RERA:
The Real Estate Regulation and Development Act (RERA) 2016 effective from 1st May 2016, is the law created to regulate the real estate sector. The central aim of RERA is to create a more equitable and fair transaction between the seller and the buyer of properties. Also, the main purpose of implementing this act was to protect the home purchasers & developers against default payments, in order to boom the real estate investments and provides for fast-track grievance redressal.
RERA Registration Number:
A RERA Registration Number is allotted to a project after its approval from the RERA authority of the concerned state. It is granted to projects once all required documents have been submitted by the developer and validated by the RERA authority. It indicates that a project is being developed in compliance with RERA.
Carpet Area:
As per RERA, Carpet Area is the net usable area of an apartment. This excludes the area covered by external walls, areas under service shafts, exclusive balcony or veranda. However, this includes the area covered by the internal partition walls of the apartment
Built-up Area:
Built-up Area includes the carpet area, outer wall and the balcony.
Super Built-Up Area:
The built-up area along with a share of all common areas such as the lobby, lift shafts, stairs, etc. proportionately divided amongst all units makes up the Super Built-up Area.
Commencement Certificate:
A Commencement Certificate is issued by the local municipal authority to a real estate developer giving them the final permit to start construction. It is issued only after the developer presents all required clearances and sanctions. It is mandatory for a developer to obtain this document before commencing the construction of a building.
Conveyance Deed:
A Conveyance Deed is a legal document that shows the transfer of property title from one person to another. It is similar to a sale deed; however, it has a broader application. It not only covers cases where title is transferred through sale, but also includes transfer of title in case of a gift, exchange, lease, mortgage or any other circumstances.
Occupancy Certificate (OC):
An occupancy certificate is a document that is issued by the local planning authority, upon the completion of construction of a new project. The certificate is proof that the project has been built, by adhering to the applicable building codes, relevant regulations and laws. It is the responsibility of the developer to obtain an occupancy certificate, once the project has been completed. The certificate is an indication that the building is suitable for occupancy.
Sale Deed:
A sale deed is a document which establishes property ownership. It includes the details related to the property, buyer and seller, rights of the buyer, etc. The sale deed establishes the ownership of the buyer over the property. The buyer mentioned in the sale deed is the legal owner of the property.