• RERA (Real Estate Regulatory Authority) safeguards homebuyers and fosters transparency in India’s property market.
• Established in 2016, RERA empowers homebuyers and regulates India’s real estate for fair play.

An escrow account is a secure financial account held by a neutral third party, typically a bank or trust company, that acts as a temporary holder of funds during a transaction between two parties. It safeguards both parties by ensuring that the agreed-upon terms of the transaction are met before releasing the funds.

For Homebuyers:

• Shield of Protection: Clear rules hold developers accountable and safeguard your investment from fraud and delays.
• Transparency Triumphs: Know exactly what you’re buying with upfront project details and accurate pricing.
• Financial Fortress: Escrow accounts keep your hard-earned cash safe for actual construction.
• Justice Served Swiftly: Fast-track dispute resolution for quicker, simpler solutions.
• Square Footage Truth: Clear definition of carpet area protects you from inflated built-up figures.

For the Real Estate Market:

• Boosted Reputation: Stringent regulations build trust and attract more investors for a healthy market.
• Quality Reigns Supreme: Focus on timely completion and proper construction leads to better homes for everyone.
• Farewell, Project Delays: Efficient oversight puts an end to endless waiting periods.
• Professionalism Takes Root: Registered developers and agents ensure high standards and ethical practices.

Villa: An independent house with its own plot of land and no shared walls with other dwellings. It often has a larger footprint and more extensive outdoor space like a garden or private pool.

Villament: A hybrid between a villa and an apartment. It’s typically a low-rise building with 4-6 units sharing walls with neighbors. Each unit may have a private garden or terrace, but not as expansive as a villa’s.

• Carpet Area: The usable floor space within a unit, excluding walls, balconies, and verandas.
• Built-up Area: The total covered area of a unit, including walls, balconies, and verandas.
• Super Built-up Area: The built-up area plus common areas like lobbies, staircases, and elevators.

Freehold: Ownership of the land and property permanently.
Leasehold: Ownership of the property for a fixed period, as specified in a lease agreement.
Apartment: A self-contained unit within a multi-story building.
Villa: A detached house, typically larger and more luxurious than a standard home.
Plot: A piece of land designated for building purposes.
Co-ownership/Joint Ownership: Ownership of a property shared by multiple people.

• Sale Deed: A legal document transferring ownership of a property from seller to buyer.
• Agreement to Sell (ATS): A preliminary agreement outlining the terms of sale before the final sale deed.
• Title Deed: A legal document proving ownership of a property.
• Absolute Title: A title free from any legal claims or encumbrances.
• Encumbrance: A legal claim or lien on a property, such as a mortgage.
• Stamp Duty: A tax levied by the government on property transactions.

• Under Construction: A property still being built. Possession of the property will be given at a later date as per the completion schedule.
• Ready to Move In: A property that is fully constructed and available for immediate occupancy.

• Occupation Certificate (OC): A certificate issued by the local authority confirming the building complies with regulations and is habitable.
• Commencement Certificate (CC): A certificate issued by the local authority approving the commencement of construction on a project.
• Floor Space Index (FSI/FAR): A regulation determining the permissible built-up area on a specific plot of land.

• Maintenance Charges: Regular fees paid by apartment owners for upkeep of common areas and amenities.
• Society/Apartment Owner Association (AOA): A body representing apartment owners in a building complex.
• Broker: A real estate agent who facilitates property transactions for a commission.
• Super Corridor/Central Business District (CBD): Areas with high commercial activity and property value.
• Floor Plans: Diagrams showing the layout and room configurations of a property.
• Possession: The legal right to occupy and use a property after purchase. The date of possession is specified in the sale agreement.