what are the real estate and property market terms and definitions in india
DESCRIPTION
Looking to buy an apartment in a builder project or a piece of land, Or for that matter, looking to buy/lease office space property? We are sure you will come across many real estate terms and definitions which are new to you and therefore comprehending them is essential to make sure that you are not overpaying. Find the detailed glossary of property related terms in India.TRANSCRIPT
Real Estate Terms, Definitions in India
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Allotee: The person who is allotted a property, either by government body/authority or
by a developer.
Agent: Also known as Real Estate Agent, Realtor or Broker. An agent plays the role of a
facilitator for property transactions for a consideration.
Built-up area: includes the carpet area and thickness of external walls, internal walls
and columns. It is typically 10-20% more than the carpet area and is also sometimes
known as the plinth area.
Carpet area: The actual usable area within the walls of the floor is Carpet area.
Clear Title: A title that is free from claims or legal questions and all other encumbrances
about the ownership of the property.
Circle Rate: The value of the property expressed in Rs/Sq. Ft. or Rs/Sq. Yard as set by
the local government body. The stamp duty and registration charges applicable for a
property are calculated on prevailing circle rates.
Commencement Certificate: A certificate issued by the appropriate local authority
certifying the construction may commence. Typically, this is done after the concerned
party has obtained sanction of plans for the construction of a multi-storied building and
has put the columns in place indicating the building boundaries.
Common Areas: Those portions of a building, land and amenities owned (or managed)
by a planned unit development (PUD) or condominium project's homeowners'
association (or a cooperative project's cooperative corporation) that are used by all of
the unit owners, who share in the common expenses of their operation and
maintenance. Common areas include swimming pools, tennis courts, and other
recreational facilities, as well as common corridors of buildings and parking areas.
Common Area Maintenance (CAM): Common areas include hallways, pathways and
utilities. CAM fees are accumulation by the landlords from the tenants to cover
maintenance, property taxes and insurance in the case of Triple Net Lease.
Real Estate Terms, Definitions in India
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Encumbrance Certificate: A report issued by Registrar of Assurances or Sub-Registrar's
office after due verification of the relevant documents certifying that the property in
question is free from all encumbrances such as mortgages, leases, easements or
restrictions.
Efficiency ratio: Efficiency ratio is expressed as a share of carpet to super areas of the
property.
Floor Space Index (FSI): Floor Space Index is the quotient of the ratio of the combined
gross floor area of all floors excepting areas specifically exempted under these
regulations to the total area of the plot.
Maintenance charges: These are charges taken by the maintenance society towards the
maintenance of the property which includes costs of generator sets, security,
landscaping, and common areas.
Market value: Valuation process evaluates the market value of the property. Demand
and supply forces in the market and factors like type of property, quality and
construction, its location, infrastructure and available maintenance are taken into
consideration. Market value of the property is the price that the property commands in
the open market.
Occupancy Certificate or OC: A certificate issued by the local development authority
certifying that all necessary works have been completed as per the sanctioned plans and
that the property is fit for occupation. The OC is issued after clearance from the water,
electricity, sewerage, fire fighting authorities etc.
Registration charges: The fees associated with getting the legal title registered in your
name. This legal process takes place in the sub-registrar’s office in your local court.
Real Estate Terms, Definitions in India
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Super area: This is as a rule regards to the entire area of the building which includes
carpet area, lobbies and corridors, walls, lifts, staircases basements, and other atrium
and utility areas. In Mumbai, the area under water tanks and other utility rooms are
included in the super areas. In Delhi, the basement is excluded in super area unless it is
being used for commercial purposes. In Chennai, the basement and atrium areas are
included in the super areas and in Bangalore; the basement is not included in the super
area.
Stamp duty: Real Estate Stamp duty is a type of tax accumulation by the Government of
India. Stamp duty is established on the agreement value or on the market value
whichever is greater.
Sale deed: Sale deed provides the buyer the absolute and undisputed ownership of the
property. With this law, the seller transfers his right of property to the buyer.
Subsequently, it is executed to the execution of the sale agreement and after compliance
of various terms and conditions detailed in the agreement.
Title: The document that provides legal evidence that the person has the right to the
possession of the land.
Real Estate Terms, Definitions in India
Aggregated and Prepared by: www.nirrtigo.com Green Realtech Projects Pvt. Ltd Real Estate Projects India | User Ratings & Reviews | Common Cause | Discussions | Research Page
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