India Real Estate Dictionary

Unit of land measurement equal to 43,560 sq ft or 4,047 sq metres. Commonly used for large land parcels, agricultural land, and industrial plots across India.

Legal doctrine where a person who possesses land for a sufficiently long period (typically 12 years in India) may claim legal ownership, even without title. A critical due diligence risk.

A legally binding document where seller agrees to sell and buyer agrees to buy a property at an agreed price and terms — but actual title transfer happens only at registration of sale deed. Governed by Transfer of Property Act 1882.

Land classified for agricultural use under state land records. Cannot be used for residential/commercial development without obtaining Change of Land Use (CLU) or NA (Non-Agricultural) order. Not covered under RERA.

Official document issued by a developer to a buyer confirming the allotment of a specific unit in a project. Typically issued after booking and initial payment. First formal document in builder-buyer relationship.

Common facilities in a housing project — club house, swimming pool, gym, gardens, children's play area, security. Under RERA, developers must deliver all promised amenities.

Self-contained residential unit in a multi-storey building. Under RERA, pricing must be disclosed on carpet area basis. Governed by Apartment Ownership Acts in various states.

Increase in property value over time due to location, infrastructure development, demand-supply dynamics, and inflation. Often cited as investment return on real estate.

A land development plan approved by the relevant development authority (GMADA, BDA, HSVP, etc.) confirming that the colony/layout meets regulatory requirements.

Provision in a builder-buyer agreement specifying that disputes will be resolved through arbitration rather than courts. However, under RERA, buyers can still approach the RERA authority regardless of arbitration clauses.

Document from the developer/builder showing the breakdown of carpet area, balcony area, common area share, and total super built-up area for a specific unit.

A promise by developer to pay a fixed return (rental or otherwise) to buyer during construction period. Extensively used as a sales tool but carries high risk if project is delayed or developer defaults.

Legal document authorizing one person to act on behalf of another in property matters. Commonly used by NRI buyers. Must be notarized and registered for property transactions.

In RERA context, refers to the State Real Estate Regulatory Authority constituted under Section 20 of RERA Act 2016 — e.g. HRERA (Haryana), MahaRERA (Maharashtra), UP-RERA.

Projecting platform attached to the outer wall of a building. Under RERA, balcony area is separately disclosed and typically included in built-up area but not carpet area.

Below-ground floor of a building. Approved use varies by state authority — some allow parking/storage only; others permit retail or other uses. Must be checked in approved plans.

Bedroom-Hall-Kitchen — common shorthand for apartment configuration. 1 BHK, 2 BHK, 3 BHK, 4 BHK etc. The hall typically refers to the living/dining area combination.

Bruhat Bengaluru Mahanagara Palike — municipal corporation of Bengaluru, Karnataka. Responsible for building plan approvals, property tax, and urban development within Bengaluru.

Bengaluru Metropolitan Region Development Authority — the planning and development authority for Bengaluru metropolitan region. Issues layout and project approvals.

Property transaction where actual beneficial owner is different from the person in whose name property is held. Prohibited under Benami Transactions (Prohibition) Act 1988 as amended. Agents must not facilitate benami deals.

An individual floor in a 3–4 storey building, sold separately. Common in Delhi, NCR, and Chandigarh Tricity. Land ownership typically shared. RERA applicability depends on project size.

Carpet area plus the area covered by walls (inner + outer) and balcony. Larger than carpet area. Under RERA, pricing must be on carpet area — not built-up area.

Under RERA, a person who has entered into an agreement with a promoter for purchase of real estate. Also called allottee. Has specific rights under RERA including refund, interest, and information rights.

Initial sum paid by buyer to developer to reserve a specific unit. Typically 10–15% of total cost. Constitutes the beginning of the builder-buyer relationship. Refundable if project does not proceed.

Wall forming the perimeter of a property or plot. Its existence, condition, and legal alignment with plot boundaries should be verified during site visit.

Government scheme allowing unauthorized constructions to be regularized upon payment of penalty and compliance with specified conditions. Available in various states at different times.

Architectural drawing approved by competent authority showing layout, dimensions, number of floors, and permitted use of a building. Must be verified against actual construction.

