1070+ property terms explained in plain words: RERA, land records (Fard, Jamabandi, 7/12, Patta), documents, law, tax, finance and state-specific vocabulary. Each term has its legal basis, an Indian example and a tip for agents.
Reviewed 16 October 2026 · 1073 terms · 14 topics
A thick concrete slab that spreads the building load over its whole base area. It is used where soil is weak or loads are heavy.
Example: A basement parking level sits on a raft foundation that spreads the weight of the tower.
Agent tip: Raft foundations are common in basement projects. Ask for the structural drawings if you doubt the design.
Related: Foundation Pile Foundation Basement
Permission from the railway authorities needed when a project is close to railway land or needs a bridge, crossing or utility passing the track. It protects safety and future railway expansion.
Example: A township near a Punjab junction waited for the railway's NOC before building an access road that crossed the line.
Agent tip: When a plot adjoins railway land, ask if the NOC is in hand. Missing one can stop road or utility works.
Related: No Objection Certificate (NOC) Right of Way (ROW) Height Clearance (AAI NOC)
Collecting and storing rainwater for use or to recharge groundwater. Many cities require it in new buildings.
Example: A society collects roof water into a recharge pit.
Agent tip: Many local rules require rainwater harvesting in sanctioned plans.
Related: Green Building Sanctioned Plan
The Rajasthan Real Estate Regulatory Authority, which registers projects and agents in Rajasthan, including Jaipur.
Example: A Jaipur agent applies for registration through the Rajasthan RERA portal.
Agent tip: Rajasthan land records and bigha measures differ by area.
Related: RERA Authority Bigha Jaipur Development Authority (JDA)
Also called: RBI HPI, All-India House Price Index
A quarterly index published by the Reserve Bank of India that tracks changes in housing prices across major cities, built from property registration data. It shows the trend in prices rather than the price of an individual home.
Example: A newspaper reports that the RBI's index shows prices up compared with the same quarter last year, but a buyer in a small town cannot use it to price a flat.
Agent tip: Use it for the trend, and local sale deeds for an actual price.
Related: Reserve Bank of India (RBI) NHB Residex Capital Appreciation
Concrete strengthened with steel bars, used for foundations, columns, beams and slabs in most Indian buildings. It combines the compressive strength of concrete with the tensile strength of steel.
Example: A 12-storey apartment building uses an RCC frame, with brick or block walls filling the gaps.
Agent tip: Ask about the structural design and the engineer in charge. These details matter more than the marketing words.
The name for the government's minimum property rates in Maharashtra, published each year and used to compute stamp duty.
Example: A buyer in Pune checks the annual ready reckoner for the zone and floor before agreeing a price.
Agent tip: Ready reckoner rates vary by zone, use and age of building. Use the official tables.
Related: Circle Rate Stamp Duty
Also called: RMC
Concrete prepared at a central batching plant to a specified strength and delivered to the site in transit mixers. Quality is easier to control than with hand mixing on site, and it suits large pours for slabs and columns.
Example: For a slab pour at a Sector 80 project, six transit mixers arrived in sequence so the pour was continuous and no cold joints formed.
Agent tip: Ask the builder whether RMC is used for structural elements and whether cube test results are kept for each pour.
A property that is complete, has its occupancy certificate and can be occupied immediately.
Example: A buyer who needs a home by next month chooses a ready-to-move flat over an under-construction one.
Agent tip: RTM units cost more but carry less delivery risk. Check the OC.
Related: Under-Construction Property Occupancy Certificate (OC)
Also called: Property Dealer, Property Agent
Under RERA, a person who, for a fee or commission, brings buyers and sellers together or helps in the sale or purchase of a plot, apartment or building in a real estate project. Such a person must be registered with the state RERA authority.
Legal basis: Defined in Section 2(zm) of the RERA Act, 2016. Registration is required under Section 9.
Example: Mr. Arora introduces buyers to a registered Zirakpur project and earns a commission. Without a RERA registration he cannot lawfully do so, and Section 62 allows a penalty of ₹10,000 a day, up to 5% of the cost of the property sold.
Agent tip: Display your RERA registration number on your visiting cards, website and ads.
Related: RERA Agent Registration Channel Partner Broker
Also called: Project
A development of land or buildings for sale, including the common areas and any infrastructure, as defined in the Act. It covers apartments, plots, commercial units and mixed-use schemes.
Legal basis: Defined in Section 2(zn) of the RERA Act, 2016.
Example: A plotted colony of 50 plots on 5 acres is a real estate project.
Agent tip: Check whether the project meets the registration thresholds, and that each phase is registered.
Related: Section 3 (RERA) Promoter Plotted Development
A revenue document that records ownership, tenancy and related rights over a land parcel. It is the legal base for revenue collection and land transactions.
Example: A buyer checks that the RoR names the seller as owner and shows no tenant or loan entry.
Agent tip: Match the owner's name in the RoR with the name in the sale deed. A mismatch needs correcting before purchase.
