224+ property terms explained — national RERA terminology, regional land records (Fard, Jamabandi, 7/12, Patta), property documents, financial terms, and state-specific real estate vocabulary.
Profit earned from sale of a property. Short-term capital gains (STCG) if held less than 24 months — taxed at slab rate. Long-term capital gains (LTCG) if held 24+ months — taxed at 20% with indexation benefit.
Current market value of a property. Distinguished from assessed value (for tax purposes) and book value. Used in loan-to-value calculations.
The net usable floor area of an apartment — measured from inner wall to inner wall, excluding the area covered by walls, columns, balcony, and common areas. Under RERA, all pricing and disclosure must be on carpet area basis only.
Common Area Maintenance charges — monthly fees for maintenance of shared areas (lobby, lifts, security, parking, gardens) in commercial or residential properties. Typically charged in addition to rent.
Official document issued by local authority certifying that a building has been constructed as per approved plans and is fit for occupation. Also called Occupation Certificate. Essential for legal occupation.
Document issued by local authority certifying that all construction work has been completed as per sanctioned plans. Different from OC — CC relates to completion; OC to occupancy. Under RERA, developers must obtain and provide both.
Permission granted by state government to change land use from agricultural to residential, commercial, or industrial. Essential step before any development on agricultural land.
Real estate agent/broker authorized by a developer to market and sell units in a specific project. Typically registered with the developer and receives commission on sales. Must also be independently RERA registered.
Informal group savings mechanism sometimes used in India. Not related to real estate directly, but some builders have used chit fund structures to raise money — typically high risk for buyers.
Person who jointly takes a home loan with the primary borrower. Both are equally liable for repayment. Co-borrowers can be co-owners but this is not mandatory.
A planned residential or commercial development consisting of multiple plots or buildings. Must be approved by the relevant development authority. Key distinction: approved vs unapproved colony.
Authorization issued by local authority to a developer to start construction. Must be obtained before any construction commences on a RERA-registered project.
Areas in a building shared by all residents/owners — lobby, staircase, lifts, corridors, parking, garden, rooftop, security cabin. Cannot be sold separately. Maintenance cost shared through society charges.
Legal document by which ownership of property is transferred from developer/seller to buyer. More general term for sale deed.
Government subsidy under PMAY on home loan interest for eligible homebuyers in Economically Weaker Sections (EWS), Lower Income Group (LIG), and Middle Income Group (MIG) categories.
Mandatory certification for real estate agents in Maharashtra issued by MahaRERA. Agents must complete 20 hours of training with an empaneled provider and pass an IBPS exam.
City Survey Number — a unique identification number assigned to urban properties in Maharashtra (and some other states) for tax and records purposes. Shown on property card.
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