NA (Non-Agricultural) Order
Approvals
An order that converts agricultural land to non-agricultural use for housing, commerce or industry. It is needed before building on farmland in states such as Maharashtra and Gujarat. In Maharashtra, land inside a sanctioned development plan or layout is treated as deemed non-agricultural, so a separate order may not be needed.
Example & agent tip
Example: A Pune developer applies for NA permission before laying out plots on farmland.
Agent tip: Do not market plots on agricultural land without the NA order or proof that the land is deemed non-agricultural.
Related:
Change of Land Use (CLU)
Agricultural Land
Nagpur
General & Places
A central Indian city in Maharashtra, known for its location at the geographical centre of the country, the MIHAN logistics zone and a metro. Highway and expressway links are often cited for its plot market.
Example & agent tip
Example: A buyer from Amravati looks at an NA-converted plot in Nagpur and asks for the NA order.
Agent tip: Make sure Nagpur plots on the edge have been converted to non-agricultural use and approved under the right planning body.
Related:
NA (Non-Agricultural) Order
MahaRERA
Industrial Corridor
Plot
Nahri, Chahi and Barani Land
Land Records
Also called: Nehri, Chahi, Barani
The three main irrigation classes of farmland in the revenue records of Punjab and Haryana. Nahri land is watered by canal, chahi by a well or tube well, and barani depends on rain. The class often affects the land's price.
Example & agent tip
Example: Two 5-acre fields near Sirsa are priced differently, since one is nahri with a canal outlet while the other is barani.
Agent tip: Check the class in the jamabandi and compare it with what you see. A field recorded as nahri without an actual outlet may have been wrongly classed.
Related:
Agricultural Land
Jamabandi
Girdawari
Banjar Land
NAKSHA Programme
Land Records
Also called: National Geospatial Knowledge-based Land Survey of Urban Habitations
A central programme to prepare updated records of urban land using aerial imagery and drone mapping. The goal is to create property records for towns, which for long did not have the clear revenue maps that villages have. It was launched on a pilot basis in 2025.
Example & agent tip
Example: A town in the pilot phase receives drone-based mapping of its houses, and owners are asked to verify boundaries against their deeds.
Agent tip: If your city is covered, check your plot's map entry when the survey is displayed. Errors are easier to fix at that stage than later.
Related:
Property Card
DILRMP
SVAMITVA
ULPIN (Bhu-Aadhaar)
Namantaran
Land Records
The word for mutation of land records in Madhya Pradesh and Chhattisgarh.
Example & agent tip
Example: A buyer in Bhopal applies for namantaran after the sale deed is registered.
Agent tip: Make sure the buyer files promptly. Pending namantaran blocks later resale and loans.
Related:
Mutation
Revenue Record
NAREDCO
Authorities
The National Real Estate Development Council, an industry body of the real estate sector.
Example & agent tip
Example: NAREDCO takes part in policy discussions with the government.
Agent tip: Check the developer's own record and registration.
Related:
CREDAI
Promoter
National Capital Region Planning Board (NCRPB)
Authorities
The statutory body that prepares the regional plan for the National Capital Region and coordinates planning among Delhi, Haryana, Rajasthan, Uttar Pradesh and the Centre. It also funds some infrastructure.
Legal basis: National Capital Region Planning Board Act, 1985.
Example & agent tip
Example: A buyer in the region reads the regional plan for land use categories before investing.
Agent tip: The regional plan can affect land use in the NCR. Check it with the local master plan.
Related:
NCR (National Capital Region)
Master Plan
Zoning (Land Use Zone)
National Company Law Tribunal (NCLT)
Legal
Also called: NCLT, Insolvency Tribunal
The tribunal that hears company insolvency and related matters, including cases against insolvent builders. Home buyers who have paid for flats count as financial creditors under the insolvency law, and they can take part in the process.
Example & agent tip
Example: A builder in Gurugram goes into insolvency before the NCLT, and the flat buyers file their claims through an interim resolution professional.
Agent tip: If a builder faces insolvency, file your claim on time with the resolution professional. Keep your agreement and receipts ready.
Related:
Insolvency
Consumer Commission
Allottee
Promoter
National Highways Authority of India (NHAI)
Authorities
The authority that builds, maintains and operates national highways. Its alignments, access rules and land acquisition shape nearby property values, and building close to a national highway requires its permission for access and setback.
Example & agent tip
Example: A plot near NH-44 at Lalru gains value after a new interchange is announced by NHAI, and the buyer checks the access rules.
