India Real Estate Dictionary

Real Estate (Regulation and Development) Act, 2016 — India's central law regulating real estate. Came into force May 2017. Requires project registration, agent registration, escrow protection, and gives buyers enforceable rights.

Unique number assigned to a project or agent by the state RERA authority upon registration. Must be displayed in all marketing. Agents must quote their registration number in all communications.

State-level body constituted under RERA to register projects and agents, adjudicate disputes, and enforce the Act. Examples: HRERA, MahaRERA, UP-RERA, RERA Punjab.

Document correcting errors (name, area, boundaries) in a previously registered sale deed or conveyance deed. Executed by both parties and registered.

Government-determined minimum value for property transactions in each area — used as the basis for stamp duty calculation. Also called Circle Rate (Delhi/NCR/UP), Guidance Value (Karnataka), Jantri Rate (Gujarat).

The primary document of property ownership — executed between seller and buyer and registered with the Sub-Registrar. The only document that legally transfers property ownership.

The mandatory legal process of recording a property sale deed with the Sub-Registrar of the area. Attracts stamp duty and registration fee. Must be done within 4 months of execution.

Sale of a property by a previous buyer (not the original developer). Secondary market transaction. Governed by Transfer of Property Act. Agent registration required.

Annual rental income as a percentage of property value. Typical residential rental yield in India: 2–4%. Commercial properties: 6–9%. Useful metric for investor buyers.

Under RERA, buyers have the right to obtain all information about the project — plans, approvals, layout, quarterly updates, escrow balance — from the RERA portal.

Appellate body under RERA to hear appeals against orders of the RERA authority. Constituted by state governments.