Property glossary

A letter from the builder or authority confirming that a specific unit has been allotted to you, usually with its price and payment plan. It comes before the agreement for sale.

Apartment owners' association: the residents' body that takes over a society's common areas and maintenance from the builder.

The base price of a flat, usually quoted per sq ft. Charges such as PLC, parking, EDC/IDC, club membership, IFMS, GST, stamp duty and registration are often added on top.

The agreement for sale between builder and buyer, setting out price, payment plan, specifications, possession date and penalties. State RERA rules prescribe its model form.

Carpet area plus the space taken by walls, and often balconies. It is a market term with no single legal definition, so ask how it was measured.

The net usable floor area of a flat: inside the walls, including internal partition walls but excluding external walls, service shafts, balconies and open terraces. RERA requires flats to be sold by carpet area.

The government's minimum value for property in an area, used to work out stamp duty. It is called the collector rate in Haryana and the DLC rate in Rajasthan.

A certificate from the local authority that construction has been finished as per the sanctioned plans. Depending on the authority, it comes with or before the occupancy certificate.

The registered deed that transfers ownership of a property from the seller, or the builder for a new flat, to the buyer. Often called the sale deed or registry.

Haryana's Department of Town and Country Planning, which licenses colonies and group housing projects. A project needs its licence for the land it is built on.

External and infrastructure development charges: fees the government or development authority levies on a project for roads, water, sewers and other infrastructure outside it. Builders usually pass them on to buyers.

Equated monthly instalment: the fixed monthly payment that repays a loan's interest and principal over its tenure.

A record from the registration office listing the registered transactions on a property, such as sales and mortgages, over a chosen period. Unregistered dealings do not show in it.

Ownership of a property and its land without a time limit or a lessor's conditions.

General power of attorney: authority given to someone to act for the owner. The Supreme Court has held that a sale through a GPA does not transfer ownership.

Interest-free maintenance security: a one-time refundable deposit the builder collects towards the society's future maintenance. It is meant to pass to the residents' association when it takes charge.

Haryana's record of rights for land, showing owners and cultivators of each holding. Copies, called fard, are available online.

An account of a property in municipal or revenue records, showing who is liable for its tax. It supports a claim of ownership but is not a title document.

The record of rights for land in Uttar Pradesh, listing the recorded holders of each plot. It can be checked on the state's Bhulekh portal.

A deed that grants land or a property for a fixed term on conditions, instead of selling it outright. Development authorities in Noida, Greater Noida and the Yamuna Expressway allot land this way.

The right to hold land or property for a fixed lease term, subject to the lessor's conditions, such as permission or charges for transfer.

Updating the owner's name in municipal or revenue records after a sale, gift or inheritance (dakhil kharij in UP). It records who pays tax but does not by itself prove ownership.

A certificate from the local authority that a finished building or tower follows its approved plans and is fit to live in. Also called an occupation certificate.

A letter from the builder or authority handing over (or offering) the flat. It is not a title document: ownership passes with the registered conveyance deed.

Interest-only payments on the part of a home loan already paid out to the builder, made until the full loan is released and regular EMIs start.

An extra charge for a flat's position, such as a park or road facing unit, a corner flat or a preferred floor.

The fee paid at the sub-registrar's office to record a deed in government records, on top of stamp duty. Some states charge a percentage of the value, others a slab or capped amount.

The Real Estate (Regulation and Development) Act, 2016, and the state authority it set up in each state, such as UP RERA or HRERA. Projects it covers must be registered with the authority before they are advertised or sold.

A state tax on the deed that transfers a property, usually a percentage of the higher of the deal price and the government's guideline value (circle rate). Rates differ by state, and some states charge women less.

An arrangement in which the builder pays the interest on the buyer's home loan for a period, often until possession. The buyer still owes the loan if the builder stops paying.

Carpet area plus a share of common areas such as walls, lobbies, lifts and stairs, known as loading. It has no legal definition, so compare flats on carpet area.

Tax deducted at source: when a property costs more than the limit in income-tax law, the buyer keeps back part of the payment and deposits it with the tax department in the seller's name.

An agreement between the buyer, the builder and the lender for a loan on an under-construction flat, setting out how the loan is paid out and how the lender's interest in the flat is protected.