India Real Estate Dictionary

Facing (Property Direction)

General & Places

Also called: East-facing, North-facing, Park-facing

The direction the main entrance or road side of a property faces, such as east-facing or north-facing. In India it affects price because many buyers follow Vastu preferences. It can also mean the view, such as park-facing or road-facing.

Example & agent tip

Example: A plot facing a park in Panchkula costs more per gaj than a similar plot in the same row.

Agent tip: Check the actual direction with a compass. Do not rely on sales claims about Vastu.

Fair Market Value as on 1 April 2001

Tax & Duties

Also called: FMV 2001

For property bought before 1 April 2001, the seller may use its fair market value on that date as the cost, if that is higher than the actual cost. It cannot exceed the stamp duty value on that date.

Example & agent tip

Example: Satwant's family house was built in 1985 for a few thousand rupees. On sale he uses a registered valuer's report of its 2001 value as his starting cost.

Agent tip: Get a valuer's report for 1 April 2001 and keep records. Old property without proof of cost can produce a large taxable gain.

False Ceiling

Construction

Also called: Drop Ceiling

A secondary ceiling hung below the structural slab, usually from gypsum board, grid tiles or POP. It hides pipes and wiring, supports lights and helps with air-conditioning layouts. It reduces the clear height of the room.

Example & agent tip

Example: An office buyer in Mohali found that the false ceiling hid the sprinkler pipes and brought the room height down to just under three metres.

Agent tip: Check the minimum clear height after the false ceiling is installed. Low rooms feel cramped and may breach norms.

Family Settlement

Documents

Also called: Family Arrangement, Memorandum of Family Settlement

A written arrangement among family members to settle claims over joint or ancestral property peacefully, and often recorded in a memorandum. Courts generally favour such settlements if they are fair, voluntary and made to end a dispute.

Example & agent tip

Example: Three brothers in Jaipur sign a family settlement to divide their father's shop and house, then record it with a registered deed.

Agent tip: Ask that the family settlement be on proper stamp paper and registered if it creates rights over immovable property. An unregistered document can be refused in a land dispute.

Family Tree (Genealogical Tree)

Documents

Also called: Vanshavali, Family Tree Affidavit, Pedigree Table

A written chart or affidavit listing all legal heirs of a deceased owner and their relationships, used in mutation, inheritance and sale of inherited land. Revenue offices in many states ask for it, often signed by the heirs and verified by the village head.

Example & agent tip

Example: After a farmer's death near Rohtak, the family submits a signed family tree with the mutation application, listing his widow, two sons and a married daughter.

Agent tip: Make sure every heir is listed. A missing heir can later challenge the sale.

Fard

Land Records

Also called: Fard Jamabandi, Jamabandi Nakal

An extract or copy of the Jamabandi for a particular holding, issued by the revenue department. Buyers often call it a "land ownership certificate", but it is only a record extract and not proof of title.

Example & agent tip

Example: A bank asks for a fard issued within the last three months before it lends against agricultural land.

Agent tip: Ask for a fresh fard on the day of the deal. An old fard may not show a new mortgage or sale.

Related: Jamabandi Khasra Number Intkal

Faridabad

General & Places

A Haryana city south-east of Delhi in the NCR, known for an older industrial base and a growing set of residential sectors and plotted colonies. It falls under Haryana's town-planning and HRERA framework.

Example & agent tip

Example: A small manufacturer in Okhla looks for a house in a Faridabad sector so that his workers and he live near the Delhi border.

Agent tip: In Haryana, check whether a plot is in an approved sector or a licensed colony, as unapproved colonies exist around the city.

Farmhouse

Property Types

A house on agricultural or semi-agricultural land used mainly for leisure or farming. Many states restrict building area and require permissions for non-farm use.

Example & agent tip

Example: A buyer pays for 1 kanal near Chandigarh expecting a farmhouse, but only a small farm shed is permitted on the agricultural plot.

Agent tip: Explain that agricultural land can have a limit on built-up area. Check the state rules and Change of Land Use needs.

