![\"\"](\"\/wp-content\/uploads\/2023\/04\/springs-asbl--1024x451.jpeg\")
<\/figure>\n<\/div>\n<\/div>\n\n\n\n- \n
- Add-on Charges:<\/strong> Additional costs associated with a property transaction, such as brokerage fees, legal fees, stamp duty, and registration charges.
<\/li>\n\n\n\n- Advance:<\/strong> The initial payment made by the buyer to the seller as a sign of their intent to purchase the property.
<\/li>\n\n\n\n- Agreement for Sale:<\/strong> A legal agreement between the buyer and seller, outlining the terms and conditions of the property sale.
<\/li>\n\n\n\n- Amenities:<\/strong> The facilities and services provided within a building or complex, such as swimming pools, gyms, clubhouses, and security systems.
<\/li>\n\n\n\n- Annual Maintenance Charges (AMC):<\/strong> A fee paid by the apartment owners to the apartment association for maintenance of common areas and facilities.
<\/li>\n\n\n\n- Approved Layout:<\/strong> A layout plan approved by the local authorities for the development of a residential or commercial project.
<\/li>\n\n\n\n- Bank Loan:<\/strong> A loan provided by a bank to the buyer to finance the purchase of a property.
<\/li>\n\n\n\n- Built-up Area:<\/strong> The total area of a property including the carpet area, plus the area occupied by walls, balconies, and other such features.
<\/li>\n\n\n\n- Capital Gain:<\/strong> The profit made from the sale of a property that is above the purchase price.
<\/li>\n\n\n\n- Carpet Area:<\/strong> The net usable area of the apartment\/unit, excluding the area of walls, balconies, and common spaces.
<\/li>\n\n\n\n- Completion Time:<\/strong> The time required for the construction of a building or complex, as specified in the agreement between the buyer and the developer.
<\/li>\n\n\n\n- Circle Rate:<\/strong> The minimum value at which a property can be registered for the purpose of stamp duty and registration fees.
<\/li>\n\n\n\n- Common Area:<\/strong> The area within a building or complex that is used by all residents or occupants, such as lobbies, staircases, elevators, and parking spaces.
<\/li>\n\n\n\n- Completion Certificate:<\/strong> Certifies a completed building meets necessary regulations and standards.
<\/li>\n\n\n\n- Constructed Property:<\/strong> A property that is already built and ready for occupation or use.
<\/li>\n\n\n\n- Co-ownership: <\/strong>The ownership of a property by two or more people, where each owner has a share in the property.
<\/li>\n\n\n\n- Deed:<\/strong> A legal document that proves the ownership of a property.
<\/li>\n\n\n\n- Developer:<\/strong> A person or company involved in the construction and development of a real estate project.
<\/li>\n\n\n\n- Down Payment:<\/strong> The initial payment made by the buyer to the seller or the bank, typically a percentage of the total property price.
<\/li>\n\n\n\n- Earnest Money Deposit (EMD):<\/strong> The initial deposit paid by the buyer to the seller to show their intent to purchase the property.
<\/li>\n\n\n\n- Encumbrance Certificate:<\/strong> A certificate issued by the government that certifies that the property is free from any legal or financial liabilities.
<\/li>\n\n\n\n- Encroachment:<\/strong> The unauthorized use or occupation of someone else’s property without their permission.
<\/li>\n\n\n\n- Encumbrance:<\/strong> Any legal liability or claim on a property, such as a mortgage, lien, or easement, that affects its ownership or value.
<\/li>\n\n\n\n- Freehold Property:<\/strong> Property with complete ownership and control, including the land it’s on.
<\/li>\n\n\n\n- FSI (Floor Space Index)\/FSR (Floor Space Ratio):<\/strong> The ratio of the built-up area of a building to the total plot area, as permitted by the local authorities.
<\/li>\n\n\n\n- Green Belt:<\/strong> An area of land surrounding a city or town that is reserved for agricultural or environmental purposes and is not available for development.
<\/li>\n\n\n\n- Hypothecation:<\/strong> The pledging of a property as security for a loan, where the borrower retains ownership of the property but gives the lender the right to seize the property in case of default.
<\/li>\n\n\n\n- Joint Development Agreement (JDA):<\/strong> An agreement between a landowner and a developer to jointly develop a property, where the landowner contributes the land and the developer contributes the construction expertise and resources.
<\/li>\n\n\n\n- Khata:<\/strong> An account of a property maintained by the local municipal authorities for the assessment and collection of property taxes.
<\/li>\n\n\n\n- Lease Agreement:<\/strong> A legal agreement between the landlord and tenant, outlining the terms and conditions of the lease of a property.
