The words on every property document, explained

In Bengaluru and other Karnataka cities, the khata for a property built on approved, converted land with the required approvals and taxes paid. It is what lenders and buyers want to see.

A village account in Tamil Nadu and Andhra Pradesh recording each survey number's holder, extent and how the land is used or cultivated.

The promise to transfer at an agreed price on agreed terms. It is not ownership, and a token amount usually accompanies it.

The letter a builder or development authority issues after you book a unit, naming the unit, its price and the payment plan. It is a record of booking, not ownership.

The shared facilities a project offers, such as a clubhouse, pool, gym, park, power backup and security. They add to comfort and to maintenance costs.

In Bengaluru, a khata entry in a separate register for properties with irregularities, such as unapproved layouts, unconverted land or plan violations. Tax is collected, but the property is not fully regular.

Moving an outstanding home loan from one lender to another, usually for a lower interest rate.

Bedroom, hall, kitchen. A 2 BHK has two bedrooms, a living room (the hall) and a kitchen; bathrooms and balconies are counted separately.

A traditional land unit used in many northern and eastern states. It has no single size: a bigha differs from state to state and often district to district.

A land unit that is a fraction of a bigha, used in north India. Because the bigha varies, so does the biswa.

The fee paid to a property agent for arranging a sale or rental. There is no national rate; it is agreed with the agent.

A low-rise building on an individual plot, typically three or four storeys, where each floor is a separate home sold to a different buyer. Common in Delhi, Gurugram and the NCR.

BBA: the agreement between a developer and a buyer of a flat in a project, setting out the unit, price, payment plan, specifications and possession date. RERA calls it the agreement for sale.

The local body's approval of a building's drawings before construction: floors, height, setbacks, parking and use. A building should match its sanctioned plan.

Carpet area plus the walls and the balcony. Usually 10–15% more than carpet.

Common area maintenance: the monthly charge for running the shared parts of an office, mall or complex, such as lifts, security, housekeeping and common power. Usually billed per square foot of chargeable area, separately from rent.

The profit on selling a property: sale price minus the cost of buying it, improvements and selling expenses. It is taxed as short-term or long-term depending on how long you held it.

The floor you can actually walk on, measured wall to wall inside the flat. It excludes the thickness of the walls, and it is the number RERA requires a builder to quote.

A land unit used in Kerala, Tamil Nadu, Andhra Pradesh and Puducherry. 1 cent is one-hundredth of an acre: 435.6 sq ft.

The unbroken sequence of documents showing how ownership passed from one owner to the next, up to the present seller. A gap is a warning sign.

The area a commercial rent or price is charged on, usually the unit's carpet area plus a share of common areas (similar to super built-up area). The gap between chargeable and carpet area is the loading; ask for both figures.

A Tamil Nadu village land record listing ownership, extent and classification of land in a village, such as wet (nanjai) or dry (punjai) land. It is now issued online with patta.

A three-digit credit score from 300 to 900 issued by TransUnion CIBIL, one of India's credit bureaus. Lenders use it, with scores from other bureaus, to decide on a loan and its rate.

The minimum value per square metre or square foot that a state sets for property in each area, used to charge stamp duty. Delhi, Uttar Pradesh and Haryana call it the circle or collector rate; Maharashtra the ready reckoner rate; Rajasthan the DLC rate.

Confirms the building was constructed to the approved plan. Often issued alongside the occupancy certificate.

Any deed that transfers ownership of property from one person to another. In housing societies, it also means the transfer of the land and building from the builder to the society.

A land unit used in Bihar, Jharkhand, West Bengal and Odisha. 1 decimal is one-hundredth of an acre, 435.6 sq ft, the same size as a cent.

Under RERA, the five years from possession during which the builder must fix structural defects and poor workmanship that buyers report, free of charge.

Approval from a city's development or metropolitan authority, such as DDA, BDA, CMDA or HMDA, which plans land use and approves layouts and large buildings in its region.

The release of loan money by the lender, usually straight to the seller or builder. A ready flat gets one disbursement; an under-construction flat gets several, by stage.

Approval from a state's Directorate (or Department) of Town and Country Planning, usually for layouts and buildings outside the area of a metropolitan development authority.

A home spread over two floors connected by an internal staircase. In India it can be an apartment on two levels or an independent house with two storeys.