Ferfar

Land Records

The Maharashtra term for the mutation entry, recorded in the Village Form 6 (Ferfar Utara) when a property changes hands.

Example & agent tip

Example: After buying agricultural land in Pune district, the buyer's name must be entered through a ferfar before the 7/12 extract shows it.

Agent tip: Check the ferfar entries in the 7/12 history to see past transfers and any pending disputes.

Field Measurement Book (FMB)

Land Records

Also called: FMB, FMB Sketch

A sketch maintained by the survey department in Tamil Nadu showing the exact shape, sides and area of a survey field or its subdivision. It is the base for a patta, a sub-division and a boundary dispute.

Example & agent tip

Example: Asha sees in the FMB that her Coimbatore plot is 4,000 square feet on paper, while the deed claims 4,400, and asks for a corrected sub-division before building.

Agent tip: Ask for the FMB sketch for any rural or suburban plot in Tamil Nadu. A deed area that is higher than the FMB area is a warning sign.

Final Inspection

General & Places

Also called: Pre-Handover Inspection

A detailed check of the unit before accepting possession, covering walls, floors, doors, fittings, plumbing, electricals, area and agreed specifications. Defects are listed and the developer is asked to fix them in time.

Example & agent tip

Example: A buyer finds leaking bathroom tiles and a mismatched kitchen fitting, and lists them in a snag form before taking the keys.

Agent tip: Do the inspection in daylight, carry a measuring tape and take photographs of each defect.

Fire NOC

Approvals

A no-objection certificate from the fire department confirming that a building meets fire safety norms. It is required for high-rise buildings and many commercial properties.

Example & agent tip

Example: A mall needs a fire NOC before its OC.

Agent tip: For commercial or high-rise projects, ask for a valid fire NOC.

First-Time Homebuyer

Agent Practice

A buyer purchasing a home for the first time, who often needs guidance on loans, documents, taxes and budgeting. Some schemes and loan products give benefits to first homes, subject to current rules.

Example & agent tip

Example: A young couple in Panchkula asks the agent about loan eligibility, registration costs and what to check in an agreement.

Agent tip: Explain the full cost, including stamp duty, registration and fees, before the buyer gets attached to a flat.

Fit-Out Possession

General & Places

Also called: Fit-out Period

Early handover of a commercial space so that the tenant or buyer can do interior work before the formal start of rent or final possession. It is common in offices and shops, and rent may start later or after a rent-free period.

Example & agent tip

Example: A retailer gets fit-out possession of a shop two months before opening and pays no rent during that time.

Agent tip: Put the fit-out period, rent start date and restoration duties in the lease.

Fixed Interest Rate

Finance

A loan rate that stays the same for a fixed period. It gives certainty but is often higher at the start.

Example & agent tip

Example: A bank offers a fixed rate for 3 years, then moves the loan to a floating rate.

Agent tip: Read when the fixed period ends and the rate that follows.

Flat

Property Types

The everyday word for an apartment in India. Co-operative societies in Maharashtra and Gujarat also use it.

Example & agent tip

Example: A buyer says "I want a 3 BHK flat near the IT park". The agreement will call it an apartment.

Agent tip: Use flat when speaking to buyers and apartment in formal documents.

Related: Apartment BHK

Flat Slab

Construction

A concrete floor slab that rests directly on columns without projecting beams below it. It gives a flat ceiling and easier services routing, but needs thicker slab sections around columns to handle punching forces.

Example & agent tip

Example: The basement parking of a Mohali mall used a flat slab so that ducts and sprinkler pipes could run freely under a smooth ceiling.

Agent tip: In a flat slab building, ask your interior designer before drilling or cutting the slab near columns.

Flexi Payment Plan

Finance

Also called: Flexi Plan

A builder's payment plan that lets the buyer pay a small part at booking, a larger part in a few instalments, and the rest on possession, or in other mixed combinations. The exact split is in the allotment papers.

