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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/-.
A restrictive covenant is an agreement that a seller writes into a buyer�s deed of property that restricts how the buyer may use that property. For example, the seller may want the buyer to leave a building�s original fa�ade intact. As long as they don�t break the law, restrictive covenants can be as specific and arbitrary as the parties are willing to agree to.
An easement refers to a party�s right to use or improve portions of another party�s property, or to prevent the owner from using or improving the property in certain ways. The first type is referred to as affirmative easement, e.g. A utility company may have the right to run a gas line through a person�s property or pedestrians may have the right to use a footpath that passes through that property. A negative easement restricts the title-holder from doing something, e.g. An owner may not be allowed to build a structure in his garden that would block his neighbour�s light.
A co-operative housing society is a legal entity that can own one or more residential buildings. Membership is granted by way of a share purchase and share-holders are given the legal right to occupy a housing unit within the society.
A Resident Welfare Association (RWAs) is a non-government entity responsible for overseeing the upkeep and interest of a residential society in a colony or city. RWAs also organise events, collect monthly maintenance from members and safeguard the interest and rights of its members. The Societies Registration Act 1860 governs RWAs in India.
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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.
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.
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.
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 thereunder.
This is a certificate issued by the local municipal authority permitting the developer to begin construction of the project. The CC is usually granted only after the building has met with all legal requirements and obtained the relevant sanctions for the building�s plan.
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