<\/li>\n\n\n\n- Leasehold Property:<\/strong> A property where the owner has leased the land from the government or the landlord for a specified period.
<\/li>\n\n\n\n- Market Value:<\/strong> The estimated value of a property based on its location, size, amenities, and other factors.
<\/li>\n\n\n\n- Mutation:<\/strong> The process of transferring the title of a property from one person to another.
<\/li>\n\n\n\n- Non-Agricultural Land (NA):<\/strong> Land that is not suitable for construction, only agriculture.
<\/li>\n\n\n\n- Occupation Certificate:<\/strong> Certifies a building’s compliance with the building code for occupation.
<\/li>\n\n\n\n- Plinth Area:<\/strong> The area of a property measured at the floor level and includes the area occupied by the walls.
<\/li>\n\n\n\n- Possession:<\/strong> The legal right to occupy and use a property.
<\/li>\n\n\n\n- Power of Attorney:<\/strong> Allows one person to act legally or financially on behalf of another..
<\/li>\n\n\n\n- Property Tax:<\/strong> A tax levied by the local authorities on the property owner based on the property’s value.
<\/li>\n\n\n\n- Ready-to-Move-In Property:<\/strong> A property that is fully constructed and ready for occupation or use.
<\/li>\n\n\n\n- Real Estate Agent\/Broker:<\/strong> A person or company that acts as an intermediary between the buyer and seller in a real estate transaction.
<\/li>\n\n\n\n- Real Estate Regulatory Authority (RERA):<\/strong> A regulatory authority established by the government to protect the interests of buyers and regulate the real estate sector.
<\/li>\n\n\n\n- Registration Fee:<\/strong> A fee paid to the government for registering the property sale deed.
<\/li>\n\n\n\n- Resale Property:<\/strong> A property that has already been purchased and is being sold by the current owner.
<\/li>\n\n\n\n- Sale Agreement:<\/strong> A legal agreement between the seller and the buyer outlining the terms and conditions of the sale of a property.
<\/li>\n\n\n\n- Sale Deed:<\/strong> Legal document that transfers property ownership from seller to buyer.
<\/li>\n\n\n\n- Security Deposit:<\/strong> A deposit paid by the tenant to the landlord as security against any damages or unpaid rent.
<\/li>\n\n\n\n- Society:<\/strong> An association of apartment owners or residents formed to manage and maintain the common areas and facilities of a building or complex.
<\/li>\n\n\n\n- Stamp Duty:<\/strong> A tax paid to the government for stamping and registering the property sale deed.
<\/li>\n\n\n\n- Super Built-up Area:<\/strong> The total built-up area of a property, including the common areas, such as lobbies, staircases, elevators, and parking spaces.
<\/li>\n\n\n\n- TDR (Transferable Development Rights):<\/strong> A scheme that allows landowners to transfer their development rights to another property or to the local authorities in exchange for monetary compensation or other benefits.
<\/li>\n\n\n\n- Tenancy Agreement:<\/strong> A legal agreement between the landlord and tenant, outlining the terms and conditions of the lease of a property.
<\/li>\n\n\n\n- Title Deed:<\/strong> A legal document that proves the ownership of a property.
<\/li>\n\n\n\n- Transfer Fee:<\/strong> A fee paid by the buyer to the society or apartment association for the transfer of ownership of the property.
<\/li>\n\n\n\n- Transfer of Property:<\/strong> The legal process of transferring the ownership of a property from one person to another.
<\/li>\n\n\n\n- Under Construction Property:<\/strong> A property that is currently being constructed or developed.
<\/li>\n\n\n\n- Unit:<\/strong> A single apartment or flat in a multi-unit building or complex.
<\/li>\n\n\n\n- ULC (Urban Land Ceiling) Act:<\/strong> A law that restricts the ownership and use of land by individuals or entities to prevent the concentration of land in the hands of a few.
<\/li>\n\n\n\n- Value Added Tax (VAT):<\/strong> A tax levied by the government on the sale of a property.
<\/li>\n\n\n\n- Zoning:<\/strong> The division of a city into specific zones for different types of land use, such as residential, commercial, recreational.<\/li>\n<\/ol>\n\n\n\n
Also read our blog on how to select the right gated community<\/a><\/p>\n\n\n\n
Check out ASBL Spire<\/a>, ASBL Springs<\/a> and ASBL Spectra<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Purchasing a property in India can be a complex and challenging process, particularly for first-time buyers. One of the most […]<\/p>\n","protected":false},"author":1,"featured_media":1250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"fifu_image_url":"","fifu_image_alt":""},"categories":[1],"tags":[],"acf":[],"aioseo_notices":[],"yoast_head":"\n
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Advance:<\/strong> The initial payment made by the buyer to the seller as a sign of their intent to purchase the property.