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Real estate glossary

One reference for property buying, registration, loans, tax, and NRI terms in India, with links to our calculators where helpful.

Reference

Search or browse by topic. Educational only, not legal or tax advice. Terms cover Maharashtra-focused buying plus pan-India concepts.

50 terms for buyers, sellers, and NRIs in India

Showing 50

A

Agreement for sale (AFS)Legal & title
Contract between buyer and seller (or allottee and promoter) before final conveyance or sale deed, setting price, milestones, and possession terms.
Allotment letterLegal & titleUnder construction
Builder confirmation of your unit allocation in an under-construction project, usually before the agreement for sale. Check carpet area, floor, tower, and price break-up carefully.

B

BrokerageClosing costs
Fee paid to intermediaries for property search or closure. Typically a percentage of transaction value; clarify who pays and whether GST applies.
Built-up areaArea & sizing
Carpet area plus wall thickness and usually balcony or terrace attached to the unit. Builders often quote built-up when carpet is not highlighted.Convert areas →

C

Capital appreciationInvestment
Increase in property value over time. Past appreciation in Pune micro-markets does not guarantee future returns.
Carpet areaArea & sizingRERA
Net usable floor area inside the walls of your apartment, as defined under RERA for sale of flats. This is what you can physically use, excluding walls, shafts, and common areas.Carpet vs built-up calculator →
Completion certificate (CC)Legal & title
Certifies construction completed per approved plans. Often precedes OC in the approval chain.
Construction-linked plan (CLP)Under constructionLoans & EMI
Payment schedule tied to construction milestones. Reduces pre-EMI exposure versus a subvention or front-loaded plan, but requires tracking builder progress.
Conveyance / sale deedLegal & titleClosing costs
Registered document transferring ownership. Stamp duty and registration are typically paid around this event for ready properties.
Corpus fundOwnership
One-time or periodic capital contribution to the society for major repairs and upgrades, common in older or large complexes.

E

EMILoans & EMI
Equated monthly instalment on a home loan. Includes principal and interest; may change with floating rate resets.Affordability tool →
Encumbrance certificate (EC)Legal & titleBanking
Record of registered transactions and charges on a property for a period. Banks and buyers use it to spot existing mortgages or liens.

F

FEMA (foreign exchange rules)NRILegal & title
Regulations governing how NRIs acquire, hold, and repatriate Indian property and sale proceeds. Route payments through compliant bank channels.NRI checklist →
Floating vs fixed rateLoans & EMIBanking
Floating home loan rates move with benchmark resets; fixed offers stability for a defined period. Compare total cost over your expected tenure.
Floor rise premiumClosing costs
Extra charge per floor above a base level in high-rise towers. Confirm whether it is part of agreement value for duty and loan purposes.
Form 26QB / 16BTaxClosing costs
TDS return and certificate process when buying property above threshold from a resident seller. Buyer must deduct, deposit, and obtain Form 16B for seller.
FSI / FARLegal & title
Floor Space Index limits buildable area on a plot. Higher FSI on a parcel can mean denser towers; check sanctioned versus marketed plans.

G

GST on under-constructionClosing costsUnder construction
GST applies on builder invoices for under-construction residential supply (rates depend on carpet band and affordability classification). Separate from stamp duty.Move-in cost →

I

IndexationTax
Adjusting purchase cost for inflation when computing LTCG on eligible assets. Lowers taxable gain for long-held property in many cases.

L

Leave and licenceOwnershipInvestment
Common rental agreement format in Maharashtra granting right to use premises for a term without transferring ownership.
Loading factorArea & sizing
The ratio of super built-up to carpet area minus 1, expressed as a percentage. A 25% loading means super built-up is 1.25 times carpet. Lower loading usually means more usable space per rupee.
Loan sanction letterLoans & EMIBanking
Bank approval in principle with amount, rate type, tenure, and conditions. Not the same as disbursement; validity and property linkage matter.
Long-term capital gains (LTCG)TaxInvestment
Tax on profit when property held beyond the specified period is sold. Indexation and exemptions (including reinvestment sections) may apply.Capital gains calculator →
LTV (loan to value)Loans & EMI
Loan amount divided by property value. RBI and lender policies cap LTV; you fund the rest as down payment plus closing costs.Down payment planner →

M

MahaRERA registration numberRERAMaharashtra
Unique project registration on Maharashtra RERA portal. Verify status, approvals, and quarterly updates before booking under-construction inventory.RERA checks →
Maintenance / society chargesOwnership
Monthly or quarterly fees for upkeep, security, and amenities. Premium societies can add materially to cost of ownership.
Mutation / name transferOwnershipClosing costs
Updating property tax and revenue records after purchase. Complements registration but is a separate municipal step.