Related: Revenue Record Mutation Jamabandi
A route for enforcing money orders without a separate civil suit. The Authority sends a recovery certificate to the revenue authorities, who may attach and sell the defaulter's property to realise the dues as they would for unpaid land revenue.
Legal basis: Section 40(1) of the RERA Act, 2016.
Example: A promoter owes a Kharar buyer a refund plus interest. After the order goes unpaid, the district recovery officer attaches the promoter's unsold flats.
Agent tip: Give the Authority accurate details of the promoter's known assets. It speeds up recovery.
Related: Section 40 (RERA) Delay Interest Tehsildar
A document that corrects an error, such as a wrong name, area or boundary, in an earlier registered deed. It is signed by both parties and registered.
Example: A sale deed misspells the buyer's name and shows 2,200 sq ft instead of 2,020 sq ft. The parties sign a rectification deed.
Agent tip: Correct errors immediately. They affect mutation, loans and later resale.
Related: Sale Deed Supplementary Deed
Rebuilding an old building or society with new construction, usually by a developer who gives owners new flats and sells extra units.
Example: A 40-year-old society appoints a developer to rebuild and gives each member a flat with 25% more area.
Agent tip: In society redevelopment check the development agreement, the corpus and the timelines.
Related: Joint Development Agreement (JDA) Co-operative Housing Society
A fee paid to a person for introducing a client, without carrying out sales work.
Example: A customer refers a friend to a project and receives ₹25,000 on booking.
Agent tip: Check whether the referral arrangement triggers the need for registration under the law in your state.
Related: Brokerage Real Estate Agent
A planning document covering a wider region beyond city limits, setting broad land uses, transport corridors and growth areas for several towns and villages. City master plans must fit within it.
Example: A farmland buyer near Panipat checked the Regional Plan and found his land was in a zone meant for industrial growth.
Agent tip: For land outside cities, the regional plan, not the city master plan, usually decides what can be done.
Related: Master Plan Zoning (Land Use Zone) Change of Land Use (CLU)
Also called: RRTS, Namo Bharat
A faster regional rail service, built by the National Capital Region Transport Corporation, linking Delhi with other NCR cities. The Delhi-Ghaziabad-Meerut corridor runs under the Namo Bharat name; other corridors have been planned.
Example: A Meerut resident working in Delhi looks for a flat near an RRTS station to cut the daily commute.
Agent tip: Check which corridors are operating, as others are under construction or proposed. Plan around the actual line status.
Related: NCR (National Capital Region) Metro Rail Transit Oriented Development (TOD) Ghaziabad
Also called: Government-Approved Valuer
A professional enrolled under the Companies (Registered Valuers and Valuation) Rules, 2017 to value land and buildings, plant, securities or other assets. Many financial and tax matters call for a valuation by a registered valuer.
Legal basis: Companies Act, 2013 and the Companies (Registered Valuers and Valuation) Rules, 2017.
Example: Before settling a family property division, Rajinder hires a registered valuer for land and buildings to get an independent report.
Agent tip: Ask the valuer for the registration number and check that the asset class is land and building.
Related: Valuation Report Market Value Fair Market Value as on 1 April 2001
The office under the corporate affairs ministry where companies and LLPs are registered and file annual returns and charges. Buyers and agents can use the filings to check a developer's existence, directors and registered charges.
Legal basis: Companies Act, 2013.
Example: A buyer pays a fee to view a developer company's filings and sees a charge registered in favour of a bank.
Agent tip: Check company filings and charges as part of due diligence. A registered charge shows existing loans on assets.
Related: Due Diligence Promoter Mortgage
The state officer who registers cooperative societies, including housing societies, and supervises them. The Registrar handles disputes, elections and audit, and approves bylaws.
Example: A member of a housing society in Panchkula petitions the Registrar over a dispute about election of the committee.
Agent tip: Housing society disputes often go to the Registrar or a cooperative court first. Check the state law.
Related: Co-operative Housing Society Share Certificate Resident Welfare Association (RWA)
The state officer who registers societies under the Societies Registration Act, such as resident welfare associations, clubs and trusts. Registration gives the society a legal identity and its bylaws.
Example: A colony forms a welfare association and registers it with the Registrar of Societies to open a bank account.
Agent tip: Registered status helps an association sign contracts and open accounts. Keep annual filings current.
Related: Resident Welfare Association (RWA) Association of Allottees Co-operative Housing Society
The law that lists which documents must be registered and sets the procedure for registration.
Example: Section 17 requires registration of sale deeds, gift deeds and leases for more than one year.
Agent tip: A draft Registration Bill, 2025 has been proposed to replace it. Check the current law.
Related: Registration (Property) Sub-Registrar
A fee paid to the registration department when a document is registered. It is separate from stamp duty and is usually a small percentage of the value, sometimes with a cap.
Legal basis: Registration Act, 1908, and state fee schedules.
Example: In some states the registration fee is about 1% of the property value, while others fix a maximum amount.