Example & agent tip

Example: A developer in Kharar offers a flexi plan with a smaller amount at booking and a larger instalment on the casting of the second slab.

Agent tip: Compare the total cost with other plans. Under RERA, a promoter cannot take more than 10% as an advance before a registered agreement for sale.

Floating Interest Rate

Finance

A loan rate that changes when the lender's benchmark changes. Most home loans today are linked to an external benchmark such as the repo rate.

Example & agent tip

Example: When the repo rate falls, a repo-linked home loan rate falls after the reset.

Agent tip: Explain that EMI or tenure can change when the rate changes.

Floor Area Ratio (FAR)

Approvals

The ratio of the total built-up floor area permitted on a plot to the plot area. A plot of 1,000 sq m with FAR 2 allows 2,000 sq m of floor area. It is also called FSI.

Example & agent tip

Example: A 500 sq yd plot with FAR 1.75 allows 875 sq yd of total built-up floor area.

Agent tip: Higher FAR means more units on the same land. Check the FAR actually granted to the project.

Floor Plan

Documents

A drawing showing the layout and dimensions of rooms in a unit, as approved by the competent authority.

Example & agent tip

Example: A buyer compares the brochure floor plan with the sanctioned floor plan and finds a smaller balcony.

Agent tip: Always compare with the sanctioned plan, not the sales brochure.

Related: Sanctioned Plan Carpet Area

Floor Rise Charges

Agent Practice

Also called: Floor Rise

An extra charge per sq ft for each floor above a base floor, because upper floors are in demand.

Example & agent tip

Example: A builder charges ₹30 per sq ft for each floor above the 5th.

Agent tip: Check how floor rise is calculated and if it is shown in the agreement.

Floor Space Index (FSI)

Approvals

Another name for FAR, used in Maharashtra and other states. It limits total built-up floor space relative to the plot.

Example & agent tip

Example: A Mumbai plot with FSI 1.33 can have 1.33 times its area as floor space before premium or TDR.

Agent tip: Know FSI, FAR, TDR and premium FSI. A project that exceeds them is illegal.

Fly Ash Brick

Construction

Also called: Fly Ash Brick Masonry

A brick made from fly ash, a waste product of coal power plants, mixed with sand and cement or lime. It is uniform in size and uses less topsoil than burnt clay brick. Many states and green building rules encourage its use.

Example & agent tip

Example: A builder in Zirakpur used fly ash bricks for the partition walls and saved on plaster because the faces were even.

Agent tip: Check that the bricks are cured and not freshly cast. Wet, young bricks shrink and cause hairline cracks.

FOIR (Fixed Obligation to Income Ratio)

Finance

The share of monthly income that goes towards fixed payments such as EMIs and card dues. Banks use it to decide how much they will lend.

Example & agent tip

Example: With a monthly income of ₹1 lakh and a FOIR cap of 50%, total EMIs should stay under ₹50,000.

Agent tip: Reduce other loans before applying to raise the loan amount.

Related: Home Loan Credit Score (CIBIL)

Follow-up Cadence

Agent Practice

The planned schedule of contacts with a prospect after a first meeting, such as a message the same day, a call after two days and a visit invitation within the week. A steady rhythm keeps interest without annoying the buyer.

Example & agent tip

Example: After a visit, an agent sends the price sheet the same evening, calls in two days and shares a loan estimate next week.

Agent tip: Log every follow-up with its date and outcome in your CRM. Stop contacts if the client asks.

Related: CRM Lead Sales Funnel

Force Majeure

Legal

A contract clause that excuses a party from liability for events beyond its control, such as natural disasters or war. Under RERA, the promoter's registration can be extended by up to one year for force majeure.

Legal basis: Defined in Section 6 of the RERA Act, 2016.

Example & agent tip

Example: A flood delays construction. The builder claims force majeure to extend the possession date.

Agent tip: Check how the agreement defines force majeure. Builders sometimes use it to cover ordinary delays.

Foreclosure

Finance

The process by which a lender takes possession of mortgaged property when the borrower defaults. The term is also used for closing a loan early.