In property investment, the point at which rental income equals all ownership costs (EMI, maintenance, taxes, insurance). Important for investor buyers.

Profit earned from sale of a property. Short-term capital gains (STCG) if held less than 24 months — taxed at slab rate. Long-term capital gains (LTCG) if held 24+ months — taxed at 20% with indexation benefit.

Current market value of a property. Distinguished from assessed value (for tax purposes) and book value. Used in loan-to-value calculations.

The net usable floor area of an apartment — measured from inner wall to inner wall, excluding the area covered by walls, columns, balcony, and common areas. Under RERA, all pricing and disclosure must be on carpet area basis only.

Common Area Maintenance charges — monthly fees for maintenance of shared areas (lobby, lifts, security, parking, gardens) in commercial or residential properties. Typically charged in addition to rent.

Official document issued by local authority certifying that a building has been constructed as per approved plans and is fit for occupation. Also called Occupation Certificate. Essential for legal occupation.

Document issued by local authority certifying that all construction work has been completed as per sanctioned plans. Different from OC — CC relates to completion; OC to occupancy. Under RERA, developers must obtain and provide both.

Permission granted by state government to change land use from agricultural to residential, commercial, or industrial. Essential step before any development on agricultural land.

Real estate agent/broker authorized by a developer to market and sell units in a specific project. Typically registered with the developer and receives commission on sales. Must also be independently RERA registered.

Informal group savings mechanism sometimes used in India. Not related to real estate directly, but some builders have used chit fund structures to raise money — typically high risk for buyers.

Person who jointly takes a home loan with the primary borrower. Both are equally liable for repayment. Co-borrowers can be co-owners but this is not mandatory.

A planned residential or commercial development consisting of multiple plots or buildings. Must be approved by the relevant development authority. Key distinction: approved vs unapproved colony.

Authorization issued by local authority to a developer to start construction. Must be obtained before any construction commences on a RERA-registered project.

Areas in a building shared by all residents/owners — lobby, staircase, lifts, corridors, parking, garden, rooftop, security cabin. Cannot be sold separately. Maintenance cost shared through society charges.

Legal document by which ownership of property is transferred from developer/seller to buyer. More general term for sale deed.

Government subsidy under PMAY on home loan interest for eligible homebuyers in Economically Weaker Sections (EWS), Lower Income Group (LIG), and Middle Income Group (MIG) categories.

Mandatory certification for real estate agents in Maharashtra issued by MahaRERA. Agents must complete 20 hours of training with an empaneled provider and pass an IBPS exam.

City Survey Number — a unique identification number assigned to urban properties in Maharashtra (and some other states) for tax and records purposes. Shown on property card.

Legal process in Maharashtra where a housing society can get its property conveyed by developer even if developer is uncooperative — under Maharashtra Ownership Flats Act (MOFA).

When a developer fails to hand over possession of a property by the agreed date. Under RERA, buyers are entitled to interest at SBI MCLR + 2% per month for the delay period, or can seek full refund.

Official communication from developer to buyer requesting payment of an installment as per payment plan. Buyers must receive adequate notice before payment demands.

Physical marking of plot boundaries on the ground, typically by a licensed surveyor. Essential before any construction to ensure building is within legal boundaries.

A town in Punjab near the Haryana border, part of the Chandigarh Tricity periphery. Significant real estate market, especially industrial and affordable residential.

Government body responsible for planning and approving development in a specified area — e.g. GMADA (Greater Mohali), HSVP (Haryana), BBMP (Bengaluru), BDA (various), DDA (Delhi).

State/municipal rules governing land use, building heights, FSI/FAR, setbacks, parking, and other construction parameters. Must be followed for any new development.

A plot that is approved but on which no construction has taken place for an extended period. May have regulatory implications depending on approval conditions.

Initial payment made by buyer at the time of booking. Typically 10–20% of total property value. Remaining amount typically funded through home loan.

Preliminary version of builder-buyer agreement or sale deed circulated for review before execution. Buyers have the right to review and negotiate terms before signing.