Agent tip: Budget stamp duty and registration fee together. Together they add several percent to the cost of a purchase.
Under the Centre's model rules, the promoter applies in Form A, signs a sworn declaration in Form B, and receives the registration certificate in Form C. States have their own rules and sometimes their own form numbers, so the portal's current format governs.
Legal basis: Rules made under Section 84 of the RERA Act, 2016; form letters follow the Central model rules.
Example: A Zirakpur promoter uploads the application, the notarised declaration and a list of approvals on the state portal and later downloads the certificate.
Agent tip: When comparing projects across states, do not assume the same form letters. Use the state portal's own labels.
Related: RERA Rules Section 4 (RERA) RERA Registration Number
The legal process of recording a document, such as a sale deed, with the Sub-Registrar of the area, on payment of stamp duty and the registration fee. A sale of immovable property worth ₹100 or more can be made only by a registered deed.
Legal basis: Registration Act, 1908 (Section 17) and Transfer of Property Act, 1882 (Section 54).
Example: A buyer and seller attend the Sub-Registrar's office with two witnesses to register the deed.
Agent tip: Present the document within four months of signing. The Registrar can accept a delay of up to four more months on a fine, and only for unavoidable reasons. After that it cannot be registered.
Related: Sale Deed Sub-Registrar Stamp Duty
Also called: Registration Slip, Document Receipt
The receipt or slip given by the sub-registrar after a document is presented for registration, showing the document number, date and fees paid. Until the registered document is returned, it serves as proof of the registration.
Example: Ravi buys a flat in Panchkula and receives a registration receipt that day, but the original deed arrives from the registrar two weeks later.
Agent tip: Keep the receipt safely and check the date and document number against the stamped deed. It helps with mutation and loan formalities.
Related: Registration (Property) Sub-Registrar Registration Fee Sale Deed
Also called: Registree
Everyday north Indian word for registering a sale deed at the sub-registrar office. People say "registry ho gayi" to mean ownership has been transferred and registered. It is also used for the registered deed itself.
Example: A buyer in Zirakpur says the registry is fixed for Friday at the sub-registrar office.
Agent tip: Explain that registry is different from mutation. Buyers must also get the land records updated.
Related: Registration (Property) Sale Deed Mutation Sub-Registrar
The day on which the sale deed is signed and registered at the sub-registrar office with both parties, witnesses and the required identity documents. Agents arrange appointments, stamp duty and fees, and make sure all papers are ready.
Example: An agent books a slot at the sub-registrar's office, brings stamp paper and meets both parties there with witnesses.
Agent tip: Do a mock check of documents a day before, including photos, ID proofs and payment proofs.
Related: Sale Deed Sub-Registrar Registration (Property) e-Stamping
Also called: Building Regularization Scheme, BRS
A government scheme that lets an unauthorised building or colony be legalised on payment of fees and compliance with set conditions. Terms differ by state and time.
Example: A state offers a one-time regularisation scheme for plots in unauthorised colonies.
Agent tip: Regularisation does not cure every defect. Read the scheme's cut-off dates and conditions.
Related: Unauthorized Construction Compounding
Also called: R&R, Punarvas
Benefits given to families affected by land acquisition, such as housing, land, employment or cash support, in addition to compensation. The 2013 Act sets a framework, and states add their own schemes.
Example: Families displaced by a dam project in Madhya Pradesh receive plots in a resettlement colony, in addition to the compensation for their land.
Agent tip: If your land or house lies in an acquisition notice, ask about R&R entitlements as well as compensation. They are separate.
Related: Land Acquisition (RFCTLARR Act, 2013) Solatium Social Impact Assessment (SIA) Public Purpose
Also called: REIT Payout, Distributable Cash Flow
The income a REIT passes on to its unit holders, which must be at least 90% of its net distributable cash flows under SEBI rules. It comes from rent and similar sources, and may be taxed partly as interest, dividend or rent.
Legal basis: SEBI (Real Estate Investment Trusts) Regulations, 2014.
Example: A unit holder receives a quarterly payout from a REIT that owns office parks, funded by tenants' rent.
Agent tip: Distribution yield changes with unit price and occupancy. Compare it over several quarters.
Related: REIT (Real Estate Investment Trust) SM REIT Rental Yield
Also called: REIT NAV
The value of a REIT's properties plus other assets, minus its debts, divided by the number of units. An independent valuer values the properties regularly. A REIT unit can trade above or below its NAV in the market.
Example: A REIT's NAV per unit is ₹350, but its units trade at ₹320 on the exchange, so they trade at a discount to NAV.
Agent tip: Compare a REIT's market price with NAV, and look at occupancy and debt before buying.
Related: REIT (Real Estate Investment Trust) Market Value Equity
A trust that owns income-producing property, such as offices and malls, and sells units to investors on a stock exchange. It distributes most of its income as dividends.
Legal basis: Regulated by SEBI under the REIT Regulations, 2014. A REIT must distribute at least 90% of its net distributable cash flow.