Agent tip: Check proposed highway alignments with NHAI before buying a plot near a highway. Land can be acquired for widening.
Related:
Right of Way (ROW)
Land Acquisition (RFCTLARR Act, 2013)
Setback
National Housing Bank (NHB)
Authorities
A development finance institution for housing, set up under the National Housing Bank Act, 1987. It refinances housing lenders and runs housing finance schemes.
Example & agent tip
Example: A housing finance company borrows from NHB.
Agent tip: Home loan regulation now rests mainly with the RBI.
Related:
Housing Finance Company (HFC)
Reserve Bank of India (RBI)
Navi Mumbai
General & Places
Also called: New Bombay
A planned city across the harbour from Mumbai, developed in nodes such as Vashi, Nerul, Kharghar, Panvel and Ulwe. CIDCO was the main planning authority, and the city is known for planned plots, rail links and a new airport zone.
Example & agent tip
Example: A Dadar family shifts to Kharghar for a larger flat, noting that the local train runs on the harbour line.
Agent tip: Many Navi Mumbai plots are CIDCO leasehold, so check the lease terms and any transfer permissions during resale.
Related:
CIDCO
MMR (Mumbai Metropolitan Region)
Leasehold Property
MahaRERA
Nazul Land
Land Records
Also called: Nazool Land, Nazul
Government-owned urban land that is not managed as revenue land, often leased out in the past to private people or bodies for a fixed term. Several cities have rules for renewal or conversion to freehold.
Example & agent tip
Example: A flat in an older locality of Prayagraj stands on nazul land with a lease that expired. The buyer needs to know whether the lease has been renewed.
Agent tip: For nazul land, ask for the lease deed, the renewal order and any pending dues. Banks often avoid expired-lease properties.
Related:
Leasehold Property
Freehold Property
Lease Deed
Development Authority
NBFC (Non-Banking Financial Company)
Finance
A financial company regulated by RBI that lends but does not hold bank deposits like a bank. Many give loans against property.
Example & agent tip
Example: A self-employed buyer borrows from an NBFC when a bank rejects the file.
Agent tip: NBFCs may lend where banks decline, often at higher rates.
Related:
Housing Finance Company (HFC)
Home Loan
NCDRC
Legal
The National Consumer Disputes Redressal Commission, the highest consumer forum, which hears claims above ₹2 crore based on the price paid.
Example & agent tip
Example: A group of buyers files a case in the NCDRC against a large builder.
Agent tip: Before RERA, many buyers used the Commission for relief.
Related:
Consumer Commission
RERA Authority
NCR (National Capital Region)
General & Places
The region around Delhi, covering parts of Haryana, Uttar Pradesh and Rajasthan, planned by the National Capital Region Planning Board. It includes Gurugram, Noida, Ghaziabad and Faridabad.
Example & agent tip
Example: A buyer compares flats in Noida (UP) and Gurugram (Haryana), which have different RERA authorities.
Agent tip: Each NCR state has its own rules. Always state which one applies.
Related:
Gurugram
NOIDA
HRERA
UP-RERA
Net Annual Value (NAV)
Tax & Duties
Also called: NAV
The income from a let-out house for tax purposes, found from the higher of the expected rent and the actual rent, less municipal taxes paid by the owner. From NAV, the 30% standard deduction and home loan interest are deducted.
Legal basis: Section 23 of the Income-tax Act, 1961 (renumbered in the 2025 Act).
Example & agent tip
Example: A landlord in Chandigarh earns ₹4 lakh in rent, pays ₹20,000 in municipal tax, and so starts with a net annual value of ₹3.8 lakh.
Agent tip: Keep municipal tax receipts. Only taxes the owner actually paid in the year reduce the value.
Related:
Income from House Property
Standard Deduction (House Property)
Property Tax
Net Operating Income (NOI)
Investment & Valuation
Annual rent less operating costs such as maintenance, property tax and management, before loan payments and income tax.
Example & agent tip
Example: Rent of ₹12 lakh a year and costs of ₹2 lakh give an NOI of ₹10 lakh.
Agent tip: Use NOI to compare investments before financing.
Related:
Capitalisation Rate
Rental Yield
Net Present Value (NPV)
Investment & Valuation
Also called: NPV
The value today of all future cash inflows from an investment minus the money invested, using a chosen discount rate. A positive NPV means the project earns more than the required return.
