MahaRERA: Maharashtra Real estate Regulatory Authority or MahaRERA was established in 2017 by the State. The entire state of Maharashtra is covered under this Act. It is mandatory for all ongoing commercial and residential projects to be registered with the real estate regulator. The developers or promoters in the State are not allowed to sell, book, or advertise their projects unless they are registered and compliant with MahaRERA.
RERA REGISTRATION NO: A RERA Registration Number is assigned to a project after its registration with the RERA authority in the state, which in Maharashtra is MahaRERA. It is given to projects once all the required documents have been submitted by the developer and validated by the RERA authority. It proves that a project is being developed in compliance with RERA.
BUILT-UP AREA: Built-up Area includes the carpet area, outer wall thickness and the balcony of the property structure.
FLOOR SPACE INDEX (FSI): Floor Space Index is the ratio of the combined gross floor area of all floors (except areas specifically exempted under RERA regulations) to the total area of the plot. It varies across localities depending on the surrounding infrastructure to support the development. The higher the FSI the higher built-up area will be.
CLEARANCE CERTIFICATE: A Clearance Certificate is used to attest that an entity/person has paid all their dues and that they are clear of any liabilities that they held towards another entity/person.
COMPLETION CERTIFICATE: A Completion Certificate is issued by a local authority stating that the development has been in accordance to the approved sanctioned plans and specifications
NO OBJECTION CERTIFICATE (NOC): NOC is issued by any agency, organization or institute indicating the intent of not objecting with the development proposed in a vicinity.
PROPERTY CARD: Property Card is the legal proof of ownership of land in an urban area. It contains the history of ownership of a land parcel.
Development Agreement (DA) is a
contract between a landowner and a developer where the landowner
provides land for development, and the developer undertakes to
develop it.
contract between a landowner and a developer where the landowner
provides land for development, and the developer undertakes to
develop it.
Power of Attorney (POA) is a legal
document authorizing someone to act on behalf of another in specific
matters, like property development.
document authorizing someone to act on behalf of another in specific
matters, like property development.
RERA: The Real Estate Regulation and Development Act (RERA) 2016 is the law created to regulate the real estate sector and become effective from 1st May 2017. It ensures transparency and accountability in the real estate sector and sets up clear regulations to protect the home buyers & developers against default. It also provides for fast-track grievance redressal.
CARPET AREA: As per RERA, Carpet Area is the net usable area of the property which may be an apartment, a villa or an office space. This excludes the area covered by external walls, areas under service shafts, exclusive balcony or veranda. However, this includes the area covered by the internal partition walls of the property structure.
SUPER BUILT-UP AREA: The built-up area along with a share of all common areas such as the lobby, lift shafts, staircase, amenities, clubhouse etc. proportionately divided amongst all units makes up the Super Built-up Area.
LOADING FACTOR: Loading Factor is the multiplier applied to the carpet area that accounts for an apartment’s proportionate share of the common area. The Loading Factor when combined with the carpet area equals to the super built-up area.
COMMENCEMENT CERTIFICATE: A Commencement Certificate is issued by the local authorities to the real estate developer giving them the final permit to start construction. It is issued only after the developer has presented all required clearances and sanctions and is mandatory for a developer to obtain this document before commencing the construction of a building.
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.
OCCUPATION CERTIFICATE (OC): Occupation Certificate or Possession Certificate is issued by the local government authorities pronouncing a building suitable for habitation.
SALE DEED/FINAL DEED: A sale deed is a very important legal document for evidencing 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 of various terms and conditions detailed in the agreement for sale/sale agreement.
IGBC CERTIFICATION: Indian Green Building Council (IGBC) Green Homes is a rating programme developed in India, exclusively for the residential sector. The objective is to facilitate the effective use of site resources, water conservation, energy efficiency, and handling of household waste, optimum material utilization and design for healthy, comfortable & environmentally friendly homes. The Certification Levels Awarded are Silver, Gold, and Platinum based on the extent of sustainable practices followed.