Example: An investor buys units of a listed REIT for ₹10,000 and receives a share of rent.
Agent tip: REITs offer exposure to commercial real estate without buying a property directly.
Related: SM REIT Rental Yield Fractional Ownership
A deed by which one co-owner gives up their share in a jointly owned property in favour of another co-owner.
Example: One sister releases her share in the ancestral house to her brother through a registered release deed.
Agent tip: When a seller claims sole ownership of inherited property, ask for release deeds from the other heirs.
A document by which a person gives up their right or claim in a property. It is often used between family members and may attract stamp duty.
Example: A daughter signs a relinquishment deed in favour of her brothers for her share in the family flat.
Agent tip: Check if the deed is registered and stamped properly. Unregistered relinquishments are a common source of later disputes.
Related: Release Deed Partition Deed Joint Ownership
Extension of an agent's RERA registration for a further term, applied for before the current registration ends. Rules on timing, fees and late penalties differ by state.
Example: An agent files for renewal three months before the expiry date, as the state rules require.
Agent tip: Put the renewal date in your calendar. Some states charge a late fee or end the registration.
Related: RERA Agent Registration Real Estate Agent
Also called: Kirayanama, Rental Agreement
The written contract between landlord and tenant on rent, deposit, period, notice and responsibilities. In many states a rental agreement under one year is not compulsorily registered, but it should be stamped.
Example: A 11-month rent agreement on stamp paper records a ₹25,000 monthly rent and a two-month security deposit.
Agent tip: Insist on a written, stamped agreement. Without it, a tenant has few clear rights.
Related: Lease Deed Leave and License Agreement Security Deposit
A state law that regulates rent, eviction and tenant rights in some areas, often protecting old tenants. Many states are replacing it with the Model Tenancy Act.
Example: In an old tenancy under the Rent Control Act, the rent is fixed at a very low level and the landlord cannot easily evict.
Agent tip: Before buying a tenanted property, check if the tenant has protected rights.
Related: Model Tenancy Act Eviction Tenant
Also called: Annual Rent Increase Clause
A term in a lease or rent agreement that raises the rent by a set percentage after a fixed period, such as every year or every three years. It protects the landlord from inflation and lets the tenant plan.
Example: A Chandigarh office lease raises the rent by 5% each year, so the tenant knows what he will pay in year three.
Agent tip: Specify the percentage and the dates. Vague rules cause disputes.
Related: Rent Agreement Lease Deed Escalation Clause
Also called: Rent or Buy
A comparison of the cost of renting a home with the cost of buying one, including the down payment, EMI, taxes, maintenance and the return the money would earn if invested elsewhere. The answer depends on price, rent, loan rate and how long you will stay.
Example: A young couple in Mohali compares a rent of ₹22,000 with the EMI, maintenance and lost investment return on a ₹70 lakh flat, and decides to rent for three more years.
Agent tip: Let the client stay time, job stability and savings drive the answer. Buying is rarely a good fit for a short stay.
Related: Price-to-Rent Ratio Home Loan Down Payment
The part of an office or shop area on which rent is charged. In commercial buildings it usually includes the usable area plus a share of common areas. Lease agreements should state how it is measured.
Example: An office tenant in Gurugram paid rent on rentable area that was about a fifth larger than the space inside his door.
Agent tip: Ask the landlord how rentable area is measured and who verified it. A small difference changes rent materially.
Related: Net Usable Area Loading Factor Grade A Office
Annual rent as a percentage of the property's price. Residential yields in India are often modest, while commercial property can yield more.
Example: A flat worth ₹80 lakh rents for ₹25,000 a month. The yield is ₹3 lakh divided by ₹80 lakh, or 3.75%.
Agent tip: Show gross and net yield, after costs such as tax and maintenance.
Related: Capitalisation Rate Net Operating Income (NOI) Return on Investment (ROI)
Also called: Repatriation of Property Sale Money
Sending money from the sale of an Indian property abroad. An NRI generally must pay tax first and meet limits set under FEMA, with a limit of one million US dollars a year from NRO funds, and file Forms 15CA and 15CB.
Legal basis: Foreign Exchange Management Act, 1999 and RBI rules; check the current limits.
Example: After selling his Mohali flat and paying tax, Ajay gets a chartered accountant's certificate before sending the balance to his foreign account.
Agent tip: Tell NRI sellers to obtain tax clearance, Form 15CA and Form 15CB documents before the sale completes.
Related: NRE and NRO Accounts TDS on Sale by NRI NRI (Non-Resident Indian)
Also called: Policy Repo Rate
The rate at which the Reserve Bank of India lends short-term money to commercial banks. It is the central bank's main policy rate, and when it moves, home loan rates linked to it usually move too after the next reset date.
Example: After the RBI's monetary policy committee cut the repo rate, Gurpreet in Ludhiana saw the rate on his repo-linked home loan fall at the next quarterly reset.