The advance a buyer pays under an agreement to sell, as a guarantee of performance. If the buyer backs out without cause, the agreement usually lets the seller keep it.

External benchmark lending rate: a floating loan rate linked to an outside benchmark, usually the RBI repo rate, plus a spread. Banks have had to use it for new floating-rate retail loans since 1 October 2019.

External Development Charges and Infrastructure Development Charges: fees that Haryana (and some other states) levy on licensed colonies for roads, water, sewerage and wider infrastructure, which builders pass on to buyers.

Earnest money deposit — the refundable sum you place to take part in a bank auction.

Equated monthly instalment: the fixed monthly payment that repays a loan's interest and principal over its tenure. Early EMIs are mostly interest; later ones mostly principal.

Any charge or claim on a property that limits the owner's right to deal with it freely: a mortgage, a lease, an unpaid tax, a court attachment or a right of way.

A record from the sub-registrar listing the registered transactions on a property, such as sales and mortgages, over the period you ask for. It shows only what was registered, so a clean one does not rule out an unregistered loan, a court case or another claim.

Expression of interest: a refundable deposit a builder collects to place a buyer in a queue for an upcoming project, before units are allotted.

The lease term that raises the rent at set intervals, usually by a fixed percentage. The percentage, the interval and whether it also applies to maintenance charges are negotiated and written into the lease.

In Punjab and Haryana, a certified copy of a land record, usually the jamabandi, issued by the revenue department or a fard centre.

A period at the start of a commercial lease, after the keys are handed over, during which the tenant builds its interiors. It is often rent-free; whether maintenance charges are payable during it depends on the lease.

FAR, also called FSI (floor space index): the total floor area that may be built on a plot divided by the plot area, as set by the planning rules. A FAR of 2 on a 100 square metre plot allows 200 square metres across all floors.

An extra amount per square foot that a builder charges for each floor above a certain level, on the basis that higher floors have better views and light.

Fixed obligations to income ratio: the share of your monthly income that goes to EMIs and other fixed payments. Lenders use it to decide how much more you can borrow.

A clause that excuses delay caused by events outside a party's control. Under RERA it is limited to war, flood, drought, fire, cyclone, earthquake and other natural calamities.

Ownership of a property and the land under it without a time limit and without a landlord above you. You can sell, gift or mortgage it without anyone's permission.

The everyday north Indian word for a square yard. One gaj is 9 square feet, and plots in Delhi, Uttar Pradesh, Haryana and Rajasthan are often quoted in gaj.

A residential project with a boundary wall, controlled entry and shared facilities such as security, parks and a clubhouse, maintained by the residents' association or the builder.

A market label for high-quality office buildings, usually with large efficient floor plates, central air conditioning, power backup, good management and an institutional owner. There is no legal definition.

A land unit used in Chennai and Tamil Nadu. 1 ground is 2,400 sq ft.

The share of a plot that a building's footprint may cover, set by the building bye-laws. The rest stays open as setbacks, driveways or garden.

Goods and services tax charged on the price of an under-construction flat: 5% without input tax credit, or 1% for an affordable home. A completed property sold after its completion certificate carries no GST.

The state's minimum value for a property. Stamp duty is charged on it even if you paid less.

A land unit used in Maharashtra, Karnataka, Telangana and Gujarat. 1 guntha is 1,089 sq ft (121 square yards), and 40 guntha make an acre.

Interest-free maintenance security: a one-time deposit collected by builders, mostly in the NCR, meant to be handed to the residents' association to fund future maintenance.

A house on its own plot, owned along with the land, with no flats above or below. You control the building and pay for all its upkeep.

Raising the purchase cost of an asset for inflation, using the government's Cost Inflation Index, before working out the capital gain. It lowers the taxable gain.

A single-storey structure on industrial land, used for manufacturing, assembly or storage, often in a government industrial estate or a private industrial park.

The record of rights for land in Punjab, Haryana, Himachal Pradesh, Rajasthan and Jammu and Kashmir, listing owners, cultivators, shares and area for each holding.

A land unit in Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir and Chandigarh. 1 kanal is 20 marla, or 5,445 sq ft, and 8 kanal make an acre.

A land unit used in Bihar, Jharkhand, West Bengal and Assam, among others. Its size differs between states and sometimes within one.

The number given to a field or plot in a village's revenue map in much of north and central India, and the register that records each field.

