This is a certificate issued by the local municipal authority permitting the developer to begin construction of the project. The CC is usually granted only after the building has met with all legal requirements and obtained the relevant sanctions for the building’s plan.
This is given on completion of a particular tower / set number of floors. It suggests that the site is now ready to be occupied.
Configuration refers to the arrangements of different elements in a particular form or combination. In real estate, configuration refers to the arrangement of different rooms in a single unit (flat).
A box price is an all-inclusive rate for a flat
As per RERA defined carpet area
The registration fee is calculated at the rate of 1% of the agreement value of the property with a maximum cap of Rs. 30,000/-.
RERA had made it mandatory for all flat owners to register the properties once a minimum of 20% of the agreement value, has been paid to the builder.
GST is charged for under construction properties only.
Goods & Services Tax is calculated at 1/5/8% of the agreement value of a property.
Limited Period Offers are special discounts offered by builders during festivals and busy seasons.
Booking Amount / Token Amount is a small amount paid to confirm and finalise one’s interest in a particular property (desired floor, view, size, etc.).
The RERA Appellate Tribunal is a body created as per the provisions of the RERA Act 2016 which addresses all customer, promoter and broker grievances with regard to RERA registered properties.
The RERA Act 2016 was introduced with the aim to make the real estate industry more transparent and protect the interest of buyers. It is a law passed by the central government and implemented by over 36 states in India.
Land upon which activities are carried out thereby making the said piece of land unfit for cultivation is referred to as non-agricultural land.
A legal title report is a written analysis of the status of the title of the property, including a description of the said property, names of titleholders and how the title is held (e.g. joint tenancy). It also includes applicable taxes and encumbrances for the same.
Free Hold land is one which is “free from hold” of any entity besides the owner. The owner / housing society / residents’ welfare association owns the building and the land upon which it has been built in perpetuity.
It is the ratio of the combined gross floor area of all floors (excepting areas exempted under regulations) to the total area of the plot. This varies depending upon the locality's surrounding infrastructure and development.
The Intimation of Disapproval Certificate (IOD) is an approval of the civil plans issued by the Municipal Corporation.
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