Agent tip: Do not promise clients that a rate cut will automatically reach them. Ask the lender when the next reset falls and whether the spread has been fixed.
Related: Repo-Linked Lending Rate (RLLR) Reserve Bank of India (RBI) Floating Interest Rate
A home loan rate linked to the Reserve Bank of India's repo rate. RBI requires new floating-rate retail and small-business loans to follow an external benchmark since 1 October 2019.
Example: A bank sets the home loan rate at repo plus a fixed spread.
Agent tip: Ask about the spread, the reset date and any spread charge for existing borrowers.
Related: Floating Interest Rate MCLR (Marginal Cost of Funds based Lending Rate)
The Real Estate (Regulation and Development) Act, 2016: the central law that regulates the sale of plots, apartments and buildings in registered projects. It created a regulator in each state, requires projects and agents to register, and gives buyers defined rights.
Legal basis: Assented to on 25 March 2016. Most sections were in force from 1 May 2016, and the registration provisions (Section 3 and others) from 1 May 2017.
Example: A buyer in Zirakpur checks the project on the Punjab RERA portal before paying the booking amount, as RERA allows.
Agent tip: RERA is a central Act, but each state notifies its own rules and runs its own authority. Fees and procedures differ by state.
Related: RERA Authority Promoter Allottee Real Estate Agent
Also called: Separate Account (70% Rule), RERA Designated Account
The separate bank account in which a promoter must deposit 70% of the money collected from buyers for a project. The money may be used only for land and construction costs of that project, and withdrawals follow the percentage of work completed.
Legal basis: Section 4(2)(l)(D) of the Real Estate (Regulation and Development) Act, 2016.
Example: A developer in Mohali collects ₹10 crore from buyers and must place ₹7 crore in the project's separate account, drawing on it as an engineer, architect and chartered accountant certify progress.
Agent tip: Ask the promoter for the account details and the latest certified withdrawals. Mismatch between collections and construction is a warning sign.
The registration that a real estate agent must obtain from the state RERA authority before facilitating sales in a RERA project. Fees, validity and documents are set by each state's rules.
Legal basis: Section 9 of the RERA Act, 2016 and state RERA rules.
Example: A Panchkula agent applies on the state portal with ID proof, address proof, photographs and the prescribed fee, and receives a registration certificate.
Agent tip: Renew before the expiry date. Working with a lapsed registration exposes you to penalties.
Related: Real Estate Agent RERA Registration Number Renewal of Registration
Also called: Appellate Tribunal, RERA Appellant Tribunal
The forum that hears appeals against orders of the RERA authority or the adjudicating officer. A promoter who appeals must first deposit at least 30% of any penalty, or the full amount payable to the allottee, as the Act provides.
Legal basis: Sections 43 and 44 of the RERA Act, 2016. Further appeal lies to the High Court under Section 58.
Example: A builder appeals against a refund order and must deposit the amount due to the buyer.
Agent tip: Mention the deposit rule to buyers who worry that appeals will delay refunds.
Related: RERA Authority Adjudicating Officer
Also called: Authority, Regulatory Authority
The state or Union Territory regulator set up under the Act to register projects and agents, hear complaints and enforce the law.
Legal basis: Section 20 of the RERA Act, 2016.
Example: A buyer files a complaint with the state RERA authority about a delayed project.
Agent tip: Know which authority covers the project. Each state has its own portal.
The Real Estate Regulatory Authority, Bihar, which registers projects and agents in Bihar, including Patna.
Example: A Patna agent applies for registration through the Bihar RERA portal.
Agent tip: Mutation in Bihar is called dakhil kharij.
Related: RERA Authority Dakhil Kharij
The Karnataka Real Estate Regulatory Authority, the regulator for Karnataka including Bengaluru. It is often written K-RERA, which is also the short form used for Kerala.
Example: A Bengaluru buyer checks a project's registration number on the Karnataka RERA portal.
Agent tip: Check which state a K-RERA reference refers to.
Related: RERA Authority Khata (Karnataka) BDA
The Real Estate Regulatory Authority, Punjab. It registers projects and agents in Punjab, including Mohali, Zirakpur, Kharar and Ludhiana.
Example: A Zirakpur project is checked on the Punjab RERA portal before sales begin.
Agent tip: Punjab also has its own apartment and property law (PAPRA) and development authorities such as GMADA and PUDA.
Related: RERA Authority GMADA PUDA PAPRA
Also called: RERA ID, RERA Number
A unique number given by the state authority to a registered project or agent. It lets buyers verify the registration on the authority's portal, and state rules require it in advertisements.
Example: A flyer for a project in Panchkula must show its RERA number, which the buyer then checks on the portal.
Agent tip: Never take a booking without checking the number on the official portal.
Related: RERA Authority Real Estate Agent
The rules made by each state or Union Territory under Section 84 of the Act. They set forms, fees, interest rates, agent registration and procedures. The central Model Rules are only a template.