The municipal record of who pays property tax on a property. An A khata property is fully legal for loans and resale; a B khata one has irregularities.

Changing the khata, the municipal property record in Karnataka, to the new owner's name after a purchase or inheritance. It is Karnataka's word for urban mutation.

The register of land holdings, especially in Uttar Pradesh and Uttarakhand, listing each landholder's account (khata) with the khasra numbers and area it includes.

Approval of a plotted layout, the division of land into plots with roads, parks and civic spaces, by the planning authority. A plot in an unapproved layout is hard to build on, finance or resell.

The document by which an owner (lessor) grants a tenant (lessee) the right to use a property for a period, in return for rent. A lease for more than a year must be registered.

Holding property under a long lease, often 30 to 99 years, from a landowner such as a development authority or industrial corporation. The lessor keeps the land and sets conditions.

An agreement that lets someone occupy a property for a period without creating a tenancy. It is the standard form of residential rental in Maharashtra, where such agreements must be registered.

A right to hold on to someone's property, or keep a charge on it, until a debt is paid. In property, a lender's charge on a mortgaged home is often loosely called a lien.

The percentage by which a flat's super built-up area exceeds its carpet area. It is your share of lobbies, lifts, stairs and other common areas added on top of the space you actually use.

LAP: a loan for any purpose secured by a mortgage on a home or commercial property you already own.

The share of the price a bank will fund. Usually 75–90%, with the rest coming from you in cash.

The part of a lease during which a party cannot end it without paying for the remaining months of the lock-in. A lease may bind only the tenant, only the landlord, or both; read which.

The monthly or quarterly charge an owner pays the society, association or builder for running common areas: security, cleaning, lifts, power for common areas and repairs.

A one-time sum collected by the builder or society, usually two years of charges, held for common upkeep.

A land unit in the kanal-marla system of Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir and Chandigarh. In that system 1 marla is 272.25 sq ft and 20 marla make a kanal.

Marginal cost of funds based lending rate: an internal benchmark each bank sets from its own cost of funds. Floating loans taken between April 2016 and September 2019 were usually linked to it.

The earlier deed, or set of deeds, that traces how the property came to the present seller. The term is common in Karnataka, Andhra Pradesh, Telangana and Tamil Nadu.

Updating the municipal record to your name after a purchase. Not the same as registration, and easy to forget.

Permission to use agricultural land for non-agricultural purposes such as housing or industry. Without it, building homes on farmland is not permitted.

A project, or a new phase of one, that a builder has just opened for booking, often at an introductory price.

No-objection certificate: a letter from a body with an interest in a property (a society, bank, authority or department) saying it does not object to a sale, transfer or construction.

Issued by the local body once a building is complete and fit to live in. Without it, water and power connections can be refused, and resale is hard.

A revenue record, mainly in Tamil Nadu, naming the person who holds a piece of land, with its survey number and extent. In Andhra Pradesh and Telangana the holder gets a pattadar passbook.

A large apartment on the top floor of a building, often with a private terrace, higher ceilings or two levels.

The built-up covered area of a building or flat at floor level, measured to the outside of the walls. In many agreements it means much the same as built-up area.

A project in which a developer sells serviced plots in an approved layout, with roads and utilities, for buyers to build their own homes on.

The date you get the keys. In a new project it can be months after the promised date; the RERA page shows the committed date.

The builder's letter handing over a flat, recording the date of possession. It usually follows the occupancy certificate and the final payment.

A document authorising someone to act for you. A general power of attorney (GPA) covers many acts; a special power of attorney (SPA) covers a specific one, such as signing one sale deed.

Interest-only payments made while an under-construction home is being built and the loan is released in stages.

A commercial unit sold with a tenant already paying rent under a lease. The buyer becomes the landlord and takes over the lease, including the duty to return the tenant's security deposit.

PLC: an extra charge a builder adds for a unit with a preferred position, such as park-facing, corner, sea-facing or near the clubhouse.

The urban land record in Maharashtra's city survey areas (and some other states), showing a city survey number's holders, area and rights. In cities it takes the place of the 7/12 extract.

The annual tax a city or panchayat charges the owner of a building or land. It funds local services, and the receipt is a key document in any sale.

One room and kitchen: a single room with a separate kitchen or kitchenette and a bathroom, smaller than a 1 BHK. Common in Mumbai, Pune and other dense cities.

A completed property you can occupy straight away, typically with an occupancy certificate in place. Also called ready to move in or RTM.

