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TDR is a technique of land development, which separates the development potential of a piece of land from the land and allows the development rights to be used elsewhere in the city as permissible by the state law. Under this method, the owner of the land can sell the development rights of his land to another entity or individual. The receiving plot can use this TDR over and above the usual FSI available to it in accordance with the prevailing laws and regulations. This is generally used for redevelopment of inner-city zones and re?development projects.
Base FSI is the basic FSI permitted by the competent authority as a matter of right without any cost. Chargeable/Premium FSI is the FSI available by additional payment to the competent authority as per the applicable rules. Maximum permissible FSI is the FSI that includes the base and chargeable FSI.
A Development Plan refers to a document prepared by local authorities detailing the use of land and the public facilities to be made available in an area as per the current policies and proposals. It consists of a written statement accompanied by maps. In India, Development Plans are a state subject. Town planning authorities under each state or province asses growth rates, identify areas suitable for specific development and allocate budgets. Each Metropolitan city has an agency responsible for executing the DP for the city. For example, in Mumbai, Mumbai Metropolitan Region Development Authority (MMRDA) is responsible for executing the DP.
Zoning is a type of planning control tool used to regulate the use of land in a particular area. It is used when creating Development Plans for a region. This tool allows authorities to stimulate or slow down development in specific areas, regulate property markets and ensure complementary use of land. It also helps in defining density by way of FSI / FAR. Each state may have its own method of zoning.
A property Index II document is automatically generated on the registration of transfer documents pertaining to immovable properties. It is issued and maintained by the Sub registrar's office and the Stamp Duty & Registration Department. It contains a short description of the registered documents and details of the immoveable property. It is a public document, certified by the government and available to any member of the public.
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The Malmatta Patrak or the Property Card is an extract obtained from the urban land records register of the Government of Maharashtra. It is recognised as a record-of-right, certified by the government and is considered an important proof of ownership. It contains details of the history of ownership of the land and the encumbrances attached to it. This card can be obtained from the city survey officer or downloaded from the official government website for land records.
HVAC stands for the heating, cooling, and ventilation system within a building. The goal of an HVAC system is to make sure that the temperature inside any building is comfortable for those who are in it. This means warming the building up during the cooler months of the year and cooling it down when it gets hot outside. For heat, an HVAC system uses gas, oil, coal, or electricity to provide heat, while the cooler air is provided by a chiller, gas or electric air conditioner, and an electric heat pump.
Fractional ownership is when the cost of procuring an asset is divided amongst multiple individuals, each getting a share. All the benefits derived from the asset such as income and usage rights are divided pro rata between all shareholders. Fractional ownership is common in the purchase of high value purchases such as private jets, vacation homes, luxury cars, etc. When considering an investment opportunity involving fractional ownership it is important to take note of factors such as the management company's reputation, specifications of the asset, and the potential appreciation.
A legal title report is a written analysis of the status of the title of the property, including a description of the said property, names of titleholders and how the title is held (e.g. joint tenancy). It also includes applicable taxes and encumbrances for the same.
Title is a legal term that refers to the ownership right to a property. Every property has a title which is created in accordance with the laws relating to immovable property such as Transfer of Properties Act, India Registration Act and Indian Stamp Act. Titles can depict ownership of both personal and real property. Personal Property is anything that does not include real estate such as appliances, furniture, antiques, artwork, etc whereas Real Property includes the physical property of real estate as well as bundle of ownership and usage rights.
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