Legal basis: Section 84 of the RERA Act, 2016.
Example: One state sets agent registration at ₹10,000 for individuals, while another sets a different amount.
Agent tip: Always read the rules of the state in which you work.
Related: RERA Real Estate Agent
A buyer can approach the RERA Authority or a consumer commission for a delayed or defective home. The Supreme Court held in 2020 that RERA does not bar consumer remedies, so the buyer chooses the forum, but should not run both for the same relief.
Legal basis: Sections 79 and 88 of the RERA Act, 2016; Imperia Structures Ltd v Anil Patni (Supreme Court, 2020).
Example: A buyer of a delayed flat in Panchkula files with the RERA Authority for refund, while a neighbour approaches the consumer commission for the same relief.
Agent tip: Compare time, cost and the relief each forum can grant. Do not file for the same relief in two forums.
Related: Consumer Commission NCDRC Section 79 (RERA)
If a builder is in insolvency, the process under the Insolvency and Bankruptcy Code can pause actions against the company. Homebuyers are treated as financial creditors, and a group threshold applies for starting a case against a builder. A RERA order may be hard to enforce during this period.
Legal basis: Insolvency and Bankruptcy Code, 2016, as amended in 2018 and 2020.
Example: A Zirakpur builder enters insolvency, and a buyer with a RERA refund order has to file a claim with the resolution professional.
Agent tip: Check whether the builder faces insolvency proceedings before suing. Insolvency can change the route to recover money.
Related: Insolvency Allottee Section 40 (RERA)
Also called: Resale
A property sold by a previous owner rather than by the developer. It is a second-hand or secondary-market sale.
Example: A buyer purchases a five-year-old flat from its owner.
Agent tip: Resale deals need extra checks on society dues, title, mutation and the seller's loan.
Related: Sale Deed No Dues Certificate Due Diligence
India's central bank. It regulates banks and housing finance companies, sets lending norms such as loan-to-value limits and prepayment rules, and regulates foreign exchange for property purchases by non-residents.
Example: RBI limits the loan-to-value ratio for home loans.
Agent tip: Check RBI circulars for loan rules.
Related: Loan-to-Value (LTV) Prepayment NRI (Non-Resident Indian)
Also called: Reserve Price (Auction)
The minimum price below which a lender will not sell a property in an auction. Bidders must offer at least this amount, and the lender sets it after valuing the property.
Example: A bank puts a mortgaged flat in Panchkula up for e-auction with a reserve price of ₹48 lakh, and the first bid must be at or above it.
Agent tip: Buyers at auction should check the reserve price, the earnest money deposit, and any dues on the property before bidding.
Related: Bank Auction Property SARFAESI Act Distress Sale Value
An association of residents that manages the common affairs of a colony or society, such as security, parks and maintenance. It is common in plotted colonies and sectors.
Example: An RWA in a Mohali sector organises security and waste collection.
Agent tip: In a plotted colony, check how the RWA is funded and registered.
Related: Society Charges Gated Community
Also called: Awasiya Plot, Housing Plot
A parcel of land in an approved layout where the permitted land use is housing. The buyer builds a home within the setback, height and coverage rules of the local authority. Only residential use is allowed unless the use is formally changed.
Example: Mr. Gill buys a 200 sq yard residential plot in an approved Kharar sector and plans a two-storey house on it.
Agent tip: Confirm that the plot is in an approved layout and that its size and road width match the sanctioned plan before taking a booking.
Related: Plot Approved Layout Setback Ground Coverage
Also called: Tax Residency, Resident vs Non-Resident
A person's tax status for the year, as resident, resident but not ordinarily resident, or non-resident. It depends on the number of days spent in India and decides whether income earned abroad is taxed in India. It differs from the FEMA definition of NRI.
Legal basis: Section 6 of the Income-tax Act, 1961; the 2025 Act has a corresponding provision.
Example: Prakash spends 130 days in India this year and a long time abroad earlier, and his accountant checks which stay test applies before his tax return.
Agent tip: NRI sellers should have residency worked out by a CA before a sale, since it decides the tax and the deduction at source.
Related: NRI (Non-Resident Indian) Double Taxation Avoidance Agreement (DTAA) TDS on Sale by NRI
Also called: Residual Method, Development Method
A way to value land that a developer plans to build on. It takes the expected sale value of the finished project, subtracts construction cost, approvals, finance, marketing and the developer's profit, and treats the balance as what the land is worth.
Example: A developer expects ₹120 crore from selling flats on a Zirakpur site, subtracts costs and profit, and offers the landowner what is left as land value.
Agent tip: Landowners should test the builder's cost and price assumptions before accepting the figure.
Related: Joint Development Agreement (JDA) Land Banking Highest and Best Use
A leisure property such as a resort, farm stay or hill retreat built for holidays, often on large land in a tourist area. Land use, local zoning and environmental rules, especially in hills, coasts and forests, decide whether it can be built or run.