RoR: the official revenue record of who holds a piece of land and on what terms. Each state has its own form and name for it.

The fee paid to the registration department to register a deed, on top of stamp duty. Each state sets it, often as a percentage of value, sometimes with a cap.

The rate at which the Reserve Bank of India lends short-term money to banks. It is the main policy rate, and most new floating home loans are linked to it.

The Real Estate (Regulation and Development) Act. Projects above a threshold must be registered, with a number you can verify on the state RERA site.

The number a state RERA authority gives a registered project or agent. It must appear on every advertisement, and you can look it up on the authority's website.

A property bought from its current owner rather than from the builder. You see exactly what you get, but the title and dues need careful checking.

One of a line of houses built side by side, sharing side walls, each with its own entrance and usually a small garden or courtyard.

Resident welfare association: the body of residents or owners that runs the common areas of a colony or apartment complex, collects maintenance and deals with the builder and local bodies.

Satbara: Maharashtra's record of rights for land, combining Village Form 7 (holder, area, rights and loans) and Form 12 (crops). Gujarat also uses a 7/12 record.

The document that actually transfers ownership. Registered at the sub-registrar office after stamp duty is paid.

The area a builder or seller charges for. Before RERA it usually meant super built-up area; for a registered project, the price must now be stated against carpet area.

The lender's letter approving a loan in principle, stating the amount, rate, tenure and conditions. Money is released only after the property and documents are cleared.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which lets banks and eligible lenders take possession of and sell a mortgaged property without going to court when a loan turns bad.

Shop-cum-office plot: a commercial plot planned for a building with shops on the lower floors and offices above, common in planned sectors in Haryana and Punjab. The permitted floors, FAR and uses come from the plot's zoning plan.

Money the tenant pays the landlord at the start of a rental, held against unpaid rent or damage and returned, less agreed deductions, when the tenant leaves.

The open space that must be left between a building and the plot's boundaries, on the front, sides and rear, as set by the local building bye-laws.

The certificate a co-operative housing society issues to each member, showing their shares in the society and their flat. It is transferred to the buyer when the flat is sold.

A fund a housing society builds up from members' contributions for major repairs or rebuilding the structure in future.

An informal early release of units to a few buyers or brokers before the official launch, usually to test prices.

State tax on the registration of a sale, typically 5–7% of the higher of the agreement value and the government's guidance value.

A one-room home in which living, sleeping and cooking share one space, with a separate bathroom. Often sold as an investment for rental near offices and colleges.

The registration officer before whom sale deeds, gift deeds, leases and other documents are registered. Each sub-registrar office covers a defined area.

A payment plan, offered in under-construction projects, in which the builder pays the buyer's pre-EMI interest until possession. Common versions are 20:80 and 10:90.

Built-up area plus your share of lifts, lobbies, staircases and the club. Usually 25–30% more than carpet, and the number most price quotes are based on.

Tax deducted at source by the buyer: when buying a property (other than agricultural land) from a resident seller for ₹50 lakh or more, the buyer withholds 1% of the price and pays it to the government against the seller's PAN.

The document through which the current owner holds the property: usually a registered sale deed, but also a gift, partition or release deed, a will with probate or a court decree.

A small first payment from a buyer or tenant to show they are serious and to hold the property while the paperwork is prepared. It is usually adjusted against the price or deposit.

An extra loan given on top of an existing home loan, against the same property, usually at a rate close to the home loan rate.

TDR: a right to build extra floor area, given to a landowner who surrenders land to the city (for a road or park, say), which can be used on another plot or sold.

Unique Land Parcel Identification Number, also called Bhu-Aadhaar: a 14-character code for each land parcel, generated from its geographic coordinates.

A property still being built, bought on a payment plan with possession promised at a future date. Cheaper upfront than a ready home, but it carries delay and delivery risk.

UDS: the fraction of the land under an apartment building that belongs to each flat owner. You own it jointly with the other owners and cannot mark out your piece.

Vastu shastra: a traditional Indian system of ideas about the layout and orientation of buildings, such as entrance direction and room placement. Many buyers consider it; it has no legal or technical standing.

A standalone house, usually in a gated community with shared amenities and a residents' association, sold with its plot.

A building for storing goods, usually with high clear heights, loading docks and heavy-load floors, located on industrial or warehousing-zoned land near highways.