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Indian Green Building Council (IGBC) Green Homes is a rating programme developed in India, exclusively for the residential sector. The objective is to facilitate the effective use of site resources, water conservation, energy efficiency, handling of household waste, optimum material utilization and design for healthy, comfortable & environmentally friendly homes. The certification levels awarded are Silver, Gold, and Platinum based on the extent of sustainable practices followed.
An adjustable-rate mortgage (ARM) refers to a home loan with a variable interest rate. With such loans, an initial interest rate is fixed for a stipulated period of time, after which the interest rate applicable on the outstanding balance varies. The rate is reset periodically, at yearly or even monthly intervals and is based on a benchmark or index, plus an additional spread called an ARM margin. ARMs are also called variable-rate mortgages or floating mortgages. ARMs generally have caps that limit how much the interest rate and/or payments can rise per year or over the lifetime of the loan.
Fixed-rate mortgage refers to a home loan that has a fixed interest rate for the entire term of the loan. Once locked in, the interest rate does not fluctuate with market conditions. Borrowers who want predictability and/or who tend to hold property for the long term tend to prefer fixed-rate mortgages. Fixed-rate mortgages may be open or closed with specific terms or may run for a length of time agreed upon by the lender and borrower.
According to the RERA Act 2016, any person or entity that constructs or converts a building into apartments, develops land for sale, sells residential apartments or plots shall be considered the promoter of a project. If more than one entity or individual is responsible for development, both shall be held jointly liable to fulfil the functions and responsibilities as specified under the Act and the rules and regulations made there under.
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.
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Construction and demolition (C&D) waste refers to waste generated from construction, renovation, repair, and demolition of houses, large building structures, roads, bridges and dams. It also includes any surplus and damaged products and material arising through the course of construction work or used temporarily during the course of on-site activities. Materials found in C&D waste can be but are not limited to wood, steel, concrete, gypsum, masonry, plaster, metal, and asphalt. C&D waste can contain hazardous materials such as asbestos and lead.
A façade refers to the front or exteriors of a building. A facade can serve many purposes such as adding to the aesthetics of the property, establishing a theme, protecting or supporting the building structure, and conserving energy.
A Completion Certificate (CC) is given to a project when it has been developed according to the sanctioned plans and has met all other building standards as prescribed by the local governing authority. In Maharashtra, in order to procure a CC, the builder’s architect must submit a formal letter stating that the construction has been completed according to the standards set forth in the IOD and CC. A completion certificate (CC) can be procured for a particular building (BCC) and for a project as a whole.
An Occupancy Certificate (OC) is a document that certifies that a building has been constructed and developed as per the approved plans and complies with all the necessary safety norms and regulations. The certificate is issued by the local municipal authority after construction is completed, and serves as proof that the building is ready for occupancy. It is illegal to occupy a flat in a building which has not received an Occupancy Certificate.
Reinforced Cement Concrete (RCC) is a composite building material that consists of structural concrete and a reinforcing material such as steel. The tensile strength of steel and the compressive strength of concrete work together to sustain stresses over considerable spans. The reinforcing steel can be in the form of rods, bars, or mesh. The invention of reinforced concrete in the 19th century revolutionized the construction industry, and concrete became one of the world’s most common building materials.
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