Property glossary
The words you will meet on brochures, cost sheets and agreements in Mumbai and Dubai, each explained in a sentence or two. Every term has its own link you can share.
Buying in India and Mumbai
- Agreement for sale
- The contract between a buyer and a developer (or seller) that sets out the carpet area, price, payment schedule, possession date and specifications. In Maharashtra it is stamped and registered with the Sub-Registrar.
- Carpet area
- Under RERA, the net usable floor area of a flat, inside the walls, excluding external walls, service shafts, the balcony and open terrace areas. Developers must state the price on carpet area.
- Built-up area
- Carpet area plus the thickness of the walls and, often, the balcony. It is always larger than the carpet area, so compare prices on carpet area.
- Super built-up area
- Built-up area plus a share of common areas such as the lobby, lifts and stairs. It was widely used for pricing before RERA; ask for the carpet area instead.
- Loading
- The percentage by which the super built-up area exceeds the carpet area. A high loading means you pay for more common area and get less usable space.
- RERA
- The Real Estate (Regulation and Development) Act, 2016, and the state authorities it created. Projects above the size threshold must register before they are advertised or sold, and must disclose approvals, timelines and the project bank account.
- MahaRERA
- The Maharashtra Real Estate Regulatory Authority. Its website shows each registered project's promoter, approvals, completion date, litigation and quarterly progress.
- Commencement certificate (CC)
- Permission from the planning authority to start construction, often issued floor by floor. Check that it covers the floor you are buying.
- Occupancy certificate (OC)
- The certificate from the planning authority confirming that a building was built as approved and is fit to occupy. Ask for it before you take possession and pay the final instalment.
- Floor rise
- An extra charge per square foot for higher floors, added to the base rate. It should appear on the written cost sheet.
- Stamp duty
- A state tax paid on the agreement for sale or sale deed. The rate depends on the state, the location and sometimes the buyer; check the current rate before you budget.
- Registration fee
- The fee paid to register the property document with the Sub-Registrar, separate from stamp duty and usually subject to a cap.
- Ready reckoner rate
- The minimum property value per square metre set by the Maharashtra government for each area, used to calculate stamp duty when it is higher than the agreement value.
- Pre-EMI
- Interest-only payments on the part of a home loan disbursed so far, paid during construction until the full loan is released and the regular EMI begins.
- Redevelopment
- Demolishing an older society building and constructing a new one through an agreement with a developer. Existing members get new flats; extra flats are sold to fund the project.
Buying in Dubai
- Dubai Land Department (DLD)
- The government body that registers property and regulates real estate in Dubai. Its transfer fee is charged on each sale and is a percentage of the price.
- RERA (Dubai)
- The Real Estate Regulatory Agency, the regulatory arm of the Dubai Land Department. It licenses developers and brokers, registers projects and oversees escrow accounts.
- Off-plan
- Property sold before or during construction, usually on a staged payment plan. Buyer payments go into a regulated escrow account for the project.
- Oqood
- The interim registration of an off-plan property with the Dubai Land Department, recorded before the title deed is issued at completion.
- Title deed
- The document issued by the Dubai Land Department proving ownership of a completed property.
- Freehold area
- A designated area of Dubai where foreign nationals can own property outright and register it in their own name.
- Service charge
- The yearly fee owners pay for the upkeep of a building's common areas and facilities, quoted per square foot. It varies by building, so ask for the current figure.
- Ejari
- Dubai's system for registering rental contracts. A registered tenancy is needed for utilities and many residence processes.
- Golden Visa (property route)
- A long-term UAE residence visa available to property investors who meet the government's value and ownership conditions. The thresholds and rules are set by the authorities and can change.
Terms used in both
- Escrow account
- A bank account dedicated to one project, where buyer payments are held and released to the developer against construction progress. Dubai and Indian RERA rules both require one in different forms.
- Handover
- The point at which the developer delivers the completed home to the buyer, after the final payment and the completion or occupancy certificate.
- Payment plan
- The schedule of instalments agreed with the developer, linked to dates or construction stages. Read it alongside the possession or handover clause.
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This page is general information, not legal, tax or financial advice. Rates, thresholds and rules change, so confirm them with the relevant authority or a qualified professional before you decide.