Real estate glossary

Carpet Area

The net usable floor area within the walls of a unit.

Built-up Area

Carpet area plus the area of walls and balconies.

Super Built-up Area

Built-up area plus a share of common amenities.

Possession Date

The date the buyer receives handover of the unit.

FSI / FAR

Floor Space Index / Floor Area Ratio.

EMI

Equated Monthly Instalment on a home loan.

Loan-to-Value (LTV) Ratio

The share of a property's value a lender will finance.

Pre-EMI

Interest-only payments during under-construction phase.

Rental Yield

Annual rent as a percentage of a property's value.

Capital Appreciation

The increase in a property's value over time.

RERA

The Real Estate (Regulation and Development) Act, 2016.

RERA Registration Number

A unique ID issued to a project by the state RERA authority.

Occupancy Certificate (OC)

A certificate confirming a building is fit to occupy.

Completion Certificate (CC)

Certifies that construction is complete per approved plans.

Encumbrance Certificate (EC)

Proof that a property is free of legal or financial dues.

Sale Deed

The legal document that transfers ownership of a property.

Khata

A municipal record of a property for tax purposes.

Conveyance Deed

Transfers project land and title to the society.

Power of Attorney (PoA)

Authority given to another to act on your behalf.

Maintenance Charges

Recurring fees for upkeep of common areas and amenities.

Freehold Property

Property owned outright with no time limit.

Leasehold Property

Property held on a long lease from a landowner.

Stamp Duty

A state tax paid on registering a property transaction.

Circle Rate / Ready Reckoner Rate

The government's minimum notified value for an area.