Example: A buyer in the Kasauli belt checks the zoning and tree-cutting rules before agreeing to buy land for a small resort.
Agent tip: Always confirm land use, local building limits and coastal or forest restrictions before talking of resort potential.
Related: Hotel Property Holiday Home Coastal Regulation Zone (CRZ) Zoning (Land Use Zone)
A wall built to hold back soil at a different level, common on sloping sites and in hill areas.
Example: A hillside plot needs a retaining wall to hold the road and the building.
Agent tip: Check its design and approvals on sloping land.
Related: Foundation Boundary Wall
Also called: Retention
A percentage of each contractor payment held back by the owner until the work is finished or the defect period ends. It protects the owner if the contractor leaves defects or does not complete the job.
Example: A Sector 70 builder released the held-back amount to a facade contractor only after a year of defect-free performance.
Agent tip: If you are hiring a contractor for your own home, agree on retention money in the work order. It gives leverage to get defects fixed.
Related: Defect Liability Period Bill of Quantities (BOQ) Turnkey
The total profit from an investment as a percentage of the money put in, including rent and price gain after costs.
Example: An investor puts in ₹50 lakh, earns ₹6 lakh in rent and sells for ₹60 lakh. Total gain before tax is ₹16 lakh.
Agent tip: Include stamp duty, brokerage and taxes when you calculate ROI.
Also called: Revenue Tribunal, Revenue Officer Court
A court or officer under the revenue department, such as a tehsildar, sub-divisional magistrate or collector, which hears matters on mutation, partition of agricultural land, tenancy and land records. Civil courts often cannot decide these.
Example: A dispute over mutation of inherited farmland in Bhiwani goes to the tehsildar, and an appeal goes to the collector.
Agent tip: Know the revenue appeal chain in your state. A late appeal can lose the case on time alone.
Related: Mutation Tehsildar Revenue Record Civil Court
The government's official register of land: who owns it, who cultivates it, how large it is and what it is used for. Each state keeps its own version under names such as Jamabandi, 7/12, Khatauni or RTC.
Example: A buyer in Haryana asks for the latest Jamabandi, while a buyer in Maharashtra asks for the 7/12 extract. Both are the revenue record of that state.
Agent tip: A sale deed is a transfer document. The revenue record shows who the government treats as owner. Check both.
Related: Jamabandi Satbara Utara (7/12) Khatauni Mutation
Also called: Mauza, Mouza, Revenue Mouza
The smallest unit used in revenue records, with its own boundary, village number and set of survey numbers. A revenue village need not be the same as a hamlet or a village panchayat, and one panchayat may include several.
Example: A deed names the village as Sherpur, but the revenue village has a different name from the locality the broker uses, which makes the search at the sub-registrar difficult.
Agent tip: Use the revenue village name and number from the record when you search or write a deed, not the common name of the area.
Related: Tehsil Survey Number Revenue Record Patwari
Also called: RCM in Real Estate
A GST rule under which the buyer, not the seller, pays the tax. It applies to a promoter who buys less than the required share of inputs from registered suppliers, and to certain land or development rights supplied by landowners under joint development.
Legal basis: Notified under Section 9(3) and 9(4) of the CGST Act, 2017 and related notifications.
Example: A builder in Zirakpur buys too much material from unregistered dealers, so he pays GST himself on the shortfall under reverse charge.
Agent tip: Ask a GST consultant about reverse charge when structuring a joint development with a landowner.
Related: GST on Real Estate Joint Development Agreement (JDA) Input Tax Credit (ITC)
Also called: Reverse Mortgage Loan, RML
A loan for senior citizens, typically aged 60 or above, who own a house. Instead of paying EMIs, the borrower receives regular payments from the lender and keeps living in the house. The loan is repaid from the property's sale after the borrower's death or when they leave.
Example: Retired teacher Mohan Lal, 68, takes a reverse mortgage on his Zirakpur house and receives a monthly sum, while his children later decide whether to repay the loan or sell.
Agent tip: Explain that the loan balance grows with interest, so the heirs may inherit less. Heirs should be told the options in advance.
Related: Mortgage Senior Living Legal Heir Certificate
Also called: Cancellation of Power of Attorney, POA Revocation
A document by which the person who gave a power of attorney cancels it. A revocation is effective against third parties once they know of it, so it should be notified, and a registered power is usually cancelled by a registered deed.
Example: Mr. Thakur in Shimla learns that his agent has lost his trust and signs a registered cancellation of the power of attorney, then informs the local sub-registrar.
Agent tip: If the power was registered, register the revocation and notify buyers and banks in writing. An irrevocable power linked to an interest cannot be cancelled in this way.
Related: Power of Attorney (POA) General Power of Attorney (GPA) Cancellation Deed Sub-Registrar
The authority's power to cancel a project's registration for default, unfair practices or fraud, after a notice of at least 30 days. The authority may then arrange completion of the project, with the allottees' association having first right to take it up.
Legal basis: Sections 7 and 8 of the RERA Act, 2016.
