Real-estate Glossary
Agreement to Sell
A legally binding contract between the buyer and seller outlining the terms and conditions of the property sale.
Amenities
Facilities or features within a property or development that enhance its value, such as swimming pools, gyms, or parks.
Appraisal
An evaluation or estimation of a property’s value conducted by a qualified appraiser.
BHK
Stands for Bedroom, Hall, and Kitchen, used to denote the number of bedrooms in a residential unit (e.g., 2 BHK, 3 BHK).
Built-Up Area
The total floor area of a property including walls, balconies, and common spaces.
Capital Gains
The profit earned from the sale of a property or asset, calculated as the difference between the selling price and the purchase price.
Carpet Area
The actual usable area within the walls of a property, excluding common areas and walls.
Conveyance Deed
A legal document that transfers ownership of a property from the seller to the buyer.
Completion Certificate
A document issued by the local authority after the completion of a construction project, certifying that it complies with building regulations and is ready for occupancy.
Developer
A company or individual responsible for planning, constructing, and marketing real estate projects.
Encumbrance Certificate
A document that verifies whether a property has any outstanding legal dues or pending mortgages.
EMI
Equated Monthly Installment, a fixed amount paid by a borrower to a lender for a mortgage or loan.
Floor Plan
A detailed architectural diagram that showcases the layout and dimensions of a property, including rooms, walls, and other features.
Freehold
Ownership of a property where the buyer has full and absolute rights over the property.
Gated Community
A residential community that is enclosed and controlled by gates or walls, providing security and amenities exclusively for residents.
Home Loan
A loan provided by a financial institution to help individuals purchase a property.
Independent House
A standalone residential property not attached to other structures, offering privacy and separate ownership.
Infrastructure
Physical structures and facilities such as roads, bridges, water supply, and sewage systems that support the development of an area.
Joint Venture
A partnership between two or more parties, typically developers and landowners, to develop a property or project together.
Landmark
A prominent and easily recognizable feature near a property, often used as a reference point for navigation or location.
Leasehold
A property ownership arrangement where the buyer has a lease agreement with the landowner for a specific duration.
Mortgage
A loan secured by a property, with the property serving as collateral for the loan.
No Objection Certificate (NOC)
A document issued by the local authority or concerned party stating that they have no objection to a particular action or transaction, such as land conversion or property transfer.
Occupancy
The act of residing or using a property, often indicated by the presence of tenants or owners.
Open Space
Land or areas within a development project that are left undeveloped and designated for recreational or community purposes.
Plot
A parcel of land designated for development or construction of residential or commercial buildings.
Possession Date
The date specified in the agreement when the buyer will receive possession of the property.
Power Backup
A system that provides alternative electricity supply during power outages or interruptions.
Proximity
The nearness of a property to important amenities, facilities, transportation, or landmarks.
Real Estate Investment Trust (REIT)
A company that owns, operates, or finances income-generating real estate, offering investors the opportunity to invest in a diversified real estate portfolio.
Registration
The process of legally documenting a property transaction with the appropriate government authority.
Resale
The process of selling a property that has been previously owned, as opposed to buying directly from the developer.
Resale Value
The estimated value at which a property can be sold in the future, considering market conditions and factors such as location, amenities, and demand.
Saleable Area
The total area of a property that can be sold, including the carpet area, balconies, and common areas.
Security Deposit
An amount of money paid by a tenant to the landlord as security against any damages or unpaid rent.
Society/Residential Association
An organization formed by residents of a housing society or apartment complex to manage and govern the common areas and facilities.
Society Maintenance Charges
Fees paid by residents to maintain and manage the common areas and amenities of a residential society.
Stamp Duty
A tax imposed on property transactions, payable to the government, based on the property’s value or transaction value, whichever is higher.
Super Built-Up Area
The total area of a property, including the built-up area, walls, and common spaces like corridors, lobbies, and staircases.
Title Deed
A legal document that establishes ownership of a property.
Tripartite Agreement
An agreement involving three parties, such as the buyer, lender, and developer, typically related to home loans and construction projects.
Turnkey Project
A construction project where the developer or contractor is responsible for the entire project, from design to completion.
UDS
Undivided Share of Land, representing the proportionate ownership rights of a flat or apartment owner in the common areas and land of a housing society.
Urban Development Authority
A government body responsible for planning, development, and regulation of urban areas.
Vaastu/Vastu
An ancient Indian architectural science that provides guidelines for the design, layout, and positioning of buildings for positive energy flow.
Verification and Search Report: A legal document that verifies the authenticity of property documents, ensuring that there are no encumbrances or legal disputes associated with the property.
Verification of Title
The process of confirming the ownership rights and legal status of a property.
Water Connection
The provision of water supply to a property from the municipal or local authority.
Zoning
The division of land into different zones or areas based on specific land use regulations, such as residential, commercial, or industrial.
24x7 Security
Continuous security measures and personnel ensuring the safety and protection of residents and properties round the clock.