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Realty News

Mahindra Lifespace launches Mahindra Luminare Solaris Mahindra Lifespace launches Mahindra Luminare Solaris
Monday, December 21st, 2015

Mahindra Lifespace launched Mahindra Luminare Solaris, the next phase of Mahindra Luminare in Gurgaon. Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has launched Luminare Solaris at Sector 59, Golf Course Extn. Rd in Gurgaon. The newly launched phase will offer a choice of 120 luxurious 3 [...]

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Civic Issues

Are Buildings in Mumbai and Delhi Safe enough? Are Buildings in Mumbai and Delhi Safe enough?
Thursday, April 30th, 2015

The commercial and national capital of the country lies squarely in the seismic zones and the threat of earthquake looms large. Despite such a precarious situation, it is surprising to note that the buildings in these two cities and many other cities of the country fall remarkably short when it comes to adherence to the [...]

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Legal

High Court Orders BDA to Ensure Realtors Relinquish Dedicated Areas as Per Approved Plans High Court Orders BDA to Ensure Realtors Relinquish Dedicated Areas as Per Approved Plans
Wednesday, March 11th, 2015

When realtors create residential developments, they are to abide by a set of rules that determine how much of land is to be set aside for parks, roads and civic amenities and what is to be done with such dedicated area once the development is completed. There is often a conflict of interest between the [...]

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Lifestyle

Wipro Stocks Slip after fall in Q2 Results Wipro Stocks Slip after fall in Q2 Results
Wednesday, October 29th, 2014

Information Technology giant Wipro had a less than ideal start to the new Samvat as the company’s stocks declined for the second straight session yesterday. Wipro reported a consolidated net profit of Rs 2,085 crore during the July-September quarter which was down 0.9 % compared to the Rs 2,103.2 crore registered by the company in [...]

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Community

Okhla Bird Sanctuary issue leaves owners of affected Noida property in limbo Okhla Bird Sanctuary issue leaves owners of affected Noida property in limbo
Wednesday, July 2nd, 2014

With the National Green Tribunal (NGT) having banned construction work in the ecologically sensitive zone within the 10km periphery of the Okhla Bird Sanctuary, uncertainty surrounds the affected realty projects in Noida; and realty buyers and investors in the mentioned region are incurring losses on their investments. The NGT’s order to stall construction in the [...]

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A-Z Real Estate Terms

A

Abatement Notice: A notice served to the owner(s) or the occupier(s) of a property in the occurrence of any nuisance, warning them to enter on their land to halt the nuisance.

Absolute title: The right given to the ownership of a mortgage deed to demand full repayment of the outstanding debt before the due date.

Assignment: The transfer of a property interest from one party to another.

Anchor tenant: Supermarkets or department stores introduced in a particular place in order to attract public to shop for the purpose of encouraging other retailers to set up shops en route.

Asset valuation:Describes the worth of land and buildings or plant and machinery.

Agreement for lease/sale:An agreement is made to enter into a lease/sale in which the terms of the lease/sale have been agreed and will be annexed to the agreement in writing.

Atrium: An open space situated within a multi-storeyed building located beyond the main entrance door containing large windows, lifts, reception areas and plants.

Alternative user value: The value of land and buildings which can be utilised for different purposes than that of current use.

B

Business Centre: An office arrangement providing individual offices for companies, professionals for work, meetings, events etc.

Bare Shell: Any property after the construction is completed with basic building services installed.

Basic Rent: The minimum rent a tenant must pay to the owner of any property.

Breach of Contract: The violation of any agreed-upon terms and conditions of a binding agreement.

Building Contract: A contract made between the owner/occupier of a land and a building contractor regarding construction and things related.

Bill of Material: A list of raw materials needed to manufacture an end product.

Building By-laws: A set of building standards established by the local authority to control the usage of land, property and areas.

Business Park: An area of land in which many office buildings are grouped together.

Bayana: The token money given to the landlord for a particular property after negotiations is done.

C

Central Business District:The main commercial area of the city which has the highest land values compared to the rest of the city.

Completion certificate/statement:A statement prepared by solicitors showing an interest in a property by a purchaser by giving a sum leading to a balance being the final amount due to the vendor.

Catchment Area:The area of a land leads to a particular watercourse, lake or reservoir.

Conveyance:A document transferring the tile of land from one person to another.

Current Yield:It is the interest rate of a property's actual price at the date of valuation.

D

Development control: A local authority's power to control the development and use of land.

Discounted cash flow analysis: The method of valuing an asset using the concept of the time value of money.

Developer: A person or an organisation that develops raw land with labour and capital in order to sell it for rent/sale.

E

Equity Linked Mortgage: By reference on the security, a mortgage's interest on the principal is calculated yearly.

Effective rent: On the account of leasing a property, the gross amount paid by the occupier to the landlord.

Escalation clause: A clause in a contract stating that the price of a good or service will increase in the event of an increase in certain costs.

F

Freehold: Absolute tenure of land or property with freedom to dispose of it at will.

Frontage: The land or property between the building and a street.

Fire certificate: It certifies the design of the building or works should be in compliance with safety matters.

Fail rent: As appealed by a rent assessment committee, the rent decided by a rent officer under a regulated tenancy.

Facilities Management: A set of disciplines to create the finest working environment for staff.

Foreign Exchange Regulation Act (FERA): An act to regulate the payments for foreign corporation to hold or transfer any immovable property in India.

Fitouts: In order to make a property fit for usage, the permanent furnishings required in the interior of a property.

