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Real Estate Glossary

Last updated: March 28 2014
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  • Real Estate Glossary

    We have compiled a Real Estate Glossary for IREF. We hope that someone out there finds it useful. If you have any corrections or additions that you would like to submit, there is a link at the bottom to the contact form. Could post a reply here too if you like.

    Enjoy!

    Glossary - Indian Real Estate Forum
  • #2

    #2

    Re : Real Estate Glossary

    Amazing...very good effort...

    Comment

    • #3

      #3

      Re : Real Estate Glossary

      nice compilation... helpful in many sense

      Comment

      • #4

        #4

        Re : Real Estate Glossary

        Hi Phases
        Greetings

        Please include Abbreviations:

        BSP= Basic Sale Price
        PLC= Preferential Location Charges
        EDC= External Development Charges
        IDC= Infrastructural Development Charges
        BBA= Builder Buyer Agreement
        RTM= Ready to move
        DP= Down Payment
        ROI= Return on Investments
        CLP= Construction Linked Plan
        UC= Under Construction
        IRR= Internal Rate of Return
        NCR= National Capital Region
        NPR= Northern Peripheral Road
        SPR= Southern Peripheral Road
        EMI= Equated Monthly Installments
        LOI= Letter of Intent
        EC= Environmental Clearance
        PPP= Public Private Partnership
        BOLT= Build Operate Lease Transfer
        BOT= Build Operate Transfer
        WPI= Wholesale Price Index
        CPI= Consumer Price Index
        PWD= Public Works Department
        NHAI= National Highway Authority of India
        NCRPB= National Capital Region Planning Board
        DTCP= Directorate of Town and Country Planning
        HUDA= Haryana Urban Development Authority
        MCG= Municipal Corporation of Gurgaon
        MCF= Municipal Corporation of Faridabad
        DMRC= Delhi Metro Rail Corporation
        BRTS= Bus Rapid Transit System
        ISBT= Inter-state Bus Terminus
        RRTS= Rail Rapid Transit Systems
        MRTS= Metro Rapid Transit Systems



        Cheers

        Comment

        • #5

          #5

          Re : Real Estate Glossary

          Originally posted by BlessU View Post
          Hi Phases
          Greetings

          Please include Abbreviations:

          BSP= Basic Sale Price
          PLC= Preferential Location Charges
          EDC= External Development Charges
          IDC= Infrastructural Development Charges
          BBA= Builder Buyer Agreement
          RTM= Ready to move
          DP= Down Payment
          ROI= Return on Investments
          CLP= Construction Linked Plan
          UC= Under Construction
          IRR= Internal Rate of Return
          NCR= National Capital Region
          NPR= Northern Peripheral Road
          SPR= Southern Peripheral Road
          EMI= Equated Monthly Installments
          LOI= Letter of Intent
          EC= Environmental Clearance
          PPP= Public Private Partnership
          BOLT= Build Operate Lease Transfer
          BOT= Build Operate Transfer
          WPI= Wholesale Price Index
          CPI= Consumer Price Index
          PWD= Public Works Department
          NHAI= National Highway Authority of India
          NCRPB= National Capital Region Planning Board
          DTCP= Directorate of Town and Country Planning
          HUDA= Haryana Urban Development Authority
          MCG= Municipal Corporation of Gurgaon
          MCF= Municipal Corporation of Faridabad
          DMRC= Delhi Metro Rail Corporation
          BRTS= Bus Rapid Transit System
          ISBT= Inter-state Bus Terminus
          RRTS= Rail Rapid Transit Systems
          MRTS= Metro Rapid Transit Systems



          Cheers
          this is like a mini dictionary for the the investors. very helpful and effective. good work

          Comment

          • #6

            #6

            Re : Real Estate Glossary

            Originally posted by BlessU View Post
            Hi Phases
            Greetings

            Please include Abbreviations:

