Pune real estate glossary

The property terms you will hear when buying, selling or renting in Pune, in plain English.

7/12 extract (Satbara)

Land record for agricultural and non-agricultural land in Maharashtra, showing owner and land use. Available on Mahabhulekh.

Agreement for sale

The registered agreement between buyer and builder for an under-construction flat, setting price, carpet area, payment schedule and possession date.

Built-up area

Carpet area plus the thickness of walls. Ready reckoner guidelines usually take built-up area as carpet area x 1.2.

Carpet area

Under RERA, the net usable floor area of a flat, excluding external walls, service shafts, exclusive balcony and exclusive open terrace, but including internal partition walls. RERA requires flats to be sold on carpet area.

Commencement Certificate (CC)

Permission from the planning authority to start construction as per the approved plan.

Conveyance deed

The document that transfers ownership of the land and building from the builder to the society. If the builder does not execute it, the society can apply for deemed conveyance.

FSI

Floor Space Index: the total floor area that may be built on a plot, as a multiple of the plot area.

Index II

The extract of a registered document kept by the sub-registrar. It shows the parties, the property and the registered value of a sale.

Leave and licence

The usual rental agreement in Maharashtra. It must be registered. See renting in Pune.

MahaRERA

The Maharashtra Real Estate Regulatory Authority. Projects and agents must register with it; buyers can look up projects and file complaints.

Occupancy Certificate (OC)

Permission to occupy a completed building. See the OC guide.

PMC, PCMC, PMRDA

Pune Municipal Corporation, Pimpri Chinchwad Municipal Corporation and Pune Metropolitan Region Development Authority. See PMC vs PCMC.

Property card

The land record for urban property in survey areas, kept by the city survey office.

Ready reckoner rate (ASR)

The government rate per sq m for each zone, used as the minimum value for stamp duty. See the ready reckoner guide.

Sale deed

The registered document that transfers ownership from seller to buyer.

Share certificate

Issued by a co-operative housing society to a member, showing their shares and flat. Needed when you sell.

Stamp duty

Tax paid on the purchase document. In Pune and PCMC it is 7% including local body tax and metro cess. See the calculator.

TDR

Transferable Development Rights: extra building rights granted for land given up for public use, which can be used on another plot.

Title search

A lawyer's check of past ownership records to confirm the seller has clear title and the property is free of claims.