Director of Town and Country Planning — the authority in Haryana responsible for approving residential and commercial layouts, granting CLU, and regulating development outside GMADA/municipal limits.

The comprehensive verification process before purchasing a property — covering title, RERA status, approvals, encumbrances, litigation, measurements, and compliance.

A single residential unit designed for independent occupation — an apartment, independent house, villa, or floor. The basic unit of residential real estate.

A deposit made by buyer to demonstrate serious intent to purchase, before a formal agreement is signed. If buyer defaults, may be forfeited. If seller defaults, typically returned double.

Legal right of one property owner to use another's land for a specific purpose — right of way, drainage, light and air. Must be disclosed in property documents. Can affect property use.

Official power supply connection from state electricity board to a property. Developer must hand over property with valid electricity connection in most states.

Fixed monthly payment made to a bank or financial institution to repay a loan. Consists of principal and interest components. EMI = P × r × (1+r)^n / ((1+r)^n - 1).

Any claim, liability, or burden on a property — mortgage, lien, easement, court order, or pending litigation. Encumbrance Certificate (EC) shows all registered encumbrances.

Official document from the Sub-Registrar's office showing all registered transactions and charges on a property for a specified period. Essential due diligence document — typically obtained for 13+ years.

The portion of a property's value that the owner actually owns — total value minus outstanding loan. Increases as property appreciates and loan is repaid.

Provision in a lease or sale agreement allowing for periodic price increases — typically annual rent escalation of 5–15% in commercial leases.

Dedicated bank account required under RERA where developers must deposit 70% of all buyer payments. Funds can only be withdrawn in proportion to construction completed and certified by an engineer.

Legal process of removing a tenant from a property. Governed by state Rent Control Acts and property laws. Cannot be done forcibly without court order.

Charge levied by development authority for extending the validity of a building plan or layout approval beyond the originally sanctioned period.

Official land ownership certificate issued by the Punjab Revenue Department, extracted from the Jamabandi (Record of Rights). Confirms current ownership, area, and any encumbrances. Essential for any plot or land transaction in Punjab. Available at jamabandi.punjab.gov.in.

Also called FSI. The ratio of total built-up area to total plot area. Determined by local development authority. Higher FAR = more construction permitted on a given plot.

Absolute ownership of property — the most complete form of ownership. Owner has full rights to sell, mortgage, lease, or bequeath.

Initial sale of a property by the developer/builder to the first buyer. Differs from resale (secondary market). RERA registration mandatory for first sale of covered projects.

Self-contained residential unit within a multi-storey building. Often used interchangeably with 'apartment' in India. Must be RERA registered if part of a covered project.

Architectural drawing showing the layout, dimensions, and arrangement of rooms in an apartment or building — as approved by the competent authority. Under RERA, approved floor plan must be publicly available on the RERA portal.

Additional charge levied by developer for apartments on higher floors — typically ₹50–500 per sq ft per floor depending on project. Must be disclosed upfront.

Clause in agreement protecting parties from liability in case of events beyond their control — natural disasters, wars, government actions. Under RERA, the authority decides whether a delay qualifies as force majeure.

Process by which a lender takes possession of a mortgaged property when borrower defaults on loan payments. Governed by SARFAESI Act for institutional lenders.

Property owned outright by the owner, with full rights to the land and building. No ground rent or annual payment to any superior owner. Most common form of urban property ownership in India.

See FAR. The ratio of total permissible built-up area to plot area. Varies by zone, city, and property type as specified in local development regulations.

Additional FSI available for purchase by developers in some cities (notably Mumbai) by paying a premium to the municipal authority. Allows construction beyond normal FSI limits.

Industrial unit or workshop space — commonly used term in Maharashtra for industrial gala (unit). Also refers to shops in older market areas.

Greater Mohali Area Development Authority — the development authority for the Greater Mohali region including Mohali (SAS Nagar), Kharar, Zirakpur, Derabassi, and Dera Bassi in Punjab. Approves residential and commercial colonies, issues CLU.

A document granting broad authority to act on behalf of the principal in all property matters. Commonly used by NRI property buyers. Must be properly executed and registered.