            BSP= Basic Sale Price
            PLC= Preferential Location Charges
            EDC= External Development Charges
            IDC= Infrastructural Development Charges
            BBA= Builder Buyer Agreement
            RTM= Ready to move
            DP= Down Payment
            ROI= Return on Investments
            CLP= Construction Linked Plan
            UC= Under Construction
            IRR= Internal Rate of Return
            NCR= National Capital Region
            NPR= Northern Peripheral Road
            SPR= Southern Peripheral Road
            EMI= Equated Monthly Installments
            LOI= Letter of Intent
            EC= Environmental Clearance
            PPP= Public Private Partnership
            BOLT= Build Operate Lease Transfer
            BOT= Build Operate Transfer
            WPI= Wholesale Price Index
            CPI= Consumer Price Index
            PWD= Public Works Department
            NHAI= National Highway Authority of India
            NCRPB= National Capital Region Planning Board
            DTCP= Directorate of Town and Country Planning
            HUDA= Haryana Urban Development Authority
            MCG= Municipal Corporation of Gurgaon
            MCF= Municipal Corporation of Faridabad
            DMRC= Delhi Metro Rail Corporation
            BRTS= Bus Rapid Transit System
            ISBT= Inter-state Bus Terminus
            RRTS= Rail Rapid Transit Systems
            MRTS= Metro Rapid Transit Systems



            Cheers
            Dude,

            Indeed , very nice observation but still there are many missing Abbreviations from Real Estate and Its Market . !!
            If You Guys Are Going To Be Throwing Beer Bottles At Us At Least Make Sure They Are Full

            Comment

            • #7

              #7

              Re : Real Estate Glossary

              Sir Ji,

              USP ?????

              Originally posted by BlessU View Post
              Hi Phases
              Greetings

              Please include Abbreviations:

              BSP= Basic Sale Price
              PLC= Preferential Location Charges
              EDC= External Development Charges
              IDC= Infrastructural Development Charges
              BBA= Builder Buyer Agreement
              RTM= Ready to move
              DP= Down Payment
              ROI= Return on Investments
              CLP= Construction Linked Plan
              UC= Under Construction
              IRR= Internal Rate of Return
              NCR= National Capital Region
              NPR= Northern Peripheral Road
              SPR= Southern Peripheral Road
              EMI= Equated Monthly Installments
              LOI= Letter of Intent
              EC= Environmental Clearance
              PPP= Public Private Partnership
              BOLT= Build Operate Lease Transfer
              BOT= Build Operate Transfer
              WPI= Wholesale Price Index
              CPI= Consumer Price Index
              PWD= Public Works Department
              NHAI= National Highway Authority of India
              NCRPB= National Capital Region Planning Board
              DTCP= Directorate of Town and Country Planning
              HUDA= Haryana Urban Development Authority
              MCG= Municipal Corporation of Gurgaon
              MCF= Municipal Corporation of Faridabad
              DMRC= Delhi Metro Rail Corporation
              BRTS= Bus Rapid Transit System
              ISBT= Inter-state Bus Terminus
              RRTS= Rail Rapid Transit Systems
              MRTS= Metro Rapid Transit Systems



              Cheers

              Comment

              • #8

                #8

                Re : Real Estate Glossary

                Wow really a great Post thanks a lot friends

                Comment

                • #9

                  #9

                  Re : Real Estate Glossary

                  Property purchase: the EC factor

                  EC is a common term that we get to hear when looking for a new piece of property. However, most of us still do not understand the implications as well as importance of going through the Encumbrance Certificate or EC at this stage. Proper and authentic documentation forms a vital part of all kinds of property transactions and any carelessness here could prove quite costly at a subsequent stage and might involving various kinds of legal hassles.

                  What is the EC?

