Occupancy Certificate (OC)
Approvals
Also called: Occupation Certificate, Certificate of Occupancy
A certificate from the local authority declaring that a building is fit to live in and complies with the sanctioned plan and safety norms. It is also called the occupation certificate.
Legal basis: Defined in Section 2(zf) of the RERA Act, 2016. The promoter must obtain it and give it to the association of allottees.
Example & agent tip
Example: A buyer is asked to take possession of a flat before the OC is issued. This is a risk because utilities and loans may be affected.
Agent tip: Do not advise clients to accept possession without an OC. Ask for a copy of the certificate.
Related:
Completion Certificate (CC)
Possession
Conveyance Deed
Occupancy Class II Land
Land Records
Also called: Bhogwatdar Class II, Class 2 Land, Varg 2
In Maharashtra, land held with restrictions on transfer (Class II, or bhogwatdar), as against free Class I land (bhumiswami). Selling or using it for non-agricultural purposes needs the Collector's permission and often a payment to the state.
Example & agent tip
Example: A buyer in Nashik finds the 7/12 extract showing Class II occupancy and learns that the sale needs Collector permission, and a premium may be payable to convert it to Class I.
Agent tip: Read the other rights column of the 7/12. If it says Class II, do not pay beyond the token before the permission is in hand.
Related:
Satbara Utara (7/12)
Gaothan
Inam Land
Agricultural Land
Offer Letter
Documents
A document from a developer or seller that sets out the price, payment plan and terms of a proposed deal before the buyer commits.
Example & agent tip
Example: A developer emails an offer letter with a price sheet that is valid for 15 days.
Agent tip: Treat it as a proposal. Compare it with the agreement for sale, since terms often change.
Related:
Allotment Letter
Basic Sale Price (BSP)
Offer of Possession
General & Places
A written notice from the developer that the unit is ready and the buyer must complete payments and take possession. Under RERA this normally follows an occupancy certificate.
Legal basis: Section 17 of the RERA Act, 2016 deals with handing over possession and documents.
Example & agent tip
Example: A developer sends an offer of possession in Mohali along with a final demand and asks the buyer to attend an inspection.
Agent tip: Check that the occupancy certificate exists before accepting. A notice without it is incomplete.
Related:
Possession Letter
Occupancy Certificate (OC)
Section 17 (RERA)
Office Space
Property Types
Commercial space built for business use. It may be bare shell, warm shell or fully fitted, and is rented per sq ft per month.
Example & agent tip
Example: An IT firm takes a 5,000 sq ft fitted office on a three-year lease with annual escalation.
Agent tip: Clarify the area basis (carpet or super) and the CAM charges before comparing office rents.
Related:
Co-working Space
Bare Shell
CAM Charges
Old Mahabalipuram Road (OMR)
General & Places
Also called: OMR, Rajiv Gandhi Salai, IT Corridor Chennai
A Chennai IT corridor, also called Rajiv Gandhi Salai, running along the coast south of the city through Perungudi, Sholinganallur and Navalur. It has offices, apartments and educational campuses.
Example & agent tip
Example: A Chennai family looks at a flat in Navalur for easy access to their daughter's office on OMR.
Agent tip: Parts of the corridor lie near coastal zones and lakes, so check CRZ and flood history for the plot or building.
Related:
Coastal Regulation Zone (CRZ)
CMDA
TNRERA
Micro-market
Ongoing Project
RERA
A project that was under development when RERA's registration provisions began and had not yet received a completion certificate. Such projects had to register.
Legal basis: First proviso to Section 3(1) of the RERA Act, 2016.
Example & agent tip
Example: A tower started in 2015, without a completion certificate by May 2017, had to be registered.
Agent tip: A project that says it is "exempt as ongoing" needs checking. Ask for its completion certificate.
Related:
Section 3 (RERA)
Completion Certificate (CC)
Online Building Plan Approval System (OBPS)
Approvals
Also called: OBPS, e-Building Permit
An online platform adopted by many cities and states where architects submit plans, documents and fees digitally and the authority scrutinises and sanctions them, aiming for a faster, more transparent process.
Example & agent tip
Example: A builder in Indore uploaded drawings through the state portal and tracked scrutiny stages without visiting the office.
Agent tip: Check the portal's status page and download the approved plan yourself instead of relying on photocopies.
Related:
Building Plan Approval
Sanctioned Plan
Single Window Clearance
Open Listing
Agent Practice
A listing that an owner places with several agents at once, with commission going to the agent who closes the sale.
Example & agent tip
Example: An owner lists a flat with five agents and pays only the one who brings the buyer.
Agent tip: Expect lower effort on open listings, since agents may not invest time.
Related:
Exclusive Mandate
Brokerage
ORERA
Authorities
The Odisha Real Estate Regulatory Authority, which regulates projects and agents in Odisha, including Bhubaneswar.
Example & agent tip
Example: A Bhubaneswar buyer checks the project on the ORERA portal.
Agent tip: Odisha uses decimal as a land unit.
Related:
RERA Authority
Decimal
How to become a RERA agent in Odisha →