Land parcel number used in Uttar Pradesh revenue records. Each piece of land has a unique gata number that identifies it in the khatauni (land register). Important for UP property transactions.

The percentage of a plot covered by the building footprint. Different from FAR/FSI which measures total area. Ground coverage limits are specified in development regulations.

Sale of property through a General Power of Attorney rather than a registered sale deed. This is NOT a valid transfer of title in most states and is not recognized under Indian law. Buyers should insist on registered sale deeds.

Goods and Services Tax applicable on under-construction property. Currently: 5% (without ITC) for regular housing, 1% (without ITC) for affordable housing. No GST on completed/ready-to-move property.

The lowest floor of a building at street/ground level. In many states, ground floor commercial property has premium value due to footfall access.

Gujarat Real Estate Regulatory Authority — state RERA authority for Gujarat. Official portal: gujrera.gujarat.gov.in. Covers Ahmedabad, Surat, Vadodara, Rajkot, Gandhinagar.

Major city in Haryana, part of NCR. One of India's largest real estate markets. Regulated by HRERA and DTCP. Major IT and commercial hub with significant high-rise residential and commercial development.

Unit of land area equal to 10,000 sq metres or 2.47 acres. Used for large plots and agricultural land measurement.

Haryana Real Estate Regulatory Authority — state RERA authority for Haryana. Official portal: hrera.org.in. Covers Gurugram, Faridabad, Ambala, Panipat, Karnal, Hisar, Rohtak, and entire Haryana.

Loan from bank or NBFC for purchase of residential property. Secured by mortgage of the property. Maximum LTV (Loan to Value) typically 75–90% depending on loan amount and lender.

Haryana Shahari Vikas Pradhikaran (formerly HUDA) — Haryana Urban Development Authority. Develops and sells residential plots, commercial sites, and industrial land. Also issues NOCs for development.

Pledge of movable property as security for a loan. In real estate context, vehicle/machinery hypothecation is different from property mortgage. Sometimes confused — property is mortgaged, not hypothecated.

Insurance policy protecting lender in case borrower defaults or dies. Some lenders require it as loan condition. Not mandatory under Indian law.

The formal act of a developer transferring possession of a completed unit to the buyer. Under RERA, must be accompanied by OC/CC and other required documents.

Inspector General of Registration — the authority responsible for property registration in most Indian states. In Maharashtra, IGR Maharashtra oversees stamp duty and registration. Portal: igrmaharashtra.gov.in.

Taxable income category under Income Tax Act for rental income from property. Standard deduction of 30% allowed on net annual value after property tax. Interest on home loan deductible up to ₹2 lakh.

Document from the Sub-Registrar in Maharashtra that records details of all registered documents related to a property. Used to trace ownership history. An important due diligence document.

Financial state of being unable to pay debts. Under IBC (Insolvency and Bankruptcy Code), insolvent developers can be subject to resolution process. RERA provides homebuyer protections even in developer insolvency.

Payment schedule where buyer pays in tranches linked to construction milestones. Regulated under RERA — developer cannot demand disproportionate payments.

The process of recording a change of ownership in land revenue records in Punjab and some other North Indian states. Also called mutation. Must be completed after property registration.

Document issued by Mumbai BMC to a developer indicating what permissions are still required for construction. Precedes commencement certificate. Important in Mumbai real estate.

A financial metric used to evaluate the profitability of a real estate investment. The discount rate at which NPV of all cash flows equals zero. Higher IRR indicates better returns.

The primary land record document (Record of Rights) in Punjab, Haryana, Himachal Pradesh, and some other states — maintained by the Revenue Department. Shows ownership, cultivation details, encumbrances, and liens. Available at official revenue portals.

Agreement between landowner and developer where owner contributes land and developer contributes construction — sharing the developed units. Common in land-constrained urban markets.

Hindi/Punjabi word for land. Commonly used in local real estate transactions. Always verify exact land records using official revenue documents — not just verbal descriptions.

Property owned by two or more persons together. Can be as joint tenants (with right of survivorship) or tenants in common (each with a defined share).

Temporary or non-permanent construction using materials like brick, mud, or tin. Not eligible for standard home loans. Common in rural and peri-urban areas.