                  Encumbrance literally means the liability or charge that the property has been subjected as a form of mortgage, which the owner has not yet discharged completely. The EC is primarily a certificate to authenticate the free title of ownership of the property that one is looking to acquire. This certificate issued by the local sub registrar’s office informs the prospective buyer that the property is free of legal dues or any other kind of mortgage at that point. It includes details of financial transactions that the property has undergone during a specified period (usually 30 years) in terms of change of ownership or mortgage.

                  There are two basic kinds of ECs that are issued - Form 15 and Form 16. The Form 16 is issued when there is ‘Nil Encumbrance Due’ meaning that the property is free of mortgage. The Form 15 is issued when any kind of outstanding mortgage is in existence with details of transactions and parties involved along with reference of documents where such a deed has been executed.

                  What it does not say

                  Despite being a good indicator of the property’s ownership status the EC fails to provide comprehensive information, which is why an independent investigation is required while buying the property. Under the Registration Act, 1908 there are certain types of transactions that are not required to be reflected in an EC. Such transactions include:

                  * Deposit as mortgage by the owner with any bank or financial institution of original documents of the property as a collateral security to obtain credit.

                  * Any lease that is valid for less than a year need not be shown in the EC.

                  * Documents of testamentary nature are also exempt from being reflected through the EC.

                  * Any kind of verbal arrangement of family settlement may also not be understood by going through the EC. Even cases where a separate financial settlement has been reached among the owner and any other party will not be shown in the EC.

                  How to Obtain it

                  Despite its limitations as stated above the EC provides valuable preliminary information regarding the ownership of the property, which is very important to know before buying it. There is a standard procedure for applying and obtaining the EC:

                  Step1: One has to make an application on Form 22 with a Rs 2 stamp paper affixed to the local tehsildar or any other equivalent ranking revenue official of that area along with complete address proof and details of ownership of the property whose EC is required. The application must contain complete description of the property in terms of measurements and boundary specifications.

                  Step 2: This application has to be submitted to the jurisdictional sub-registrar after paying the official charges for the purpose. Usually it is counted as per the number of years of information that is being sought with each year considered to be commencing on April 1 and ending on March 31. Fractions of period less than a year are not considered for this purpose.

                  Step 3: The application is then forwarded from the sub registrar’s office to the tehsildar for verification before issuing the EC.

                  Step 4: The tehsildar carries out a detailed study of all transactions that have been registered on that property during the period for which the information is being sought by the applicant. This is the aspect that consumes maximum time as it has to be a detailed report based on which, a Form 15 or Form 16 shall be issued by the sub-registrar. The normal time frame involved at this stage is about 15-30 days which may extend beyond that. A little follow up with the tehsildar’s office might be helpful in saving some time.

                  Step 5: The tehsildar then submits his report to the sub-registrar who will issue the EC accordingly. One can expedite the process by collecting the EC physically rather than waiting it to arrive by post.

                  One should be careful not to rely completely on the EC and carry out comprehensive due diligence.






                  Property purchase: the EC factor
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                  Comment

                  • #10

                    #10

                    Re : Real Estate Glossary

                    Five smart things to know about real estate terms

                    1. Down payment is made to the builder to confirm the purchase decision. It typically represents a percentage of the full purchase price. It could be non-refundable if the deal falls through.

                    2. The sale deed is the agreement between the seller and the buyer and is proof of transfer of property to the buyer. It is signed by both the parties and also by a minimum of two witnesses along with all their details.

                    3. Stamp duty is the tax levied by the state government on the agreement value or the market value, whichever is higher. It is payable by the purchaser and may vary across states.

                    4. It is only after the payment of stamp duty that the sale deed is considered legally valid and can be admitted as evidence of transfer of property in courts. The sale deed has to be registered with the sub-registrar of the jurisdiction where the property is located.

                    5. The registration fee is paid for getting the sale deed registered and is associated with getting the property transferred in the name of the buyer. The original document, along with two photocopies, has to be submitted and registration requires two witnesses.






                    Five smart things to know about real estate terms - The Economic Times
                    Please read IREF rules | FAQ's

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