Here is a list of real estate terminology and vocabulary commonly used in India:
- Built-Up Area: The total area of the property including the walls.
- Carpet Area: The area enclosed within the walls of a room or a flat, excluding the area under the walls.
- Super Built-Up Area: The total area that includes common spaces, like the lobby, staircase, etc., along with the carpet area.
- RERA (Real Estate Regulatory Authority): A regulatory body established to protect the interests of property buyers and promote transparency in the real estate sector.
- Stamp Duty: A tax levied on property transactions and paid to the state government.
- Circle Rate: The minimum rate set by the government for the sale and purchase of properties in a particular area.
- FAR (Floor Area Ratio): The ratio of the total floor area of a building to the size of the land on which it is built.
- OC (Occupancy Certificate): A certificate issued by the local authorities after inspecting a building, indicating that it complies with all safety and occupancy requirements.
- Sale Deed: A legal document that transfers ownership of a property from the seller to the buyer.
- Power of Attorney: A legal document that grants someone the authority to act on behalf of another person in property transactions.
- EMI (Equated Monthly Installment): The monthly payment made to the lender when taking out a home loan.
- Capital Gain: The profit earned from the sale of a property.
- Lease Agreement: A contract outlining the terms and conditions for renting a property.
- Down Payment: The initial payment made by the buyer when purchasing a property.
- Ready-to-Move-In: A property that is complete and can be occupied immediately.
- Under Construction: A property that is still being built or developed.
- Resale Property: A property that has been owned and occupied previously before being put up for sale again.
- Possession Date: The date on which the buyer can take possession of the property.
- Joint Development: A real estate project undertaken in collaboration between a landowner and a developer.
- Agreement to Sell: A preliminary agreement between the buyer and seller, outlining the terms and conditions of the sale.
- Freehold Property: Property where the owner has complete ownership rights.
- Leasehold Property: Property where the ownership rights are held by the lessee for a specified lease period.
- Civic Amenities: Facilities like parks, roads, schools, and hospitals in the vicinity of a property.
- Escrow Account: An account where funds are held by a neutral third party until the completion of a transaction.
- Mutation of Property: The process of transferring the title of a property from one person to another in the records of the municipal authority.
- Co-Operative Housing Society: A housing society formed by the residents of a housing complex for the management and maintenance of common facilities.
- Property Tax: A tax imposed by the local municipal authority on property owners.
- TDS (Tax Deducted at Source): Tax deducted at the source from the income of the property seller.
- Conveyance Deed: A legal document used to transfer the title of a property from the builder or developer to the housing society or individual owner.
- Easement: A legal right to use someone else’s property for a specific purpose, such as a right of way.
Please note that real estate terminology can vary by region, and there may be additional terms specific to certain areas in India.