Example: A promoter diverts escrow funds, and the authority revokes the registration and appoints someone to complete the project.
Agent tip: Check the authority's orders and the project's status on the portal.
Related: RERA Authority Association of Allottees
Also called: ROFR
A contract right under which the holder gets the first chance to buy or lease a property if the owner decides to sell, on terms offered by an outside party. It is common in commercial deals and joint ventures.
Example: A co-investor in a Gurugram office has a right of first refusal in the agreement. When the owner finds an outside buyer, he must first offer the same price to the co-investor.
Agent tip: Write how long the holder has to respond and in which form. Without a time limit, a sale can be held up.
Related: Right of Pre-emption Joint Ownership Agreement for Sale Offer Letter
Also called: Shufa, Shufa Right, Pre-emption
A right of a person, such as a co-owner or neighbour, to buy a property before it is sold to an outsider, on the same terms. It arises from custom, contract or statute, and its use has narrowed over time.
Example: In a village of Haryana, a co-sharer claims a pre-emption right when his cousin sells his share to an outsider, and a court examines whether it applies.
Agent tip: Where the property is co-owned, offer it to co-owners first, in writing. It prevents a later claim.
Related: Joint Ownership Mushtarka Malkan Land Sale Deed Right of First Refusal
The strip of land reserved for a road, including its width. It determines how wide a road can be and where building lines fall.
Example: A plot on a 60 ft ROW road has different setback and permitted use rules from a 20 ft road.
Agent tip: Check the road width, as it can decide permitted height, use and FAR.
Related: Setback Easement Master Plan
The right of a buyer to get details of a project, such as the sanctioned plan, the layout plan with specifications and the stage-wise completion schedule.
Legal basis: Section 19(1) and 19(2) of the RERA Act, 2016.
Example: A buyer asks the developer for the stage-wise schedule and the project's approvals.
Agent tip: Remind buyers that this is a right under the Act.
Related: Allottee Quarterly Update Section 19 (RERA)
A single room with a kitchen, common in older cities and affordable housing. A 1 RK has one living-cum-sleeping room and a kitchen.
Example: Mumbai chawl redevelopment projects often offer a 1 RK or 1 BHK in return for old tenements.
Agent tip: Check whether the RK is sold as a residential unit in the RERA-registered project.
Related: BHK Studio Apartment Chawl
Solar photovoltaic panels fitted on a building's roof to produce electricity. Housing societies use them for common-area loads, and many states offer net metering, which credits surplus power sent to the grid against the electricity bill.
Example: A Panchkula housing society installed rooftop panels that power the lifts and corridor lights during the day.
Agent tip: Check net metering rules with the local distribution company before promising savings to a buyer.
A series of attached houses sharing common side walls, often within a gated community. Row houses give a house-like feel at a lower plot cost.
Example: A row of eight 3 BHK houses shares side walls but has separate entrances and small front gardens.
Agent tip: Ask which walls are party walls and who maintains them.
Related: Villa Independent House Gated Community
Record of Rights, Tenancy and Crops: the land record for agricultural land in Karnataka (called Pahani in Telangana and Andhra Pradesh, where portals have changed in recent years). It shows the owner, area, crops and loans.
Example: A buyer of farm land near Mysuru reads the RTC to see the owner and any loan entry.
Agent tip: Check the RTC for the last three to five years to see changes.
Related: Revenue Record Mutation
The Act gives the government power to make rules and the Authority power to make regulations. This is why procedures, forms, fees and interest rates differ across states, even though the parent Act is common.
Legal basis: Sections 84 and 85 of the RERA Act, 2016.
Example: Two states set different complaint fees and forms, so a buyer in Mohali and one in Gurugram follow different procedures.
Agent tip: Always read your state's rules and regulations. Do not apply another state's procedure.
Related: RERA Rules RERA Authority Registration Forms (Form A, B and C)
Also called: Running Feet, RFT
A measure of length in feet along a line, used to price items like cabinets, skirting, railings and kitchen counters. It ignores the height or depth unless the rate says otherwise.
Example: A modular kitchen quote in Panchkula was priced per running foot for base cabinets and a different rate for wall cabinets.
Agent tip: Ask what the rate includes, such as hardware and the depth of units. Running foot quotes are not easy to compare.
Related: Modular Kitchen Square Foot Specifications
Also called: Rural Agricultural Land (Capital Asset Exemption)
Farmland that falls outside specified distances from a municipality or cantonment, depending on its population. For income tax it is not a capital asset, so its sale does not give rise to capital gains tax.
Legal basis: Section 2(14) of the Income-tax Act, 1961, which the 2025 Act continues under a new number.
Example: Sukhdev sells farmland in a village far beyond the notified distance from the town, and does not pay capital gains tax on the sale.
Agent tip: Distance is measured as the law prescribes, so confirm with an accountant before telling a seller the gain is free of tax.
Related: Agricultural Land Capital Gains Change of Land Use (CLU)
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