According to the Real Estate (Regulation and Development) Act, 2016 (RERA), carpet area is defined as ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment’.

Super Built-up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.

Built up Area is the actual used area of an apartment, it comprises of carpet area plus the thickness of outer walls and the balcony.

Agreement for sale contains the terms and conditions of sale of a property agreed upon by the parties, and bind them. An agreement to sell is the document basis which a conveyance deed is drafted.

Total Consideration means the amount amongst others payable for the said unit and the properties appurtenant thereto but does not include other amounts, charges, security deposits, stamp duty, registration fees, municipality tax and any other charges/tax/cess/levies etc levied by any authority that may be payable by purchasers.

Facility Management Company means the person(s)/agency/body/ appointed by the Developer or the Association as the case may be, who shall carry out the maintenance and upkeep of the said Building and who shall be responsible for providing the maintenance services within the said building or buildings forming part of the project.

A certain percentage of total Consideration amount as mentioned in the sale agreement shall be treated by the seller as Earnest Money, which shall be liable to be forfeited by the seller in the event of breach of any of the terms and conditions herein contained by the Purchasers.

Common parts and portion shall mean such area, parts and portions and facilities of the building available for use and enjoyment of all the Flat Owners and/or occupiers.

Force Majeure means any event or combination of events or circumstances beyond the control of the Developer which cannot (a) by the exercise of reasonable diligence, or (b) despite the adoption of reasonable precaution and/or alternative measures, be prevented or cause to be prevented and which adversely affects the Developer’s ability to perform obligations.

It is clarified that the Completion Date as specified in the Agreement is the maximum time which may be taken, subject to prevention on account of Force Majeure Events, for the completion of construction and the issuance of Offer of Possession Letter to the Purchasers.

A completion certification (CC) is document that a builder obtains from the municipal authorities after the completion of a building. The CC attests to the fact that the new building is constructed and completed in accordance with all the safety norms and regulations.

The maintenance period will start from the date the builder offers possession to the customer.

The possession letter is issued by the developer in favour of the buyer stating the date of possession of the property.

The norms, rules and regulations which has to be adhered by the all the buyers for maintenance of the Common areas including the club, if any in the Project.

The Rules and regulations which shall state the manner in which the interior work or the fit-out work in various units is to be conducted.

Deed of conveyance is a document that a seller issues to the buyer, thereby transferring the ownership of the property. The execution of the document takes places after construction is complete, completion certificate is received and all the different terms and conditions present in the sale agreements are fulfilled.

Registration will be done only on completion of each phase and on payment of the entire sale consideration including the deposits. Registration will be facilitated by us through a legal consultant appointed by the developer.

Market value means the fair price declared by government at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value whichever is higher.

For any delays beyond the grace period notified for the project for completion, the rate of interest payable by us would be the same as the rate of interest charged to buyers towards delay penalties subjected to force majeure clause.

Charges and expenses incurred towards procuring transformer, sub-station, electricity connection HT/LT and laying of cables for the building complex.

Legal / Documentation and professional charge incurred for preparation of Agreement for sale and the Deed of conveyance and/or transfer deed in respect of the said Flat/Unit including all other deeds, documents and instruments as may be necessary and/or required.

This is a refundable deposit obtained from the buyers to ensure mutations of flats are caused by buyers. In the event the mutation is caused by the buyer, the entire deposit is refunded to the buyer. In the event the mutation is not done then municipal taxes accrued in respect of the flat is paid out of the deposit money.

Sinking Fund is a fund created for upgradation of services from time to time and in connection therewith various costs which are to be incurred including capital costs which may have to be incurred for the purpose of repairs and/or replacement of the various equipments and/or installations.

Generator connection charge is taken to provide power backup in the individual units.

Deposit provided by the buyers for maintenance and upkeep of the Club, if any in the Project.

Costs and charges for formation of association.

Nomination / Transfer charge means the charge that is levied on any transfer /assignment /nomination by the Purchasers of the said unit before the Deed of Conveyance is executed by the Developer.