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According to Section 2 (d) of the RERA Act 2016, an allottee refers to an individual to whom a plot of land, apartment or building has been sold, allotted or transferred by a promoter. It includes anybody that may subsequently acquire the said allotment through a sale but does not include those renting the property.
A RERA registration number is a number provided by the RERA authorities to a project upon successful registration with the body. One project may have multiple RERA registration numbers. This number can be used to view the progress of the project on the corresponding RERA website.
The carpet area of a flat refers to the actual useable space within a property. It represents the area on which one can place a carpet. The Real Estate (Regulation and Development Act, 2016) describes carpet area as the net useable floor area of an apartment, excluding the area covered by external walls, areas under service shafts, exclusive balcony or verandah area and open terrace area, but includes the area covered by the internal partition walls of the apartment.
Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.
Eviction is the civil process wherein a landlord legally removes a tenant from their rental property. This usually occurs when the terms of the rental agreement have been breached or in other situations as permitted by law.
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A sale is a complete out-and-out transfer of ownership of a property (with all its rights and liabilities) from one person (or more) to another (or more) in exchange for a consideration, i.e. money. As per Section (17) of the Registration Act 1908 registration of a sale is mandatory when the value of the immoveable property exceeds INR 100/-. If a property is transferred for something other than money, the transaction is referred to as an exchange and not a sale.
A contract of sale or an agreement to sell is a document prepared by both parties which entails the mutually agreed upon terms by which the sale will take place. As per the Transfer of Property Act 1882, a contract of sale or an agreement to sell in itself does not created any interest in or charge on the property mentioned in the contract. Therefore, an actual sale and an agreement to sell are two distinct concepts.
The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it.
An asset that cannot move from one place to the other�is considered to be an immovable property. In India, real estate is considered to be an immovable property.
Central Business District (CBD) is a commonly used term in commercial real estate to describe an area in the city that contains a high density of commercial, retail and business establishments, as well as government offices. CBDs usually coincide with the city centre and tend to be the central hub for the city�s transportation networks. Nowadays, CBDs have also begun to include entertainment hubs, restaurants, hotels, medical care and residential complexes.
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