Realty Terminology

  • Carpet area is the floor area/space of the property/flat which is actually useable or functional and does not include the walls.(can be measured physically)
  • Built-up area is carpet area plus the inside walls and peripheral/outer walls of the flat/property.
  • Super Built-up area is built-up plus the common area of the building/society/complex like lobby, stairs, lifts, compound ground, etc.
  • In architecture, a plinth (from French plinthe, from Latin plinthus, from Greek πλίνθος plinthos, “brick”) is the base or platform upon which a column, pedestal, statue, monument or structure rests.
    In real estate it is: Total covered area of the property unit i.e area within & including outside walls of the unit. It can be calculated by adding carpet area, areas of utility ducts within property unit and internal & external walls of the unit. Same as built-up area.

It is the ratio of total built-up area of the building/complex to total area of the plot on which it is built.

It is approved by the planning authority like Town planner, BMC or respective municipal authorities.   

It is equivalent awarded FSI (instead of monetary compensation) to the owner for surrendering his land which is been marked by Planning Authority like BMC, others for developmental purpose.

This TDR can be utilized by himself or transfer/sold in the market. It can be used as FSI to construct additional floor space over and above the existing FSI (maximum limit 2 or more according to the master planners of the city/town) & only north of the land (in Mumbai). 

This is an architectural plan drawn out for developer of the proposed building/structure which is authenticated/approved by the planning authority like BMC, with accordance of developmental regulations & conditions.

This is communication/intimation from the authorities to the developer of the plan submitted & correction/rectification recommended. It is one of the essentials before the commencement of the construction.

This is to certify the commencement of the construction of the building. It is important document for clients booking flats/apartments under construction.

This is to certify that the construction of the structure/building is complete according to the approved plan & fit to be occupied by the prospective owners.

Columns are vertical pillars & beams are horizontal structure made of RCC(Reinforced Cement Concrete) which supports the entire building. They form skeleton of the building/structure.

They should not be altered under any circumstances and should be modified if necessary under eligible structural engineer‘s authentication.

They are flat horizontal platforms which forms the flooring/ceiling of the flat/apartment.

They are load carrying walls (extended columns) of RCC without any beam. They give stability to the structure/building usually used in tall building or towers as well as visually esthetic.

It is an abstract term frequently used to link an individual or entity who owns property to the property itself. When a person has “title”, he is said to have all the elements, including the documents, records, and acts that proves his /her ownership.

Title establishes the quantity of rights in real estate being conveyed from seller to buyer.

The statement or certificate stating the title of the said land/property is held by the current owner legally.

It is the search carried out by the lawyer/solicitor to ascertain and know the legal owner/heir of the land/property going back to the desired time say 10/15/20…..50… years to present one.

 

An insurance policy indemnifying against the loss due to title imperfections, purchased usually by the buyer. It is a new concept for India.

It is a revenue document of ownership mainly for agricultural and rural lands issued by Talathi of the respective village. It has name of the owner, description of property i.e Survey No. & Hissa No.; area of the plot and Mutation entry Nos., of any encumbrances by way of loan, charge, protected tenant, etc, and the tenure of land. This document is always available in local language of the state. It is valid for 6 months duration from the date of issue.

It is a revenue document of the agricultural and rural lands showing details of mutations entries like charges or encumbrances of any nature i.e; transfer, assignment, partition, mortgage etc., popularly known as “Pherfar Patrak” in Maharashtra. It is valid for 6 months duration from the date of issue. onveyed from seller to buyer.

 

Any restrictions that affects/limits the title of a property like mortgages, leases, easements, others. 

This is a revenue document like 7/12 extract but issued by City Survey Officer of respective zone, showing ownership, description of property i.e; Survey No. & Hissa No., area of plot in figures & words; and Mutations entry like way of loan, charge, long term lease and others. It is valid for one year from the date of issue.

This is a plan issued by City Survey Office with survey no., showing the boundaries of the plot and existing structures if any relation if any thereon.

The Officer on request can carry out survey and demarcate the boundaries of the plot and issue plan of demarcation to the applicant.

This is the permission issued by the District Collector, when the nature of land is changed from agricultural to non-agricultural land for purpose of residence, commercial or industrial use / development. This is issued within a period of 30 days and payment of the conversion charges & NA assessment taxes to the offices of the ‘Tahasildar’ concern.

This is the property like plot or land belonging to owner himself/herself/themselves not leased out to any other party for long term.