Example & agent tip
Example: An investor pays ₹80 lakh for a flat and discounts future rent and resale value at 9%. If the sum is ₹85 lakh, the NPV is positive ₹5 lakh.
Agent tip: Compare projects using the same discount rate. A higher rate lowers the NPV.
Related:
Discounted Cash Flow (DCF)
Internal Rate of Return (IRR)
Return on Investment (ROI)
Net Usable Area
Measurement
The space inside a unit that a person can actually furnish and use, after deducting columns, shafts and similar obstructions from the floor area. It is a practical term and has no statutory definition.
Example & agent tip
Example: Two flats may both show 800 sq ft carpet area, but the one with large projecting columns leaves less net usable space for furniture.
Agent tip: Use it during site visits to explain why two units of the same carpet area can feel very different.
Related:
Carpet Area
Built-Up Area
New Chandigarh
General & Places
A planned township area near Mullanpur in SAS Nagar district, Punjab, developed under GMADA's planning.
Example & agent tip
Example: A buyer considers a plot in the New Chandigarh area.
Agent tip: Check approvals and the master plan for the exact sector.
Related:
GMADA
Tricity
New Tenure Land (Gujarat)
Land Records
Also called: Navi Sharat Jamin, Navi Satta Prakar
Land in Gujarat given by the government on conditions, often for farming, that restrict sale or non-agricultural use unless the Collector approves and a premium is paid. Land without such conditions is called old tenure land.
Example & agent tip
Example: A plot near Surat is found to be new tenure in the 7/12. The seller must first get permission and pay the premium before the buyer can build a residential project.
Agent tip: In Gujarat, always check whether land is old or new tenure. The premium can be a large part of the price.
Related:
Satbara Utara (7/12)
Agricultural Land
Jantri
Revenue Record
New Town Rajarhat
General & Places
Also called: Rajarhat
A planned township on the north-eastern edge of Kolkata, developed by the Hidco authority, with an IT hub, large housing complexes and wide roads. It is a major growth area of the Kolkata region.
Example & agent tip
Example: A Salt Lake family shifts to a flat in Rajarhat for a larger home closer to Action Area office parks.
Agent tip: Check whether the land belongs to Hidco, a private owner or a lease arrangement, since the paperwork differs.
Related:
WBRERA
Township (Integrated)
Master Plan
Leasehold Property
NHB Residex
Investment & Valuation
Also called: Residex, NHB Residential Price Index
A residential price index started by the National Housing Bank, which tracked housing prices in many Indian cities using data from sources such as banks and registration records. Check whether and how it is currently updated.
Example & agent tip
Example: A researcher compares an NHB Residex series for a city over a decade to see long-run price movements.
Agent tip: Do not treat any index as a price for one flat. Use it for background only.
Related:
National Housing Bank (NHB)
RBI House Price Index
Capital Appreciation
Nilam
General & Places
Also called: நிலம்
A Tamil word for land. In property listings it can mean any land, including farmland, so the type of land should be confirmed.
Example & agent tip
Example: A family in Erode sells ancestral nilam and asks whether it can be converted for housing.
Agent tip: Ask for the classification and the patta for any "nilam" before treating it as a building site.
Related:
Agricultural Land
Patta
Change of Land Use (CLU)
Plot
No Dues Certificate
Documents
A certificate from a developer, society or utility confirming that all dues such as maintenance, electricity and water charges have been paid up to a date.
Example & agent tip
Example: Before the sale deed is signed, the seller produces a no dues certificate from the society.
Agent tip: Ask for it from the society, the electricity board and the municipality before you close a resale.
Related:
Society Charges
Property Tax
No Objection Certificate (NOC)
No Objection Certificate (NOC)
Documents
A document from a person or authority stating that they have no objection to a proposed action, such as a sale, mortgage, construction or transfer.
Example & agent tip
Example: A resale flat in a society needs an NOC from the society, and sometimes from the bank that holds the mortgage.
Agent tip: Collect all the NOCs at the start of a deal. Missing NOCs cause delays at registration.
Related:
No Dues Certificate
Co-operative Housing Society
Mortgage
NOIDA
Authorities
The New Okhla Industrial Development Authority, which plans and develops the city of Noida in Uttar Pradesh. Greater Noida and Yamuna Expressway areas have their own authorities.
Example & agent tip
Example: A Noida plot buyer pays the authority's transfer charges when reselling.
Agent tip: Authority dues and transfer charges decide resale cost in Noida.
