Property Dictionary

MEP Services

This refers to the mechanical, electrical and plumbing services in the design and construction of the building. Builders enlist firms specialising in MEP services for the construction of their building.

Configuration

Configuration refers to the arrangements of different elements in a particular form or combination. In real estate, configuration refers to the arrangement of different rooms in a single unit (flat).

Completion Certificate (CC)

A Completion Certificate (CC) is given to a project when it has been developed according to the sanctioned plans and has met all other building standards as prescribed by the local governing authority. In Maharashtra, in order to procure a CC, the builder�s architect must submit a formal letter stating that the construction has been completed according to the standards set forth in the IOD and CC. A completion certificate (CC) can be procured for a particular building (BCC) and for a project as a whole.

Occupancy Certificate (OC)

An Occupancy Certificate (OC) is a document that certifies that a building has been constructed and developed as per the approved plans and complies with all the necessary safety norms and regulations. The certificate is issued by the local municipal authority after construction is completed, and serves as proof that the building is ready for occupancy. It is illegal to occupy a flat in a building which has not received an Occupancy Certificate.

Commencement certificate

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.

Promoter

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.

Allottee

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.

RERA registration number

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.

RERA Carpet Area

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.

Foreclosure

Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.