legal inquiries and every other encumbrance about the ownership for property.
A benefit, (for example, a vehicle/home) that ensures the reimbursement of a loan. The borrower dangers losing the benefit if the credit isn't reimbursed by the conditions of the loan contract. In a housing loan situation, insurance would mean extra security well beyond the security of the property being financed.
A structure/property which is utilized for the motivations behind completing business action or trading.
Those parts of a structure, land and conveniences possessed (or oversaw) by an planned unit development (PUD) or apartment suite task's property holders' affiliation (or a helpful venture's agreeable partnership) that are utilized by the majority of the unit proprietors, who offer in the basic costs of their activity and maintenance. Common zones incorporate pools, tennis courts, and other recreational offices, just as regular passageways of structures and parking spots.
It is a document that is awarded, after the inspection of a real estate project stating that it has been constructed according to the approved building plan and that it meets all the necessary standards set by the local authority or municipal corporation.
Comprehensive Development Plan (CDP)
The Master Plan authorized by an authorized person.
The arrangement of parts or elements in a pattern or form. For Eg 2bhk, 3bhk.
A Real Estate venture in which every unit proprietor has title to a unit in a building a undivided interest for the regular regions of the project , and once in a while the selective utilization of certain restricted basic zones. Every individual proprietor may sell or encumber his/her very own unit.
At the point when there are more than one proprietor for a relentless property, the status of the property is known to be of the Co-possession type. A Co-proprietor can do whatever he wishes with his piece of the property as long as he doesn't affect the share of the other co proprietor.
A proviso in a home loan that commits or confines the borrower on the utilization of land or promising certain demonstrations and whenever disregarded, can bring about legitimate activity against a violator.
The authoritative record conveying the title to a property.
Otherwise called Juridical Possession, it implies ownership according to the law.
A decrease in the estimation of a property because of changes in economic situations or by some other factors.
A payment used to accomplish the settling of an obligation.
Instalment term utilized with regards to the buying of costly things, where a part of the aggregate sum due is generally given in real money forthright before finishing an exchange.
A square of land which is zoned in a manner that there two separate living arrangements are allowed to be developed there.
It alludes to a house with two units while sharing a common wall.
Earnest Money Deposit Or EMD
A payment of cash given as a token to the seller, implying the consent to an agreement of offer. It confirms that the parties have made up their mind to buy the said property.
Craftsman's impression of the last look of a project.
It is an equated monthly instalment is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Instalments are used to pay off both interest and principal each month for a specified time.
Some portion of a house or foundation illicitly overhanging the road or a neighbour’s property.
A report issued by Registrar or Sub-Registrar's office after due confirmation of the pertinent archives guaranteeing that the property being referred to is free from home loans, leases, easements or some other sorts of confinements.
It is the real measure of a benefit really possessed by you.
Expulsion of a tenant or inhabitant from a genuine property (legitimate).
An individual named in a will to deal with an estate.
F S I Or Floor Space Index / F A R Or Floor Area Ratio The most measure of development permitted on a given plot of land. It is determined as the proportion of a building’s absolute territory to the real estate piece of land whereupon it is created/built.
A building giving its tenants the adaptability of using the space. Typically flex space gives an arrangement permitting an adaptable measure of office or showroom space in mix with manufacturing, research center and so on.
Flexi Payment Plan
Flexi-plan gives purchaser the adaptability to pay the cost of a property over a timespan however the instalments are time connected as rather than construction linked.
Pictorial portrayal that shows how an apartment would look after for finishing. It incorporates position of rooms in the apartment, their measurements and super built up area of the apartment.
Foreign Exchange Regulation Act (FERA)
It is a demonstration to manage the instalments for foreign partnership to hold or move any sort of immovable property in India.
A property which is free from the hold of any entity.
It is a new residential community or lodging estate having carefully controlled passages for people on foot and cars, and regularly described by a closed perimeter of walls.
Greased Lease Back
The transfer of the interest on a property by a freehold or leasehold proprietor where the rent is equipped to a fixed level of certain factors.
Green Field Site
An underdeveloped area of land away from urban areas, which is now proposed for development.
Gross Building Area
The total floor area of the building starting from the outer surface of exterior walls and windows including all vertical penetrations (e.g. elevator etc.) and basement area
An individual who consents to repay the holder of a loan all or a part of the unpaid principle balance if there should arise an occurrence of default by the borrower.
Private properties that are appropriate for inhabitance.Local Business codes ensure guarantee that structures are livable through necessities for bidding licenses and occupancy authentications.
An individual who is the lawful inheritor of an estate or a property.
In the Central Business District, it means a building higher than 25 stories above ground but in suburban areas, it generally refers to buildings 7 or 8 stories high.
Hazard identification and Risk Analysis is a collective term that encompasses all activities involved in identifying hazards and evaluating risk at facilities, throughout their life cycle, to make certain that risks to employees, public, or the environment.
A initial sum of cash given to show interest for or affirm the closeout of a land property before the full amount is paid.