Related:
Development Authority
UP-RERA
Nomination (Transfer of Allotment)
General & Places
Transfer of a buyer's rights in an allotted unit to another person before the sale deed, with the developer's approval. Developers often charge a transfer fee.
Example & agent tip
Example: A buyer who cannot continue with a booking transfers it to a relative through the builder's nomination form.
Agent tip: Get the transfer endorsed by the developer in writing. A private transfer without the developer's approval is risky.
Related:
Allotment Letter
Booking Amount
Agreement for Sale
Nominee vs Legal Heir
Legal
A nominee named in a society, bank or insurance record receives the asset to hold, but is not always the final owner. The legal heirs, under a will or the law of succession, usually decide who finally owns it. Courts have said this in many cases.
Example & agent tip
Example: A flat holder in Mumbai nominates his friend with the housing society. After his death, his children claim the flat as legal heirs, and the society transfers it only after the legal question is settled.
Agent tip: Tell clients that nomination alone does not replace a will. Make a will for flats, shares and accounts.
Related:
Will
Legal Heir Certificate
Co-operative Housing Society
Nomination (Transfer of Allotment)
Notary
Documents
A legally authorised person who attests documents and administers oaths. Notarisation proves identity and signing but does not prove ownership or validity of title.
Example & agent tip
Example: A rent agreement is notarised, but a notary stamp does not make a sale deed valid.
Agent tip: Do not accept a notarised paper in place of a registered deed.
Related:
Affidavit
Apostille
Registration (Property)
Notice to Quit
Legal
Also called: Quit Notice, Termination Notice
A written notice by a landlord or tenant to end a periodic tenancy, giving the period of notice the law or lease requires. The Transfer of Property Act sets minimum notice periods for monthly and yearly tenancies, which local laws or contracts may alter.
Legal basis: Transfer of Property Act, 1882, Section 106.
Example & agent tip
Example: A landlord in Mohali sends a written notice to quit to a month-to-month tenant, ending the tenancy after the notice period.
Agent tip: Check that the notice is in writing, signed and delivered with proof. Defective notices are a common reason eviction cases fail.
Related:
Tenancy at Will
Eviction
Tenant
Transfer of Property Act, 1882
NPA (Non-Performing Asset)
Finance
A loan on which the borrower has stopped paying interest or instalments for 90 days or more. Banks may take recovery action once an account becomes an NPA.
Example & agent tip
Example: A builder's loan becomes an NPA after payments stop for three months, and the bank starts recovery.
Agent tip: Check whether a builder's project loan is an NPA. It signals financial stress.
Related:
SARFAESI Act
Insolvency
NRE and NRO Accounts
Tax & Duties
Also called: NRE Account, NRO Account
Bank accounts for NRIs. An NRE account holds money earned abroad and can be sent back freely, while an NRO account holds income earned in India, such as rent, and is subject to limits and tax on transfer abroad.
Legal basis: Governed by the Foreign Exchange Management Act, 1999 and RBI rules.
Example & agent tip
Example: A Singapore-based owner of a Panchkula flat has the rent credited to an NRO account and uses an NRE account to pay the home loan EMI from foreign earnings.
Agent tip: Rent from Indian property goes into an NRO account. Plan repatriation with documents early.
Related:
NRI (Non-Resident Indian)
NRI Home Loan
Repatriation of Sale Proceeds
NRI Home Loan
Finance
A home loan given by an Indian lender to a non-resident Indian to buy or build a residential property in India. Banks look at foreign income, employment abroad, and the repayment account, which is usually an NRE or NRO account.
Example & agent tip
Example: Arvind, working in Dubai, takes an NRI home loan to buy a flat in Zirakpur and pays EMIs from his NRE account.
Agent tip: Expect more paperwork, such as attested income proof and a local power of attorney or relative for signing. Start early.
Related:
NRI (Non-Resident Indian)
Special Power of Attorney (SPA)
NRE and NRO Accounts
NRI (Non-Resident Indian)
Legal
An Indian citizen who lives outside India. Under foreign exchange law, NRIs and OCI cardholders may buy residential and commercial property in India, but not agricultural land, plantation property or a farmhouse.
Legal basis: Foreign Exchange Management Act (FEMA), 1999 and RBI rules.
Example & agent tip
Example: An NRI in Dubai buys a Mohali flat through his NRE account and a power of attorney.
Agent tip: Payment must come through banking channels. Taxes on sale are different for NRIs.
Related:
Power of Attorney (POA)
TDS on Sale by NRI
Apostille