Unit of land measurement used in Punjab, Haryana, and Himachal Pradesh. 1 Kanaal = 20 Marlas = 5,445 sq ft (505.85 sq metres). 8 Kanaals = 1 Acre.

Revenue official in Punjab and Haryana responsible for maintaining land records at the tehsil level. Certifies Jamabandi records and handles mutation (Intkal) entries.

Town in Mohali district, Punjab, part of the Chandigarh Tricity periphery. Growing real estate market especially for affordable housing and plotted development.

Land parcel identification number used in revenue records across many Indian states (UP, MP, Rajasthan, Haryana, Punjab). Identifies specific parcels in the field/village map.

Revenue record showing ownership details for agricultural land. Used in UP, MP, Rajasthan, and several other states. Contains khasra numbers, owner names, area, and crop details.

Revenue account in Karnataka and some South Indian states — linked to a specific property and used for property tax purposes. Different from ownership document. Types: A-Khata (regularized) and B-Khata (unauthorized).

Karnataka Real Estate Regulatory Authority — state RERA for Karnataka. Official portal: rera.karnataka.gov.in. Covers Bengaluru, Mysore, Mangalore, Hubli, and entire Karnataka.

Originally the 'Red Cord' boundary demarcating village settlements (abadi). Areas within Lal Dora were historically exempt from building bylaws and urban development regulations. Now a major source of property litigation in Delhi, NCR, and Punjab. Buyers must exercise extreme caution with Lal Dora property.

Official change in the designated use of land — from agricultural to residential, or residential to commercial. Requires approval from competent authority. Known as CLU (Change of Land Use) in Haryana/Punjab.

Legal document recording a lease of property for a defined period. Must be registered if period exceeds 12 months. Creates a leasehold interest (different from freehold ownership).

Arrangement under Maharashtra Rent Control Act where owner grants licensee the right to use property without creating tenancy. Used extensively in Mumbai. Typically 11 months, renewable.

Official document issued by competent authority (tehsildar/court) certifying the legal heirs of a deceased person. Required for property succession.

Person who takes a property on lease — the tenant in a formal lease arrangement.

Person who grants a lease — the property owner in a formal lease arrangement.

Financial obligation attached to a property — unpaid mortgage, outstanding dues, pending litigation. Must be cleared before sale. Buyers should obtain No Dues Certificate from developer.

Chain of title documents connecting the current seller's ownership back through previous transactions. A complete, unbroken chain of title is essential for due diligence.

Verification of whether a property is subject to any court case, dispute, or legal proceeding. Essential due diligence — checked at local civil court records.

Secured loan where an existing property is mortgaged as collateral. Different from home loan — used for business or personal needs, not property purchase. Typically 60–70% LTV.

The ratio of loan amount to property value. RBI regulates maximum LTV: up to 90% for loans below ₹30 lakh; up to 80% for ₹30–75 lakh; up to 75% for above ₹75 lakh.

Maharashtra Real Estate Regulatory Authority — state RERA for Maharashtra. Official portal: maharera.maharashtra.gov.in. Has over 50,000 registered agents. Has mandated the Certificate of Competency (COC) for all agents.

Unit of land measurement used in Punjab, Haryana, and Himachal Pradesh. 1 Marla = 272.25 sq ft (25.29 sq metres). 20 Marlas = 1 Kanaal.

A comprehensive, long-range plan for the development of a city or region — prepared by the planning authority. Specifies land use zones, development norms, and infrastructure plans.

RBI-mandated benchmark for bank lending rates. RERA mandates delay compensation interest at SBI MCLR + 2%. Current MCLR should be verified from SBI website.

State law in Maharashtra governing the sale and purchase of flats/apartments — including disclosure requirements, formation of cooperative housing societies, and conveyance of land to the society. Works alongside RERA.

Pledging of property as security for a loan. Lender has a charge on the property until loan is repaid. Must be registered with Sub-Registrar if amount exceeds ₹100 in most states.

City in Punjab, the administrative center of SAS Nagar district, part of Chandigarh Tricity. Significant real estate market regulated by GMADA and RERA Punjab.