Example & agent tip

Example: After repeated defaults, the lender enforces its security under SARFAESI.

Agent tip: Do not confuse foreclosure of the property with foreclosing (closing) a loan.

Related: SARFAESI Act Prepayment

Forgery of Property Documents (BNS)

Legal

Also called: BNS 336, IPC 465, Jaali Dastavez

The offence of making a false document, such as a forged deed, signature or stamp, to cause damage or take property. Forgery and the use of forged documents are punishable under the Bharatiya Nyaya Sanhita, replacing the earlier IPC provisions.

Legal basis: Bharatiya Nyaya Sanhita, 2023, Section 336 (earlier IPC Section 465 and related sections).

Example & agent tip

Example: A fraudster in Gurugram uses a forged power of attorney to sell a NRI's plot, and the registrar's records are later corrected after a police case.

Agent tip: Verify identity and the power of attorney at the registrar. Forged papers cause some of the biggest property frauds.

Form 16B

Tax & Duties

Also called: TDS Certificate for Property

The TDS certificate that a buyer must give the seller after depositing tax deducted on a property purchase. The buyer downloads it from the tax portal, and the seller needs it to claim credit for the tax.

Example & agent tip

Example: Seller Vimla asks her buyer for Form 16B so the 1% already paid shows in her tax records.

Agent tip: Remind buyers to download and hand over the certificate promptly, because sellers need it when filing their return.

Form 26QB

Tax & Duties

Also called: 26QB

The statement-cum-challan that a buyer files to deposit tax deducted at source when buying a property worth the threshold amount or more. The buyer files it online and pays the tax, without needing a TAN.

Legal basis: Linked to the TDS on immovable property purchases under Section 194-IA of the Income-tax Act, 1961; the 2025 Act renumbers this.

Example & agent tip

Example: Rohit pays a seller ₹80 lakh for a flat and deducts 1% as tax, then pays it using Form 26QB with both parties' PAN.

Agent tip: The buyer must file within 30 days after the end of the month of deduction. Missing the deadline attracts a fee and interest.

Formwork (Shuttering)

Construction

Also called: Shuttering, Centering

Temporary moulds, made of timber, steel or aluminium, into which wet concrete is poured to give columns, beams and slabs their shape. They are removed once the concrete has gained enough strength. Formwork type affects speed and surface finish.

Example & agent tip

Example: A developer in Greater Noida switched to aluminium formwork so that each floor of a tower could be cast in a few days.

Agent tip: Ask when formwork is removed. Stripping too early is a known cause of sagging slabs and cracks.

Foundation

Construction

The base of a building that transfers its weight to the soil. Type and depth depend on soil conditions, height and load.

Example & agent tip

Example: A tall tower on soft soil needs a deeper foundation than a two-storey house.

Agent tip: For plots with a history of waterlogging or filled land, ask for a soil test report.

Fractional Ownership

Investment & Valuation

A model in which many investors own a share in a commercial property through a pooled structure. In India SEBI has created the SM REIT framework for such pooled structures. Platforms outside a SEBI registration may not be lawful.

Example & agent tip

Example: Ten investors pool ₹10 lakh each to buy a share of an office leased to a company.

Agent tip: Ask whether the platform is registered with SEBI before you recommend it.

Fragmentation of Holdings

Land Records

Also called: Prevention of Fragmentation, Tukde Bandi

The splitting of farmland into very small pieces, handled by state laws that set a minimum area below which agricultural land cannot be divided or sold. Such rules aim to keep farms usable.

Example & agent tip

Example: A broker plans to sell a 1-acre field in 8 slices to different buyers. The state's fragmentation law bars such sales below its minimum area, so the deeds are in danger.

Agent tip: Do not buy a tiny cut from a farm without checking the state's minimum-holding or fragmentation rule. The registration may be refused, or the sale may not be valid.

Framed Structure

Construction

A building whose load is carried by a frame of beams and columns, with walls only as infill. Most modern apartments are framed structures.

