India Real Estate Dictionary

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.