Real Estate Glossary Guide

RERA

The Real Estate Regulation and Development Act (RERA) 2016 effective from 1st May 2017, is the law created to regulate the real estate sector. It seeks to ensure transparency and accountability in the real estate sector. It sets up clear regulations to protect home buyers & developers against default and provides for fast-track grievance redressal.

RERA registration number

A RERA Registration Number is assigned to a project after its registration with the RERA authority in the state. It is granted to projects once all required documents have been submitted by the Promoter/developer and validated by the RERA authority. It indicates that a project is being developed in compliance with RERA.

Carpet Area

As per RERA, Carpet Area is the net usable area of the apartment. This excludes the area covered by external walls, areas under service shafts, exclusive balconies, or verandas. However, this includes the area covered by the internal partition walls of the apartment.

Built-Up Area

Built-up Area includes the carpet area, outer wall thickness, and the balcony.

Super Built-Up Area

The built-up area along with a share of all common areas such as the lobby, lift shafts, stairs, etc. proportionately divided amongst all units makes up the Super Built-up Area.

Floor Space Index (FSI)

Floor Space Index is the ratio of the combined gross floor area of all floors (except areas specifically exempted under regulations) to the total area of the plot. It varies from locality to locality depending on the surrounding infrastructure to support the development. A higher FSI will have a higher built-up area.

Loading Factor

Loading Factor is the multiplier applied to the carpet area that accounts for a flat's proportionate share of the common area. Thus, the Loading Factor, when combined with the carpet area, leads to the super built-up area.

Clearance Certificate

A Clearance Certificate is used to attest that an entity/person has paid all dues and is clear of any liabilities that they held towards another entity/person.

Commencement Certificate

A Commencement Certificate is issued by the local authorities to a real estate Project Promoter /Developer giving them the final permit to start construction. It is issued only after the developer presents all required clearances and sanctions. It is mandatory for a Promoter/Developer to obtain this document before commencing the construction of a building.

Conveyance Deed

A Conveyance Deed is a legal document that shows the transfer of property title from one person to another. It is similar to a sale deed; however, it has a broader application. It not only covers cases where title is transferred through sale, but also includes transfer of title in case of a gift, exchange, lease, mortgage, or any other circumstances.

Encumbrance Certificate

Encumbrance Certificate or EC is a certificate that assures that a property is free from all liabilities and has an adequate legal title. An EC may also contain liabilities created on a property that is held against a home loan as security. It is a clear indicator of all transactions with regard to the property.

Completion Certificate

A Completion Certificate is issued by a local authority stating that the development has been in accordance with the approved sanctioned plans or specifications.

No Objection Certificate (NOC)

NOC is issued by any agency, organization, or institute indicating the intent of not objecting to the development proposed in a vicinity or the sale of the said Flats constructed on the said Project/Land.

Occupation Certificate (OC)

An occupation Certificate or Possession Certificate is issued by the local government authorities pronouncing a building suitable for habitation.

Property Card

Sale Deed, Gift Deed and other Property document is the legal proof of ownership of land in an urban area. It contains the history of ownership of a Property/land parcel.

Sale Deed/Final Deed

A sale deed is a very important legal document for evidencing the sale and transfer of ownership of property in favour of the buyer from the seller. The sale deed is executed subsequent to the execution of the sale agreement/agreement for sale and after compliance with various terms and conditions detailed in the agreement for sale/sale agreement.

Stamp Duty

Stamp Duty is a tax levied by the government on the purchase of a property.

IGBC Certification

The Indian Green Building Council or IGBC is a rating body that rates green building projects in 4 grades, viz. Certified, Silver, Gold, and Platinum, in ascending order. The rating is based on established criteria and benchmarks, hence making it easier to measure and quantify the green performance of a building. There are 6 categories in which the building performance is measured, namely Site Measures, Water Conservation, Energy Conservation, Material Conservation, Indoor Environment Quality, and Innovation. Green Building: Consume lesser resources, such as electricity and water. Compared to conventional buildings, this brings down the maintenance costs significantly. Are more comfortable for the occupants because the spaces receive lesser heat from outside due to a combination of climate-responsive design and high-performance walls, windows, and roofs. This helps reduced electricity bills for fans and air conditioning. Are naturally well-lit using daylight, which reduces the need for artificial lights during the day, thereby lowering the electricity bill for lighting. Utilize renewable energy sources such as solar and wind. Conserve water with the help of low-flow fixtures and recycling of wastewater. Help preserve natural resources such as wood and sand by using environment-friendly building materials with recycled content. Reduce the garbage directed to landfills by effective waste management strategies such as segregation at source and composting.

Corporate and Registered Address:
Auro Realty Private Limited.
21st Floor, Wing A, Galaxy,
Plot No:1, Sy No. 83/1
Hyderabad Knowledge City,
Raidurg (Panmatkha), Hyderabad
Telangana - 500081
Corporate Identification Number : U45100TG2012PTC084829

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Real Estate Glossary