This is the property like plot or land belonging to the lessee (user) who has obtained the rights to use the property from the lessor (owner) and transfer these rights to new or prospective user. 

It is the token / advance money given by the purchaser to seller as a gesture for not entering with any other party for the sale/lease/rent of the desired property.

This is a instrument or document executed duly between the ‘Vendor” (Seller) and the “Purchaser” wherein the property mentioned is to be sold by “Seller” and purchased by “Purchaser” and described in details like Survey No., C.T.S. No., etc and area of property with terms, conditions and convenants agreed upon like compensation, specifications of construction, scheduled of property giving description, location and area of property; list of amenities, facilities and others.

It should have the total compensation sum in figures and words with the duration period. It should have a part payment receipt form the “Purchaser”. 

This is a document/ instrument/agreement between “Seller” and “Purchaser” wherein the property scheduled is sold by the “Seller” and purchased by “Purchaser” described in details like Survey No., C.T.S. No., etc and area of property with terms, conditions and convenants agreed upon like compensation, specifications of construction, scheduled of property giving description, location and area of property; list of amenities, facilities and others. 

It should have the receipt from the “Purchaser” of the full payment or compensation done in exchange of transfer of titles & rights with possession of the property.

The process of transfer of the title or ownership of the property from one party to another.

This is short term agreement not more than 9 years between “Licensor” (Owner of the property) and “Licensee” (prospective user of the property) with terms and conditions described in details with monthly compensation mentioned. It should have the receipt of deposit amount paid by Licensee to Licensor as the form of security.

This is the long term agreement between “Lessor” (Owner of the property) and “Lessee” (prospective user of property) with terms and conditions mentioned generally for more than 9 years, varies from 30 years to 99 years; with description of monthly/yearly lease or compensation along with the premium payable by lessee to the lessor.

It is a written instrument empowering a specified person to act for and in the name of a person executing it.

In other words, a power of attorney is an authorization to act on someone else’s behalf in a legal or business matter.

An appraisal is estimation of value of the property.

The appraisal process involves some steps which are as follow

  • Physical & legal identification
  • Identify the property rights like ownership, leased, others.
  • Purpose/Aim of appraisal like mortgage, property insurance, others.
  • Specific date of the valuation as market conditions keeps changing.
  • Accumulating & analyzing data from the market.

Valuation is actually calculating the value for the property by different methods.

Adjudication is a procedure done by the revenue department to determine the market value of the property on payment of nominal fees by the applicant. Applicants have to submit documents, instruments and certain basic data of the property as well as all the factors affecting the valuation of the property. 

It is the tax paid to the revenue department of state government on documents or instruments under the Bombay Stamp Act, 1958 (real estate) & Indian Stamp Act, 1899. It is usually paid by the buyer unless it is agreed any other way.

It is paid as per market value assessed by the Registrar/Sub-registrar Office. The assessment value and amount can be obtained from the Stamp duty Ready Reckoner published by the same department annually.

The agreement on which stamp duty is paid should be registered with Registrar/Sub-registrar of the state department as it forms record with the government.

The charges for the same are 1% or Rs.30000/- whichever is less. 

It is revenue earned half yearly or annually by Civic authority for the services being rendered to public viz; water, sewerage, education, streets maintenances, others which is based on Ratable Value decided by the assessment department published periodically. Initially it was calculated on notional annual rentable value of the property but now it is been considered for capital valuation.

It is the certificate issued by the Co- operative Society Ltd of the flat, unit,  plot, tenants or housing board owners to the respective owner stating the ownership in the form of numbers of equity holding shares & Share Certificate No.

It is a geographical region that has favourable economic laws different from a country’s typical economic regulation. The goal of it is to increase foreign investment, employment, improve infrastructure with the advantage of tax benefits to promote that part of the country.

In general the land between low tide line and high tide line is the Coastal Regulation Zone. For regulating developmental activities, the coastal stretches within 500 meters of HTL (High Tide Line) on the land ward side are classified into the following different categories of coastal regulation zones (CRZ) four categories namely I, II, III and IV. 

Property agent is an individual person who is in contact / refers / known / responsible for property prospect (customer) to get in touch with potential property seller / agent / broker / consultant. He usually plays passive part in the entire transaction / deal.

Property broker is an individual who is responsible for closing the deal between property seller and buyer. He is usually active participant in the deal and responsible for the negotiation. 

Property consultant is property expert responsible for negotiation and entire transaction of the deal. He has all the resources to take the transaction to its desired result.