Glossary

Assessed Value is the price of the asset taken by the government for tax purposes.

Appreciation is an increase in the value of an asset over time.

An act of assessing something and evaluating its value by a qualified person.

Allottee is a person to whom something is allotted by the builder, development authority or government.

Alley is a narrow lane or passage between or behind buildings.

Alienation Clause is a financial clause that enables the lender to collect the remaining loan amount in a lump sum after the sale of the property.

An agent is any person registered to conduct real estate transactions.

An addendum is a legal document or information attached or added to clarify, modify, or support the information in the original document.

One acre of land is 4048.32 Sq mt.

Abatement Notice is a legal notice that is served by owners or tenants when they violate local laws with reference to the maintenance of the property and the consequences in case they fail to correct it.

Key Selling Price in land is the base rate per sq ft at which a property is recorded by the owner. It is generally exclusive of any additional charges, for instance, charges, unique region charges, and other upkeep commitments.

Established in 1941, the Builder’s Association of India (BAI) is a vertex that represents civil construction or development organizations. A large portion of the framework advancement firms and land developers of India falls under the umbrella of BAI.

A building/structure plan is a pictorial portrayal of how the building will appear post-construction.

Capital gains tax (CGT) is collected on the additional gains acquired out of the sale of a non-stock resource. The profit earned from the sale is eligible of being taxed as per the salary slab or at 20% depending on how long it has been with the proprietor. There are two sorts of capital gains in the land – Short Term Capital Gains (STCG) and Long Term Capital Gains (LTCG).

A Certification of Incorporation is a legal document expressing the establishment of a new venture or company. It is issued by the state government and fuses nuances, for instance, date of solidification, legal proprietors and name of the association.

India’s first Credit Information Company, Credit Information Bureau Limited (CIBIL), gathers and keeps up records of a person’s advances, charge cards and related instalments.

CIBIL credit score A CIBIL Credit Score, otherwise called CIBIL TransUnion score, is a 3 digit number that outlines a person’s credit and money related wellbeing. It sets up the credit value of a person.

A city overview plan is the draft proposition to study a city/town/village to plan the development of different physical highlights, for example, private stashes, streets, sewerage and seepage lines and other framework ventures.

The subset of framework division that incorporates essential comforts given by the civic bodies is called city framework. It can incorporate offices, for example, sewerage, seepage and water and power supply.

A clearance certificate is required to bear witness to that a substance/individual has paid all dues and is clear of any liabilities that they held towards another entity/individual. Non-issuance of a clearance certificate holds a person liable to pay the individual the amount they owe to them.

A co-borrower is an extra borrower of a credit. A joint credit should be possible with either a life partner or blood relatives. Taking a joint advance permits profiting higher advance sum as well as offers some tax breaks.

A Commencement Certificate is a legitimate report issued by the close-by specialists to a land designer giving them the last permit to start advancement. It is issued essentially after the maker demonstrates each required opportunity and approves as per the stipulated fundamentals and controls communicated by the masters and the National Building Code. It is necessary for a producer to gain this record before starting the improvement of a building.

A Completion Certificate is an authoritative record issued by the municipal authority or an approved planner/design affirming the completion of the project. The certificate is granted only if the building satisfies all development and security standards as mentioned by the National Building Code.

A conveyance deed is an authoritative archive that demonstrates the exchange of property title starting with one individual then onto the next. It is like a Sale Deed, be that as it may, the prime distinction between the two is that a Sale Deed exchanges the title of a property if there should arise an occurrence of a deal. While, a transport deed does likewise in the event of a blessing, trade, rent, contract or some other conditions.

The Credit Information Report (CIR) is a record of the credit instalment history. The data is according to the bank records and data from financial institutions. It enables loan givers to know the person’s record as a consumer before giving an advance.

Down Payment is the underlying instalment done while buying something using a loan. In land, the initial instalment is generally 10-20 per cent of the absolute estimation of the property, contingent upon the instalment plan offered by the vendor.

