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› Property glossary

Property glossary

Plain definitions of the paperwork, approvals and charges that come up when buying or selling a home in Tricity.

Word of the week

A recent, completed sale of a similar property nearby. It is a better guide to value than asking prices.

Earlier words of the week

Buying

10 words

LoadingThe share a builder adds to carpet or built-up area to reach super area. The higher it is, the less of what you pay for is inside your home.

MarlaA land unit in Punjab, Haryana and Chandigarh; 20 marla make one kanal. A marla is 272.25 sq ft in land records, but often 225 sq ft in sector plots.

Ready to moveA property that is finished and can be lived in now, as opposed to one still under construction.

SCOShop-cum-office: a commercial building on its own plot, with a shop on the ground floor and offices above.

Super built-up areaBuilt-up area plus a share of the building's common areas, such as the lobby, lifts and stairs. Also called super area; the largest of the three.

Selling

2 words

Asking rateThe price per square foot a seller asks for. It is a starting point for negotiation, not what similar homes actually sold for.
Comparable saleA recent, completed sale of a similar property nearby. It is a better guide to value than asking prices.

Renting

2 words

Rent agreementA written contract between landlord and tenant setting out the rent, deposit, duration, notice period and who pays for what.
Security depositMoney a tenant pays the landlord at the start, returned at the end less any unpaid rent or damage beyond normal wear.

Money

10 words

Collector rateThe minimum value the government sets for property in each area, called the circle rate in some states. It is revised from time to time.
Credit scoreA number from 300 to 900 that sums up how you have repaid loans and cards; the CIBIL score is the best known.
EMIEquated monthly instalment: the fixed amount you pay each month on a loan, covering interest and part of the principal.
External development chargesWhat a developer pays the state, called EDC, for the roads, water, sewers and power lines built outside a project to serve it.
Loan-to-valueHow much of a property's value a bank will lend, as a percentage; often written LTV. The rest is your down payment.
Maintenance chargesWhat a residents' association, society or builder collects for common services such as security, cleaning, lifts and repairs.
Pre-EMIInterest-only payments on the part of a home loan paid out so far, while the flat is still under construction.
Registration feeThe fee for registering a property document at the sub-registrar's office, paid on top of stamp duty. Each state sets it.
Stamp dutyA state tax paid on the document that transfers a property, usually the sale deed. The rate is set by each state.
TDS on propertyTax the buyer must deduct from the payment to the seller and deposit with the government; for a seller resident in India, only above a set value.

Legal & Trust

19 words

Agreement for saleThe contract between a builder and a buyer for a unit in a project, also called the builder-buyer agreement.
Agreement to sellA written promise to sell and buy a property on agreed terms at a later date. It does not transfer ownership; the registered sale deed does.
Allotment letterThe letter in which a builder or authority allots a particular flat or plot to you, with its number, size, price and payment plan.
Change of land useOfficial permission, called a CLU, to use land for a purpose other than the one it is zoned for, such as homes on farmland.
Clear titleA title is clear when the seller's ownership can be traced through registered documents and no loan, case or claim is pending.
Completion certificateThe local authority's certificate that construction was completed as per the approved plan and building rules; also called a CC.
Conveyance deedThe registered document that transfers ownership of a flat or plot to the buyer, often when a builder or authority hands it over.
Encumbrance certificateA record from the sub-registrar of the transactions registered on a property, such as sales and mortgages; often called an EC.
Floor area ratioThe total floor area allowed on a plot, divided by the plot's area; also called FAR or FSI. The local authority sets it.
JamabandiThe record of rights for land in Punjab and Haryana, listing the owners and cultivators of each piece of land and their shares.
Khasra numberThe number a piece of land carries in the village revenue map and records.
MutationUpdating the revenue or municipal records to show the new owner after a sale, gift or inheritance; called intkal in Punjab and Haryana.

Tri-City

2 words

GMADAThe Greater Mohali Area Development Authority, the Punjab government body that plans and develops Mohali and its surroundings.
HSVPHaryana Shehri Vikas Pradhikaran, formerly HUDA: the Haryana body that develops urban sectors, including Panchkula's.

Everything in Selling

Everything in Selling

Selling Guides1

Selling Guides1

Pricing Your Home1

Pricing Your Home1

Everything in Legal & Trust

Everything in Legal & Trust

Paperwork Explained2

Paperwork Explained2

RERA and Approvals1

RERA and Approvals1

Fraud and Safety1

Fraud and Safety1

Everything in Tri-City

Everything in Tri-City

Locality Guides1

Locality Guides1

Stamp duty calculator

Stamp duty calculator

Carpet area calculator

Carpet area calculator

Comparable sale

Builder floorOne floor of a low-rise building put up by a builder on a single plot, sold as a separate home.

Built-up areaCarpet area plus the area under the flat's walls, and often its balconies. It has no legal definition, so builders count it differently.

Carpet areaThe usable floor area inside a flat's walls: rooms, kitchen and bathrooms, without outer walls, shafts, balconies or terraces.

FreeholdProperty you own outright, along with its land, for no fixed term.

LeaseholdProperty held on a long lease from the land's owner, often a government authority, for a fixed term such as 99 years.

Occupancy certificateThe local authority's approval that a finished building matches its approved plan and is fit to live in; also called an OC.

Possession letterA letter from the builder or authority stating the date a property is handed over to the buyer.

Power of attorneyA document that lets one person act for another: a general one (GPA) for many acts, a special one (SPA) for one act.

RERAThe Real Estate (Regulation and Development) Act, 2016, and each state's authority under it. Most new projects must register with RERA.

RERA registration numberThe number a RERA authority gives a registered project. It must appear in the project's ads and brochures.

Sale deedThe registered document that transfers a property from seller to buyer. Until it is registered, the property is not legally yours.

Token amountA small advance, also called bayana, that holds a property while the terms are agreed. Pay it only against a written receipt.