What is Carpet Area?
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’.
What is Super Built-up area?
Super Built-up Area is the built up area plus proportionate area of common areas such as the lobby,
lifts shaft, stairs, etc.
What is Built-up Area?
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.
What is Agreement for Sale?
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
What is Total Consideration?
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.
What is Facility Management Company?
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.
What is Earnest money?
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.
What comes under common parts and portion?
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.
What is Force Majeure?
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.
What is Completion date?
It is clarified that the Completion Date as specified in the Agreement is the maximum time which may
taken, subject to prevention on account of Force Majeure Events, for the completion of construction
the issuance of Offer of Possession Letter to the Purchasers.
What is Completion certificate?
A completion certification (CC) is document that a builder obtains from the municipal authorities
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.
When will the maintenance charge start?
The maintenance period will start from the date the builder offers possession to the customer.
What is Possession letter?
The possession letter is issued by the developer in favour of the buyer stating the date of
What is holding charge?
In the event that the Purchasers fails to take over possession of the Unit by making requi1payments
stipulated in the Offer of Possession Letter within a period, the Developer shall be entitled to
upon the Purchasers, holding charges as defined in the sale agreement.
What is House Rules, Club Rules & Restrictions?
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
What are Fit-out rules and guidelines?
The Rules and regulations which shall state the manner in which the interior work or the fit-out work
various units is to be conducted.
What is Deed of conveyance?
Deed of conveyance is a document that a seller issues to the buyer, thereby transferring the
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
What is the process of registration and when does registration take place?
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
appointed by the developer.
What is meant by the market value of the property and is Stamp Duty payable
the market value of the property or on consideration as stated in the agreement?
Market value means the fair price declared by government at which a property could be bought in the
market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value
the property or the market value whichever is higher.
What will be the penalty if you do not deliver on time?
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.