Home Improvement Loan
A credit made to a property holder in which the house is utilized as insurance for the loan.
Cutting edge innovation frameworks introduced in a structure to manage heating, air conditioning and ventilation.
A deed including two or more parties, each party having their own copy.
Indian Stamp Act 1899
The act that regulates payment of stamp duty to the local government for real estate transactions.
These are organisations which pool money to invest in real estate properties and other investment assets
Interest Rate & Total Interest Payable
An interest rate is the cost of borrowing money or conversely, the income earned from lending money. Interest rates are expressed as percentage of the principal per period.
The total sum of rentable square feet of existing and any inevitable space (whether it be a tenant vacating space or new buildings coming on the market), in a given classification, for instance, all distribution center space in a specified submarket.
Here one /two or more agents are jointly instructed by a principal to act on his behalf. In the case of real estate agents this is normally on the basis that if any one of the agents effect the sale, letting or other joint agent(s) will share the remuneration in agreed proportions.
Joint Ownership Agreement
An agreement between owners holding the same property, defining their rights, ownership, monetary obligations and responsibilities.
A katha is a unit of area in Bangladesh and India approximately equal to 1/20 of a bigha.
It is a legal document that records property tax payment done by a resident to the municipality. Khatas are prominently used in Bangalore.
A clause in a sales contract that allows the seller to accept one buyer's offer and then back out without penalty if a second buyer makes a better offer to him.
A wall-like structure that supports roof rafters in timber roof constructions.
An area of ground used for some particular purpose such as building or farming.
The solid part of the surface of the surface of the earth, ground or soil of a specified situation, nature, or quality dry land.
It is the state tax based on the value of a property (not the place of residence) paid by the owner.
The person who owns a land or house or real estate, which is rented or leased to an individual or a business organisation.
A written agreement between a landlord and a tenant granting a period of tenancy of a property under specific terms and conditions.
The right to use and have exclusive possession (but not ownership) of real estate for a specified period and subject to the fulfilment of certain conditions as recorded in a lease agreement.
An element in a building structure( usually a wall) with the capacity to support the weight resting on it in addition to its own.
Loan tenure means the length of time that will be taken by the borrower to repay the loan along with the interest. Generally, a home loan tenure may be from 5 – 20 years with some banks allowing up to 25 years
Charges payable by the owners or occupants of a development complex ( residential/commercial / plotted) towards upkeep of all common areas and facilities. It is generally a monthly charge.
The price at which a seller is happy to sell and a buyer is willing to buy.
A small scale graphic outline that shows all the major elements of a project.
A building with between four and eight f; above ground level although in a Central Business District, this might extend to buildings up to twenty-five stories.
A project providing for more than one purpose. In housing it blends a combination of residential, commercial, cultural, institutional and industrial usage.
A loan taken from a bank to finance a property.
Transfer or change of name in the records of the Corporation for the concerned property.
Dialogue between two or more people/parties intended to reach a common agreement.
Net Present Value Method
The method used for the evaluation of investment proposals.
The value of a persons assets minus liabilities.
No Objection Certificate Or NOC
Certificate issued by the concerned local authority that the building plans submitted by the developer are in order and conform to the guidelines. Simply put, the authority has NO OBJECTION to the commencement of construction.
A person who acts for or represents another person.
Land which has not had improvements such as buildings and other structures added to it. Such land is often left in a subdivision by a developer or stipulated by a local authority for recreational use or for personal use by the owner.
Operating Cost Escalation
Clause intended to adjust rents by reference to external standards such as published indexes, negotiated wages or expenses related to buildings.
An individual appointed to maintain and update land ownership records as well as collection of land taxes.
The payment schedule of financial instruments defines the dates at which payments are made by one party to another on for example a bond or derivative. It can be either customised or parameterised
In real estate, when you sell a property you will sell it with the understanding that a buyer will take the property at a certain possession date.
Possession Linked Plan
Payment under this plan is made in 2 – 4 phases. About 20 – 25 per cent of the payment is made at the time of booking, 30 – 35% is paid in the next installment after a fixed time period, another 30 – 35% after another fixed period and the remaining amount is paid after possession of the property.
A type of home loan repayment plan where the borrower is required to pay only the interest on the loan amount disbursed by the bank as per construction progress. Actual EMI starts after possession of the said property.
New age construction technology where parts of a building like slabs etc are manufactured at an industrial unit and then assembled on site
Preferred Location Charges
These are additional costs that needs to be paid for the unit that has a certain location advantage over other units in the project.
Property available for purchase before its official launch. It is generally cheaper and may or may not have the requisite approvals from government authorities.
Refers to space in a proposed building that has been leased before the start of construction or in advance of the issuance of Occupancy Certificate.
The sale of a property by the owner without giving the services of a real estate agent.
