India Real Estate Dictionary

The primary document for transfer of property ownership in India. Executed between seller and buyer, signed by both parties and two witnesses, registered at the Sub-Registrar's office. Attracts stamp duty. The only document that legally transfers title.

State government tax on property transactions, payable at the time of executing a sale deed. Varies by state, property type, buyer gender, and location. Typically 3–8% of market/agreement value.

The government official responsible for registering property documents and collecting stamp duty. Property registration must be done in the Sub-Registrar's jurisdiction where the property is located.

Official name of Mohali district in Punjab. SAS = Sahibzada Ajit Singh. Part of Chandigarh Tricity. Major real estate market regulated by GMADA.

See Agreement to Sell. Pre-registration document between buyer and seller specifying price, payment schedule, and terms of sale.

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 — allows banks to auction mortgaged property to recover loans without court intervention.

The primary land record document in Maharashtra — shows land ownership, area, classification, and cultivation details. Maintained by revenue department. Essential for any rural or agricultural land transaction in Maharashtra.

State Bank of India's Marginal Cost of Funds based Lending Rate — used as reference rate for RERA delay compensation calculation (MCLR + 2% per month).

Grants or lapse of registration. If developer fails to complete the project by the extended date, the RERA authority may take action including revocation of registration.

Mandates registration of real estate agents with the state RERA authority. No person can act as agent without registration. Key provision for agent compliance.

Sets out specific obligations of registered real estate agents — prohibits false statements, requires records maintenance, mandates compliance with buyer information rights.

Functions and duties of promoters under RERA — including making application for registration, public disclosures, quarterly updates, and maintaining escrow account.

Obligations of promoter regarding false information — promoter is liable for any loss caused by false/incorrect information.

Prohibits developer from accepting more than 10% of property cost as advance payment before executing a written agreement to sell.

Provides for interest and compensation for failure to hand over possession as agreed — the key buyer remedy for delayed possession.

Minimum distance between a building and the property boundary (front, side, rear) as specified in development regulations. Cannot be built on.

Monthly maintenance charges paid by apartment owners to the housing society for maintenance of common areas, security, garden, and building.

See Agreement to Sell. Can be enforced by court requiring specific performance of property sale contract.

Government-issued paper on which legal documents (agreements, affidavits) are executed, with pre-paid stamp duty. Now largely replaced by e-stamping in most states.

The total area including carpet area, wall thickness, balcony, and proportionate share of common areas (lobby, staircase, lift, terrace). Largest of the three area measurements. Under RERA, cannot be used as basis for pricing.

Unique identification number assigned to a land parcel by the Survey Department. Used in revenue records and property documents to identify specific land parcels.