Flatted Factory: A multi-storey industrial building constructed for multiple occupation.

G

Green field site: An underdeveloped are of land away from urban areas, which is now proposed for development.

Greased lease back: The disposal of the interest on a property by a freehold or leasehold owner where the rent is geared to a fixed percentage of some variables.

H

High point loading: A particular point of a building where extra support is needed.

Hi-Tech Building: Modern industrial building constructed with modern technologies.

HVAC: In order to regulate temperature, systems such as heating, air conditioning, ventilation installed in a building.

High Street: The primary business centre of cities/towns.

I

Improvements: Changes made to enhance the capital value of land or buildings.

Institutional Investors: Organisations which pool money to invest in real estate properties and other investment assets.

Indian Stamp Act 1899: The payment of stamp duty to the local government for real estate transactions.

Indenture: A deed including two or more parties in which each party having own copy.

Internal rate of return (IRR): The interest rate which equates the net value of cash flows from a particular project equal to zero.

J

Joint agent: More than one agent employed to assist a seller reach a deal.

Joint sole agent: Two agents agree to sell a property and split the commission within themselves.

K

Kiosk: A small outlet located in a public concourse where it is opened only during peak times.

L

Land assembly: From a number of lands, forming a single site for redevelopment or eventual development.

Landlord: An owner of a land or house or real estate, which is rented or leased to an individual or business (called tenant).

License: A legal permission giving right to do something.

Load bearing: An element in a building structure with the capacity to support the weight in addition to its own.

Lease agreement: A contract or agreement between a lessee and lessor in which the lessee pays the lessor of the use of an asset.

M

Mattha: A building's frontage with the main road.

Mortgage: A loan in which a house functions as collateral.

N

Non-conforming use: A property constructed which doesn't allow area for planning purposes.

Net present value method (NPV): The method of evaluating investment proposals.

Negotiation: Dialogue between two or more people/parties intended to reach a common agreement.

O

Outgoings: Costs incurred by the owner other than rent from the tenant.

Open market value: The best price acquired for an interest in a property at the date of valuation.

P

Property management: The operation and control of real estate as used in most broad terms.

Property portfolio management: The management of a group of properties held in a single ownership.

Property investment Trust: A public firm established for the purpose of gaining shares in real estate companies which is managed by a professional team.

Private treaty: The negotiations are carried out between a vendor and a purchaser privately and secretly to the disposal of a property.

Project Management: It is managing all the aspects of a project by planning, organising, monitoring, executing and controlling the operational contributions of property professionals to achieve specific goals.

Penal rent: The punishment given to a tenant if in case he/she fails to pay rent on the specified time.

Premium rent: The rent given above the normal rent for a property.

Pre-stressed concrete: An architectural and structural material possessing great strength, which is used in overcoming concrete's natural weakness in tension.

Pugree: A security deposit given to landlords which is refundable at the expiry of the lease term to the outgoing tenant.

Patwari: A person appointed to maintain and update land ownership records as well as collection of land taxes.

Q

Qualified covenant: A legal document which restricts the rights of a person on the interest in a land/property.

R

Rack rent: The full rent of a property if it were subject to an immediate open market review.

Rental advance: An amount paid to the landlord at the beginning of the lease term.

Rentable area: The area of floor space in which the rent is calculated.

Refurbishment: A process of maintenance or repair of a building.

Rent free period: A lessee is allowed to occupy the premises without having to pay rent for a specific period as agreed by the lessor.

Rent Act(s): The terms and conditions of the rental market to curb profiteering and hoarding.

Registration and mutation: The registration of high value property transactions at the registrar's office and afterwards the buyer has to apply for mutation in which the title of the property to be changed on buyer's name.

Ratable value: The value of which property tax is charged.

S

Sale deed for property buying: Sale deed is governed by the Registration Act and is the most important document for the purchase or sale of a property. No property buying or selling is complete without signing the sale deed by both the buyer and the seller in front of at least two witnesses.

T

Technology Park: An area comprises of office spaces as well as residential and retail developments.

Tenancy: Possession of land/property by title under a lease or on payment of rent.

Town and country planning: A planning system government uses to balance economic development and environmental quality.

Tax clearance: Any lease transaction not less than 12 years should go through clearance process from Income Tax Appropriate Authority.

Tenant/s' improvements: Modifications to land or buildings made out at the expense of the tenant.

U

Uplifted rent: A rent reflects a lease term which is beneficial to the tenant.

User: A person who uses a property.

Urban centres: An area with higher population density and vast human features in comparison to the areas surrounding.

Urban Land ceiling and regulation act (ULCRA): A social equity measure to curb profiteering and hoarding in the urban land market as well as prevent urban congestion.

V

Value: The price of a property or any other asset expected to fetch if disposed.

Valuation: To estimate the worth of a property or any other asset for selling, purchasing, letting, rating, etc.

Vaastu Shastra: A traditional architecture system specifies the methodology of building a structure or buying land, etc.

Vertical slice participation: The multi-participation in a development, in which each of the participants owns a separate legal interest in the whole of the property.

W

Warehouse: A building for storage of goods and raw materials.

Willing seller-willing buyer: An owner willing to dispose the property and a genuine buyer in the market willing to purchase the property.

Written down value: Making deductions for depreciation against capital cost or present value of an asset.

X

Xystus: A garden walk boarded by trees.

Y

Yield up: Giving up possession at the end of the lease.

Z

Zoning: The dividing of an area into zones by local authority.



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