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An Expression of Interest (EOI) is a document or letter submitted by a potential buyer expressing their interest in a particular property. It is the first step before entering a negotiation process or signing a formal agreement.
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.
FSI, also referred to as FAR (Floor Area Ratio), is a ratio of the total built-up area to the total area of the plot. It measures the total built-up area that can be constructed on a parcel of land.
This refers to the mechanical, electrical and plumbing services in the design and construction of the building. Builders enlist firms specialising in MEP services for the construction of their building.
The registration fee is calculated at the rate of 1% of the agreement value of the property with a maximum cap of Rs. 30,000/-.
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Preferential location charge is a premium charged for superior features in a flat. These features can include but are not limited to sea views, park views, higher floors, corner flats, terrace access flats, etc. PLC charges can be calculated on a squarefoot basis or a slab rate.
Puzzle parking is an entirely automated system wherein the car owners give his car to a valet or parks it in a lift and the car is automatically placed into a parking slot.
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.
REITs are listed securities that provide derived ownership of rent-yielding real estate.
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.
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