EMI represents Equated Monthly Installment. It is the regularly scheduled instalment that a borrower is subject to make to the loan specialist. It satisfies both the principal sum and the interest over a chosen timeframe, for the most part running into years.

A fixed interest rate is an unchanging rate charged on a liability, such as a loan or a mortgage. It might apply during the entire term of the loan or for just part of the term, but it remains the same throughout a set period.

A home loan plan with a floating rate of interest is the one in which the interest percentage can fluctuate during the loan period based on several market dynamics. It is also known as a variable or adjustable interest rate.

A Floor plan is a scale outline of the situation of rooms, open spaces and different parts of a constructed space

Freehold property is ‘free from any hold’ and offers a boundless and fully belonging to the buyer. The purchaser is permitted to move and further trade the duty regarding property similarly as the touch base on which it stands.

An indirect tax. GST is levied at every step in the production process but is meant to be refunded to all parties in the various stages of production other than the final consumer.

For the advancement of home loans, a guarantor is a person who acts as a collateral security

Housing finance companies provide financing for housing either directly or indirectly, primarily or as one of their main objectives. These companies are registered under the 1956 Company Act( 1 of 1956).

Immovable properties include land, building and any property that is fixed/attached to the earth.

It is a deed or legal agreement with two or more people

The act governs the payment of stamp duty to the government for real estate transactions.

An organization that invests money in real estate assets and various other types of investment properties.

Inventory in real estate refers to the total sq ft of rentable area available on offer for a buyer

When the principal employs two or more agents to act on his behalf. In the case of agents, if one agent makes the sale the remuneration has to be shared by both parties in agreed-upon proportions.

An agreement between the proprietors who hold the same assets or properties. Rights to ownership, responsibilities and monetary contributions are defined as a part of this agreement

Khata document is a document that records information on the property taxes that have been paid for a specific property to the local authorities.

A Kick-out clause allows sellers to continue showing the property to potential buyers and ‘Kick out’ an existing offer should a better one come along. The clause allows the seller to sell to a second buyer without having to pay a fine to the first one.

Every piece of land is assigned a particular ‘survey number’ so as to stay a legal record of its location, shape, size and possession. A surveyor assigns a singular variety to each land parcel, which might be used at the time of legal disputes. A land survey numerical is additionally vital for registration and sale of the plot; and land acquisition method.

A site plan is an Associate in Nursing drawing or a group of construction drawings of a given site/plot. It’s a graphic illustration of the assorted components to be made on a bit of land. This footprint might embrace options like arrangement of buildings, parking tons, landscape and different civic amenities like emptying facilities, hygienic sewer lines, water lines etc. it’s sometimes conducted by professionals like accredited engineers or architects.

Estate property is partly in hand by the client for a pre-decided fundamental time span. The client owns the property, principally a flat, however not the land on that it stands. The renter is entitled to pay a ground premium and annual lease rent. When the lease comes to a closure, the possession of the property transfers to the freehold owner. In India, the estate amount usually goes up to 90-99 years.

A location arrangement could be a master development arrangement of a location, indicating the proposed/planned usage of a district or piece of land. it’s ordinarily used for a large geographic region like a city, village etc.

Mutation is the method of adjusting title possession from one person to a different one. It’s to be worn out in all cases of property transfer like sale-purchase, gift, death of possessor or perhaps purchase created through Power of professional person (PoA). By doing this, the new owner gets the property title beneath their name, and therefore the government is in a position to stay their records updated and collect taxes from the correct owner.

National code (NBC) refers to a set of rules and laws for the development of buildings in an Asian nation (India). It’s a document set to standardize the development quality of properties in terms of building necessities, construction material, structural necessities, hearth safety and plumbing necessities. It’s developed by the Bureau of Indian Standards (BSI) and is a national instrument for guiding construction activities.