The process of updating ownership records in revenue/municipal registers after property transfer. Called Intkal in Punjab/Haryana, Daakhil Kharij in some states. Property tax responsibility shifts only after mutation.

Urban local body responsible for civic administration, building plan approval, and property tax in major cities. Examples: BMC (Mumbai), BBMP (Bengaluru), MCG (Gurugram), GMADA (Greater Mohali).

The price at which a property would sell in an arm's-length transaction between a willing buyer and seller, both having knowledge of relevant facts. Used for stamp duty calculation.

Official order converting agricultural land to non-agricultural use — required before residential or commercial development on agricultural land. Must be obtained from state government.

Financial institution providing home loans alongside banks — e.g. HDFC, LIC Housing, Bajaj Housing Finance. Regulated by RBI. Many buyers use NBFCs for home loans.

Document from a relevant authority confirming no objection to a proposed action — e.g. NOC from society for resale, NOC from lender for property sale, NOC from RERA authority.

Certificate from developer/society confirming buyer has paid all outstanding dues — maintenance, electricity, parking, club charges. Essential document for resale transactions.

Indian citizen residing outside India. Special rules apply for NRI property purchase — FEMA, TDS (20% or more), bank account types, POA requirements, and repatriation norms.

National Consumer Disputes Redressal Commission. Pre-RERA, many homebuyers approached NCDRC against developers. Under RERA, the RERA authority is the primary forum for real estate disputes.

The actual usable area of a property — carpet area minus columns/pillars within the unit. More precise than carpet area; important for assessing actual livability.

See Certificate of Occupancy. Confirms a building is safe and fit for occupation. Issued by local authority after inspection. Essential for legal residence and utility connections.

Formal document from developer communicating the price, payment plan, and terms for a specific unit to a prospective buyer. Pre-booking document.

Person who holds legal title to a property. Distinct from occupant or possessor. Verified through sale deed, property card, or revenue records.

Legal documents establishing title to property — sale deed, gift deed, will, partition deed. Chain of ownership documents (link documents) required for due diligence.

Punjab Apartment and Property Regulation Act — state law in Punjab governing the construction and sale of apartments and regulated plots. Applies alongside RERA for many Punjab transactions.

City in Haryana adjacent to Chandigarh, part of Chandigarh Tricity. Planned city with significant residential development. Regulated by HRERA and Haryana Urban Development Authority.

Land ownership document used in Tamil Nadu, Andhra Pradesh, and Telangana — issued by revenue department. Confirms ownership and is essential for property transactions in these states. Types: A-Patta, B-Patta.

Designated space for vehicle parking. Under RERA, parking cannot be sold separately as a plot. Open parking must be provided free with apartment; covered parking can be charged extra.

Government housing scheme providing subsidy on home loans for EWS, LIG, and MIG categories. CLSS (Credit Linked Subsidy Scheme) provides upfront interest subsidy.

A defined parcel of land. Can be residential (for house construction), commercial, or industrial. When part of a RERA-registered plotted development, developer must provide amenities and infrastructure as promised.

Physical handover of a completed property from developer to buyer. Distinct from conveyance/registration. Under RERA, developer must provide possession on or before the date specified in the agreement.

The agreed date for handing over possession of a property. Specified in the builder-buyer agreement. Developer is liable for delay compensation from this date if possession is not given.

Legal document authorizing a person to act on behalf of another. Used extensively by NRIs. Must be notarized (for foreign countries), apostilled, and registered in India for property matters.

Under RERA, the developer/builder who constructs a real estate project and offers units for sale. Has specific obligations including registration, disclosure, escrow, and quality.

Under RERA, a development of real estate by a promoter for sale — including apartments, plots, or commercial spaces. Must be registered with state RERA before marketing or sale.

Land ownership document used for urban properties in Maharashtra (and some other states). Maintained by City Survey department. Shows ownership, area, encumbrances, and use.

Annual tax levied by municipal corporation/local authority on property owners. Varies by property size, use, location, and age. Must be up to date for property transfer.

Punjab Urban Development Authority — responsible for development and planning in major Punjab cities. Issues layout approvals and develops urban infrastructure.