Principal Loan Amount
In the context of borrowing, principal refers to the initial size of a loan; it can also mean the amount still owed on a loan. For instance, a borrower whose loan has a principal amount of $10,000 and an annual interest rate of 5% will have to pay $500 in interest for every year the loan is outstanding
Government-owned housing projects made available to low-income individuals or families at basic rentals.
It is a hindi term for the security deposit given to landlord before renting a property. It is refundable at the expiry of the lease term to the outgoing tenant.
A legal document which limits the rights of a person on the interest in a land/property.
Another name for Real Estate Agent
Ready to move in
Refers to a house or property that is ready for immediate occupancy. A property in this condition must meet all requirements by the city or governing municipality as a habitable dwelling, which usually include operable plumbing, electricity, locking doors and windows, and passing certain required pest inspections
Real Estate (Regulation and Development) Act, 2016. ... The Act establishes Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute redressal.
The legal documentation and subsequent recognition of a transaction under the State. This can either be a rental or capital transaction.
REIT (Real Estate Investment Trusts)
It is company that offers real estate shares to the public. Simply put, REIT stock is similar to any other business stock.
Includes the terms and conditions of the rental market to check profiteering and hoarding.
It is the rate (discounted) at which RBI lends money to commercial banks in the occurence of any shortfall of funds.
Requisitions On Title
It is a process where the buyer requests more information about the title of the property from the vendor.
Sale deed is governed by the Registration Act and is the most important document for the purchase or selling of a property. No property buying or selling is complete without signing the sale deed by both the buyer and the seller in front of a minimum of two witnesses.
A detailed plan which depicts the location of improvements on a parcel of land which also contains all the information required by the zoning ordinance.
Basically another name for Prelaunch
Tax paid on legal document during the transfering of any asset or property.
A housing complex where the ground floor is saved for parking.
A title to a unit or lot on a plan of subdivision associated with townhouses, units and blocks of flats and based on the horizontal and vertical subdivision of air space. Owners have a certificate of title, are absolute owners of a freehold flat .
A small apartment consisting typically of a main room, kitchenette and bathroom.
The area equal to a square that is 1 meter on each side. Used for measuring areas of rooms, houses, blocks of land, etc. The symbol is m2.
A square foot is a square with sides 0.3048 metres in length. One square foot is the equivalent to 0.09290304 square metres.
Super Built Up Area
Super Built Up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. Sometimes it may also include the common areas such, swimming pool, garden, clubhouse.
The assessed valuation of all the real property that lie within the jurisdiction of a taxing authority, which is then multiplied by the tax rate or mill levy to determine the amount of tax left to pay.
Possession of land/property by title done either under a lease or on payment of rent.
A legal document constituting evidence of property ownership
Town And Country Planning
A planning system used by the government to balance economic development and environmental quality.
A person who holds or controls property for the benefit of another.
An estimation of the property that is lesser than the market worth. registration expense for a property depends on the estimation of the property if there should be an occurrence of capital exchange or lease in the event of rental exchange.
A property whose basic structure is being built.
A one-sided contract. If one side makes a promise to do something, the second party is not legally required to perform. If the second party does comply, however, the first party is obligated to keep its word.
A housing unit, or dwelling unit, (at later mention often abbreviated to unit) is a structure or the part of a structure or the space that is used as a home, residence, or sleeping place by one person or more people who maintain a common household.
Urban Land Ceiling And Regulation Act (ULCRA)
Popularly referred to as ULC Act. This is a legislation that was acted to prevent profiteering and hoarding in the urban land market as well as totally stop urban congestion.
The private or public service facilities such as gas, electricity, telephone, water, and sewer that are given by the government agencies as part of the growing of the land.
A traditional architecture system that specifies the methodology of building a building or structure or while buying a land. etc
A written analysis of the estimated value of a property made by a qualified valuer.
A large single storey joint residence.
Tiles having the least porosity.
A building for storage of goods and raw materials
WB HIRA ACT
This stands for Housing Industry Regulation Act. HIRA was enacted by the Government of West Bengal in 2017. This act is more specifically known as WBHIRA or West Bengal Housing Industry Regulation Act 2017. This act is a initiative taken by the Government for regulating the Real Estate industry.
The list of plans for a building that indicate the manner in which a project is to be made. It also includes a list of specifications for the building or project.
Written Down Value
Making deductions for depreciation against capital cost or current value of an asset.
A notation made by an individual doesn't know how to write or physically unable to write, to show intent to sign an instrument such as a deed or will. In regard to the conveyance of real property, such a person would be required to make such a mark or at least a thumbprint as intent to sign and have it witnessed.
A garden walk embarked by trees.
The premium earned or return by an investor on an investment, expressed as a level of the sum invested.
The division of a city or town into zones and the use of guidelines having to do with the architectural engineering plan and proposed utilization of structures inside such assigned zone (for example an inhabitant requiring assembling space would search for a building situated inside a region zoned for manufacturing).
Alludes to the arrangement of laws and guidelines, for the most part, at the city or country level, controlling the utilization of land and development of enhancements in a given territory or zone.