Example & agent tip

Example: A 15-storey tower is a framed RCC structure.

Agent tip: Framed structures allow flexible layouts but not removal of structural elements.

Franking

General & Places

Paying stamp duty on a document at a bank or authorised centre, which marks it as duly stamped. It is an alternative to buying stamp paper in some states.

Example & agent tip

Example: A buyer pays stamp duty at an authorised franking centre.

Agent tip: Check what each state allows: franking, e-stamping or physical stamp paper.

Fraudulent Transfer

Legal

Also called: Sham Transfer, Section 53 Transfer

A transfer of property made to defeat or delay the creditors of the seller. Under the Transfer of Property Act, such a transfer can be cancelled at the creditors' request, unless it was made in good faith and for value.

Legal basis: Transfer of Property Act, 1882, Section 53.

Example & agent tip

Example: A businessman owing a large loan gifts his house to his wife days before the lender sues. The lender asks the court to set the gift aside.

Agent tip: Be cautious when a seller is in debt and sells quickly below the market price. The sale can be challenged by creditors.

Freehold Property

Legal

Property in which the owner holds the land and building outright with no time limit and no ground rent to a superior owner.

Example & agent tip

Example: A freehold plot in a private colony can be sold or mortgaged without the lessor's permission.

Agent tip: Freehold is generally preferred by buyers and banks. Check the status in the title papers.

Related: Leasehold Property Title

Frontage

Measurement

The width of a plot along the road it faces. A wider frontage usually gives a higher price, and local building rules set limits on frontage and setbacks.

Example & agent tip

Example: Two 150 sq yard plots in a sector may differ in value because one has a 30 ft frontage and the other has 20 ft.

Agent tip: For commercial plots and SCOs, frontage often matters more than total area. Quote it with the plot size.

Related: Plot Area Setback Corner Plot

Full Value of Consideration

Tax & Duties

Also called: Sale Consideration

The total amount received or receivable for transferring a property, which is the starting point to compute capital gains. If the sale price is lower than the stamp duty value, the stamp duty value may be treated as the consideration.

Legal basis: Section 48 of the Income-tax Act, 1961 and the stamp duty value rule in Section 50C (Section 78 of the 2025 Act).

Example & agent tip

Example: A seller in Mohali sells at ₹90 lakh, while the stamp duty value is ₹1.1 crore, so the tax computation may use a figure above the price actually paid.

Agent tip: Always compare the agreed price with the stamp duty value before signing. The gap can create tax for both sides.

Fungible FSI

Approvals

Also called: Fungible Compensatory Area

A compensatory allowance of additional floor space in Mumbai, tied to areas such as balconies and ducts, that lets developers enlarge units within limits. Part of it may need a premium under the municipal rules.

Example & agent tip

Example: A Mumbai developer uses fungible FSI to enlarge flats in a tower, paying any premium the rules require.

Agent tip: Fungible FSI explains why some Mumbai flats exceed the base FSI. Check that any premium due was paid.

Facing (Property Direction)

Fair Market Value as on 1 April 2001

False Ceiling

Family Settlement

Family Tree (Genealogical Tree)

Fard

Faridabad

Farmhouse

Ferfar

Field Measurement Book (FMB)

Final Inspection

Fire NOC

First-Time Homebuyer

Fit-Out Possession

Fixed Interest Rate

Flat

Flat Slab

Flexi Payment Plan

Floating Interest Rate

Floor Area Ratio (FAR)

Floor Plan

Floor Rise Charges

Floor Space Index (FSI)

Fly Ash Brick

FOIR (Fixed Obligation to Income Ratio)

Follow-up Cadence

Force Majeure

Foreclosure

Forgery of Property Documents (BNS)

Form 16B

Form 26QB

Formwork (Shuttering)

Foundation

Fractional Ownership

Fragmentation of Holdings

Framed Structure

Franking

Fraudulent Transfer

Freehold Property

Frontage

Full Value of Consideration

Fungible FSI

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