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Leasehold refers to the legal right given to an individual or entity, by the owner, to live in or use a building or piece of land for an agreed period of time. In India, leasehold land most commonly have tenures ranging between 30 to 99 years.
Collector’s Land refers to land belonging to the government that falls under the control of the revenue department and is therefore owned by the City Collector. Collector’s Land is leased out to individuals and / or entities for the purpose of development. Prior permission must be sought from the state to rent, gift, transfer and / or sell properties built on Collector’s Land.
Free Hold land is one which is “free from hold” of any entity besides the owner. The owner owns the building and the land upon which it has been built in perpetuity.
Land constitutes of all things permanently attached to the surface of the earth such as ground, trees, wells, rivers. etc. It is a natural resource that is the centre of all economic activities. Therefore, land is classified on the basis of its economic use, i.e., agricultural land, non-agricultural land and forest land.
Parquet flooring refers to a particular type of wooden flooring that consists of a geometric pattern formed by placing tiny wooden slats together. It’s texture and durability is similar to hardwood floor as the strips are made of hardwood. This form of flooring was first introduced in the 17th century in France as a cheaper substitute to marble. Today it is a popular choice due to its aesthetic appeal.
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A junction box, also known as a J-box is a wall-mounted unit that contains all the electrical connections in a house. It serves as the communal meeting spot for electrical wires, where they connect before moving on throughout the house. These boxes protect the electrical connections from external forces and inhabitants of the house from accidental electric shocks. A J-box is usually made up of plastic or metal, wall mounted and concealed behind an access panel.
Modular kitchens are kitchens that can be assembled using individual units. Each unit can be personalised to suit your needs, appliances and incorporate the latest technology. These units are then fitted to form the skeleton of the new kitchen. The biggest advantage of modular kitchens are that they can be assembled and reassembled, making it easier to move into different homes. In contrast, civil kitchens have cabinets that are permanently built into the space, making it impossible to dismantle later.
Under the RERA Act 2016, the appropriate Government must establish a Real Estate Regulatory Authority for the regulation and promotion of the real estate sector in the State / Union Territories (UTs). The Authority shall strive to facilitate the growth and promotion of a healthy, transparent, efficient, and competitive real estate sector while protecting the interest of homebuyers/ allottees, promoters and real estate agents. The authority shall also establish an adjudicating mechanism for speedy dispute redressal regarding registered real estate projects.
The Government of India introduced the Real Estate (Regulation and Development) Act in the year 2016 in a bid to regulate the real estate industry. All the sections of the Act came into force with effect from 1st May, 2017. The key objective of the Act was to bring greater transparency, accountability, financial discipline and speedy dispute redressal for homebuyer and allotees. According to a press release published by the Ministry of Housing & Urban Affairs, a total of 30 states and 28 Union Territories have implemented the Act in India.
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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