Glossary of Terms - Indian Real Estate

This glossary provides definitions for commonly used terms in the Indian real estate market. Understanding these terms is essential for navigating the buying, selling, or investing process.

Key terms:

• Carpet area: The actual usable area of a property, excluding wall thickness.
• Built-up area: The total area enclosed within the outer walls of a property, including walls and balconies.
• Super built-up area: The built-up area plus common areas like hallways, lobbies, and parking spaces.
• Freehold property: Property owned outright, with no ongoing payments to landlords.
• Leasehold property: Property owned for a fixed period, with rent paid to the landlord.
• Landlord: The owner of a property rented to others.
• Tenant: The person who occupies a property rented from another.
• Sale deed: The legal document transferring ownership of a property.
• Encumbrance: A legal claim or lien on a property.
• Title deed: A document proving ownership of a property.
• Conversion charge: A fee charged by the developer when converting an under-construction property into a ready-to-move-in unit.
• FSI (Floor Space Index): The ratio of the built-up area to the plot area.
• CC (Construction Completion): The date by which the construction of a property is expected to be completed.
• OC (Occupancy Certificate): A document issued by the local authority, certifying that the property is safe for occupation.
• EMI (Equated Monthly Installment): The monthly payment made towards a loan.
• Stamp duty: A tax levied on the sale of a property.
• Registration charges: Fees paid to the government for registering the sale of a property.