NOC may be an instrument issued by any agency, organisation or institute indicating the intent of not objecting to the agreements mentioned within the document.

An occupation certificate or possession certificate could be an official document issued by the government authorities saying a building is appropriate for habitation. it’s issued solely once the builder has completed the development once yielding with building codes and laws, as declared by native authorities and National codification (NBC).

Physical infrastructure could be a set of infrastructure sector associate degreed sometimes includes basic physical structures that are very important for the functioning and survival of an economy, town and neighbourhood. Transportation networks like roads, rail, airports and mass transits; communication and telecommunication services etc are a component of the physical infrastructure.

Preferential Location Charges (PLC) are the extra charges levied for the sale of a location that is the most well-liked by patrons. These charges may be hooked into the situation of a property in respect to open areas like parks or roads or on the ground on that it is set.

A property card could be legal proof of the possession of land in AN geographic region. It contains the history of possession of a land parcel. The document is employed in case of court litigations associated with land at intervals the town limits.

A restriction contained in a legal document limits the rights of a person’s interest in a piece of land.

Registration of a property makes the customer the legal owner. Without it, the legal rights of the property still are unconditional with the developer. to induce a property registered, the customer is needed to pay the required stamping and registration prices. These prices vary from state to state. On a mean, in India, the registration charges vary between 3-8% of the overall registered value of the property, reckoning on the precise location and registrar jurisdiction.

RERA Real Estate Regulation Authority was brought into effect on May 1, 2017. It seeks to protect home-buyers as well as help boost investments in the real estate industry.

Return on Investments (ROI) may be a gain ratio. it is used to verify the profit one will earn over their investments in proportion.

Sale Deed or Final Deed is the most significant document created between the client and also the merchant of a property. This document contains all the clauses of the acquisition like the ultimate deal worth, the accepted model and amount of payment, the parts sold-out and enclosed services/facilities. The sale of a property isn’t thought-about valid till the sale agreement has been signed by each of the parties. it’s ruled by the Registration Act of the Republic of India.

The set of infrastructure sector which has social services like academic establishments, health care facilitates, retail and amusement avenues etc is termed social infrastructure.

Stamp Duty could be a tax levied by the govt on the purchase of a property. In the case of a builder floor, taxation is calculated by dividing the full price of the plot and also the price of construction by the number of floors. The taxation rates in Bharat vary from state to state and vary between three.50-12.50 per cent of the registered price of the property. Some states give rebates within the taxation charges for females and rural areas.

Sub-registrar of Assurances is the authority through which the Sale Deed has to be registered by four months of the execution of the document.

States are divided into districts, and a few districts are divided into Tehsils. Tehsildars are revenue officers chargeable for collection taxes from Tehsils. they’re category I Gazetted Officers in most states of the Republic of India.

UDS or Undivided Share is the share of land every living accommodation is allotted during a housing society. This share is registered in the living accommodations owner’s name. the overall value of a property involves 2 major prices – {the value|the value|the price} of construction and raw materials and also the cost of land (UDS). whereas the previous depreciates with time, the latter appreciates.

A Virtual Tour is a scaled 3D replication or a sweeping viewpoint of a location. It is made using various comprehensive pictures or videos. The 360 tour can be enhanced using audio and video additions to make it more immersive.

A warehouse is a storage place where manufactured goods or stocks or raw materials are stored

A set of plans that show how the construction of a building should proceed. It includes a set of specifications for the projects.

The value of an asset after making deductions for depreciation.

The return gained by an investor. It is expressed as a percentage of the amount invested

Division of city or town into smaller parts. This enables authorities to set structural, architectural and usage standards for each building in the zone.

A zoning ordinance is a rule regarding how people can use land and buildings within a certain area that controls and directs the use of a particular land and construction improvements in a specified location.

A 3D Floor Plan is a three dimensional perspective of a building/unit floor plan. It portrays a bird eye view to see and passes on the compositional plans with more subtleties.