Under RERA, developers must submit and publish quarterly progress reports on their projects — including construction status, escrow account balance, and unit booking details. Must be verified by buyers.

Legal right of a tenant or buyer to use a property without interference from the landlord/seller. Guaranteed by covenants in lease and sale agreements.

A deed by which one person relinquishes all claims to a property to another, without guaranteeing title. Less common in India but used in some family partition settlements.

Real Estate (Regulation and Development) Act, 2016 — India's central law regulating real estate. Came into force May 2017. Requires project registration, agent registration, escrow protection, and gives buyers enforceable rights.

Unique number assigned to a project or agent by the state RERA authority upon registration. Must be displayed in all marketing. Agents must quote their registration number in all communications.

State-level body constituted under RERA to register projects and agents, adjudicate disputes, and enforce the Act. Examples: HRERA, MahaRERA, UP-RERA, RERA Punjab.

Document correcting errors (name, area, boundaries) in a previously registered sale deed or conveyance deed. Executed by both parties and registered.

Government-determined minimum value for property transactions in each area — used as the basis for stamp duty calculation. Also called Circle Rate (Delhi/NCR/UP), Guidance Value (Karnataka), Jantri Rate (Gujarat).

The primary document of property ownership — executed between seller and buyer and registered with the Sub-Registrar. The only document that legally transfers property ownership.

The mandatory legal process of recording a property sale deed with the Sub-Registrar of the area. Attracts stamp duty and registration fee. Must be done within 4 months of execution.

Sale of a property by a previous buyer (not the original developer). Secondary market transaction. Governed by Transfer of Property Act. Agent registration required.

Annual rental income as a percentage of property value. Typical residential rental yield in India: 2–4%. Commercial properties: 6–9%. Useful metric for investor buyers.

Under RERA, buyers have the right to obtain all information about the project — plans, approvals, layout, quarterly updates, escrow balance — from the RERA portal.

Appellate body under RERA to hear appeals against orders of the RERA authority. Constituted by state governments.

The primary document for transfer of property ownership in India. Executed between seller and buyer, signed by both parties and two witnesses, registered at the Sub-Registrar's office. Attracts stamp duty. The only document that legally transfers title.

State government tax on property transactions, payable at the time of executing a sale deed. Varies by state, property type, buyer gender, and location. Typically 3–8% of market/agreement value.

The government official responsible for registering property documents and collecting stamp duty. Property registration must be done in the Sub-Registrar's jurisdiction where the property is located.

Official name of Mohali district in Punjab. SAS = Sahibzada Ajit Singh. Part of Chandigarh Tricity. Major real estate market regulated by GMADA.

See Agreement to Sell. Pre-registration document between buyer and seller specifying price, payment schedule, and terms of sale.

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 — allows banks to auction mortgaged property to recover loans without court intervention.

The primary land record document in Maharashtra — shows land ownership, area, classification, and cultivation details. Maintained by revenue department. Essential for any rural or agricultural land transaction in Maharashtra.

State Bank of India's Marginal Cost of Funds based Lending Rate — used as reference rate for RERA delay compensation calculation (MCLR + 2% per month).

Grants or lapse of registration. If developer fails to complete the project by the extended date, the RERA authority may take action including revocation of registration.

Mandates registration of real estate agents with the state RERA authority. No person can act as agent without registration. Key provision for agent compliance.

Sets out specific obligations of registered real estate agents — prohibits false statements, requires records maintenance, mandates compliance with buyer information rights.

Functions and duties of promoters under RERA — including making application for registration, public disclosures, quarterly updates, and maintaining escrow account.

Obligations of promoter regarding false information — promoter is liable for any loss caused by false/incorrect information.

Prohibits developer from accepting more than 10% of property cost as advance payment before executing a written agreement to sell.

Provides for interest and compensation for failure to hand over possession as agreed — the key buyer remedy for delayed possession.

Minimum distance between a building and the property boundary (front, side, rear) as specified in development regulations. Cannot be built on.

Monthly maintenance charges paid by apartment owners to the housing society for maintenance of common areas, security, garden, and building.

