India Real Estate Dictionary

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.