N

NRE / NRO accountsNRI
Bank accounts for NRIs. Funding and repatriation rules differ; property purchase and rent credits must follow FEMA and bank compliance.NRI checklist →

O

Occupancy certificate (OC)Legal & titleReady possession
Municipal approval that the building is fit for occupation. Banks and buyers prefer OC for ready possession; absence can signal compliance risk.

P

PossessionLegal & titleReady possession
Physical handover of the unit. Distinct from registration: you can take possession before or after the sale deed, depending on the agreement and loan conditions.
Power of attorney (PoA)NRILegal & title
Authorises someone to act on your behalf for transactions. NRIs and busy buyers sometimes use PoA; registration and scope must be drafted carefully.
Pre-EMILoans & EMIUnder construction
Interest-only payments on disbursed loan amounts before full EMI starts, common during construction-linked disbursals.Plan cash flow →
Preferential location charges (PLC)Closing costs
Premium for floor, view, or corner units. Often added on agreement value and can increase stamp duty base if included in the sale price.
Primary vs resale marketLegal & title
Primary is first sale from builder; resale is transfer from an existing owner. Duty, GST, and due diligence differ between the two.

R

Ready reckoner (RR)Closing costsMaharashtra
Government benchmark rate per property type and location used to assess minimum value for stamp duty. Duty is charged on the higher of RR or agreement value.RR explained →
Registration feeClosing costsMaharashtra
Fee paid to register the transaction with the sub-registrar. In many Maharashtra urban deals above ₹30 lakh, 1% is capped at ₹30,000.MH registration guide →
Rental yieldInvestment
Annual rent divided by property price. Gross yield ignores costs; net yield subtracts vacancy and maintenance.Yield calculator →
RepatriationNRI
Transfer of sale proceeds abroad by an NRI, subject to FEMA limits, tax clearance, and bank documentation.
RERALegal & titleUnder construction
Real Estate (Regulation and Development) Act. Requires registration of projects and promoters, escrow-linked collections for under-construction sales, and disclosure norms.RERA checklist →
RERA escrow accountRERAUnder construction
Separate bank account where at least 70% of buyer collections for a project must be used for construction and land cost, reducing diversion risk.Pre-booking checks →

S

Sanctioned planLegal & titleRERA
Municipal-approved building layout and specifications. Deviations can affect OC, loans, and resale.
Security deposit (rental)Investment
Refundable amount held by landlord against damages or dues. Document conditions and timeline for refund in the agreement.
Short-term capital gains (STCG)TaxInvestment
Tax on profit from a quick resale. Rate and set-off rules differ from long-term gains; holding period is critical.Estimate tax impact →
Society share certificateOwnershipMaharashtra
Document evidencing membership in a cooperative housing society. Required for resale in many Maharashtra societies along with NOC.
Stamp dutyClosing costsMaharashtra
State levy on property conveyance documents, calculated on the higher of agreement value or ready reckoner rate in Maharashtra.Stamp duty calculator →
Subvention schemeUnder constructionLoans & EMI
Builder pays your loan interest for a fixed period until possession. Read fine print on rate resets, default clauses, and whether discount is already built into price.
Super built-up areaArea & sizing
Built-up area plus a proportionate share of common areas (lifts, lobby, stairs, amenities). Saleable area on brochures is often super built-up.Loading factor tool →

T

TDS on property (Section 194-IA / 195)TaxNRI
Tax withheld on certain high-value purchases from residents, or on payments to NRIs. Buyers must comply with deduction and deposit rules.NRI TDS tool →
Title due diligenceLegal & title
Legal review of ownership chain, approvals, and encumbrances before you pay large sums. Essential for resale plots and older societies.Due diligence checklist →

U

Undivided share (UDS)Legal & titleArea & sizing
Your proportionate share of land in a multi-unit building, especially relevant in cooperative or apartment complexes and for legacy title checks.

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