See Agreement to Sell. Can be enforced by court requiring specific performance of property sale contract.

Government-issued paper on which legal documents (agreements, affidavits) are executed, with pre-paid stamp duty. Now largely replaced by e-stamping in most states.

The total area including carpet area, wall thickness, balcony, and proportionate share of common areas (lobby, staircase, lift, terrace). Largest of the three area measurements. Under RERA, cannot be used as basis for pricing.

Unique identification number assigned to a land parcel by the Survey Department. Used in revenue records and property documents to identify specific land parcels.

Tax Deducted at Source at 1% of property sale consideration (if property value exceeds ₹50 lakh) — deducted by buyer from payment to seller and deposited to government. For NRI sellers, TDS rate is 20–30%.

Administrative sub-division of a district in India. Revenue records including Jamabandi, Fard, and Intkal are maintained at the tehsil level.

Person who occupies a property under a rental or lease arrangement. Rights and obligations governed by relevant state Rent Control Act and the rental agreement.

Legal ownership of a property. Clear title = unambiguous, uncontested ownership. Marketable title = title that can be sold without reasonable objection. Title verification is essential due diligence.

The document (sale deed, gift deed, inheritance) that confers ownership of property. The most fundamental property document.

Insurance protecting buyer against losses from defective title, undisclosed liens, or legal disputes. Not widely used in India but available from some insurers.

Small initial payment (₹11,000 to ₹1–2 lakh typically) paid to block a property before formal agreement. Typically refundable if deal does not proceed.

Central law governing transfer of immovable and movable property in India — including sale, mortgage, lease, exchange, gift, and actionable claims.

Common term for the Chandigarh metropolitan region comprising three cities: Chandigarh (UT), Mohali (Punjab), and Panchkula (Haryana). Major real estate market in North India.

Telangana State Real Estate Regulatory Authority — state RERA for Telangana. Official portal: rera.telangana.gov.in. Covers Hyderabad and all of Telangana.

Tamil Nadu Real Estate Regulatory Authority — state RERA for Tamil Nadu. Official portal: tnrera.in. Covers Chennai, Coimbatore, and all of Tamil Nadu.

The proportionate share of the total land that is allocated to each flat owner in an apartment complex. Particularly important in South India (Tamil Nadu, AP, Telangana, Karnataka) where buyers own their UDS of land.

In RERA context, a single residential or commercial space within a project offered for sale — an apartment, shop, office, or plot.

Uttar Pradesh Real Estate Regulatory Authority — state RERA for UP. Conducts mandatory 4-day agent training + examination. Official portal: up-rera.in. Covers Noida, Greater Noida, Ghaziabad, Lucknow.

Now largely repealed, this was a law that restricted ownership of urban land above a certain limit. Repeal has enabled more land availability for development.

Document from a registered valuer certifying the market value of a property. Required for home loans and insurance. Issued by RBI-registered or government-approved valuers.

Traditional Indian system of architecture and spatial arrangement based on ancient texts. Affects buyer decisions in many segments of the Indian market. Not a regulatory requirement but relevant for agent product knowledge.

Premium standalone residential unit typically in a gated community with shared amenities. Higher-end version of an independent house with landscaped grounds.

West Bengal Housing Industry Regulation Act (HIRA) — West Bengal's version of RERA, later brought in line with the central RERA Act. Official authority handles project and agent registration.

Legal document expressing a person's wishes for the distribution of their property after death. Property inherited through a Will must still be transferred via mutation/succession certificate for clear title.

Amount retained by buyer from the final payment to developer pending completion of specific deliverables — like OC, parking, or pending fittings.

A town in Punjab near Chandigarh on the Chandigarh-Delhi National Highway. Part of Chandigarh Tricity periphery. Significant residential market — affordable housing, plotted development, builder floors. Under GMADA and RERA Punjab jurisdiction.

Land use classification assigned by the planning authority — residential zone, commercial zone, industrial zone, agricultural zone, green zone. Only permitted uses within each zone are allowed.

Regulations specifying permitted land use in each zone of a city or region. Violation of zoning = unauthorized construction. Always verify zoning before advising buyers on land purchase.