Real Estate Glossary

Builder's official document confirming allocation of a specific unit to a buyer after booking. Speci…

Sanction from the local authority approving architectural drawings for construction. Confirms compli…

Carpet area plus wall thickness (inner and outer walls). Typically 10–15% more than carpet area.

Tax on profit from property sale. Short-term (held under 24 months): taxed at income slab rate. Long…

The net usable floor area inside apartment walls, excluding wall thickness, balconies, and common ar…

The process of physically measuring the carpet area of a unit at possession to confirm it matches th…

Permission from the local authority to begin construction after building plan approval is granted. W…

Certificate confirming a building's construction is complete as per the sanctioned plan. Precedes th…

Initial payment (typically 10–20% of property value) made by a buyer to secure a property, demonstra…

Equated Monthly Instalment — the fixed monthly payment comprising principal and interest for a home …

Official record from the Sub-Registrar's office listing all registered transactions on a property — …

Certificate from State Fire Department confirming a building meets fire safety standards — sprinkler…

Same as FSI — total permissible floor area divided by plot area. FAR is the term used in Delhi/NCR; …

The ratio of total built-up floor area to the plot area. Also called Floor Area Ratio (FAR). Determi…

5% GST applies on under-construction residential properties (1% for affordable housing under Rs 45 l…

The maximum loan amount a bank will sanction, determined by monthly income, existing obligations, cr…

Karnataka-specific property ownership record maintained by BBMP that registers the property in the l…

The ratio by which super built-up area exceeds carpet area, expressed as a percentage. A loading fac…

Formal clearance from various authorities confirming no objection to construction or use — fire depa…

Certificate issued by the local authority confirming a building is safe for occupation — all approva…

The chain of previous ownership documents going back to the original land grant or earliest traceabl…

Builder-issued document recording that physical possession of the unit has been handed over to the b…

A systematic inspection of the unit at possession to document defects, shortfalls against specificat…

Legal document authorizing a person (agent) to act on behalf of another (principal) in property tran…

Annual tax levied by municipal corporations on property ownership, based on guidance value, built-up…

Fee paid to the Sub-Registrar's office for registering the sale deed in government records. Typicall…

A formal complaint filed by a buyer against a builder on the state RERA portal for violations such a…

A dedicated bank account where builders must deposit 70% of all project collections. Funds can only …

The unique alphanumeric registration number assigned to each project by the state RERA authority. Fo…

Mandatory quarterly progress report filed by builders on the RERA portal, covering construction prog…

Mandatory registration of real estate projects above 500 sqm or 8 units with the state Real Estate R…

A preliminary contract between buyer and builder committing to future transfer of property on agreed…

The final registered document transferring property ownership from seller to buyer. Executed at the …

Income tax deduction of up to Rs 1.5 lakh per year on home loan principal repayment under Section 80…

State government tax on property transactions, calculated as a percentage of the agreement value or …

A payment arrangement where the builder pays the EMI on behalf of the buyer during the construction …

Built-up area plus proportionate share of common areas such as lobby, staircase, lift shaft, and ter…

Tax Deducted at Source under Section 194IA — buyer must deduct 1% TDS on property purchases above Rs…

The legal document that establishes ownership of a property. After registration, the buyer's sale de…

Three-party agreement between buyer, builder, and bank for under-construction property home loans. D…