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Glossary > General/Legal Definations   

Act

relevant Act as amended from time to time

Authority

The local body having jurisdiction over the matter referred to, hereinafter called the Authority;

Corporation

means a corporation constituted or deemed to be constituted under the relevant Act;

Council

means a Municipal Council constituted or deemed to be constituted under the relevant Act

Assignment

A transfer of rights in real property or Personal Property to another that gives the recipient—the transferee—the rights that the owner orholder of the property—the transferor—had prior to the transfer.

Agreement of Sale

An agreement of sale constitutes the terms and conditions of sale of a property by the seller to the buyer.

Clear Title

Unencumbered or unrestricted legal ownership that is free from doubt as to its validity.It is also called marketable title, or title thatcan be easily transferred or sold because of its lack of encumbrances.

Lease Agreement

contract between a lessor and lessee that allows the lessee rights to the use of a property owned or managed by the lessor for a period of time. The agreement does not provide ownership rights to the lessee; During the lease period, the lessee is responsible for the condition of the property.

Assignment of Rent

A written document which transfers to a mortgagee upon default the owner's right to collect rent

Base Rent

An amount that is used as a minimum rentproviding for rent increases over the term of the lease agreement

Breach of Contract

Violation of any terms or conditions in a contract without legal excuse; for example, failure to make a payment when it is due is considered a breach of contract.

Lump-Sum Contract

A type of construction contract that requires the general contractor to complete a building project for a fixed cost that is usually established beforehand by competitive bidding

Abatement

A reduction in or reprieve from a tax, debt or any other payment obligation. An abatement is sometimes included in a contract.

Business

A commercial activity engaged in as a means of livelihood or profit, or an entity which engages in such activities.

Escalation Clause

A provision of a contract which calls for an increase in price in the event of an increase in certain costs. For example, an escalation clause may specify that rent due will increase with inflation

Industrial Park

An area designed and zoned for manufacturing and associated businesses and activities.

conveyance

The transferring of a property title from one individual to another.

Authority

The local body having jurisdiction over the matter referred to, hereinafter called the Authority.

Application

An application made in such form as may be prescribed by the Authority from time to time.

Advertising Sign

Any surface or structure with characters, letters or illustrations applied thereto and displayed in any manner whatsoever outdoors for the purpose of advertising or giving information or to attract the public to any place, person, public performance, article, or merchandise, and which surface or structure is attached to, forms part of, or is connected with any building, or is fixed to a tree or to the ground or to any pole, screen, fence or hoarding or displayed in space, or in or over any water body included in the jurisdiction of the Authority

Amenity

includes roads, street, open spaces, parks, recreational grounds, play grounds, gardens, water supply, electric supply, street lighting, sewerage, drainage, public works and other utilities, services and conveniences

Approved

means as approved/sanctioned by the Authority under these Regulations;

 

Access

means the means of an entry to any building/plot/land;

Development

means, with its grammatical variations, the carrying out of building, engineering, mining or other operations in, on, over or under the land or making any change in any building or land or in the use of any building or land and includes Sub-division of land;

Bench mark

means a point marked on the ground to serve as point of reference

Garage

means an enclosed building or portion of a building designed and used for the parking of vehicles;

Farm House

means a building constructed in agricultural land for the purpose of carrying out farming activities, for the residence of a farmer, farm sheds and other auxiliary structures, for poultry or animal sheds, constructed in agricultural land for the purpose of carrying out farming activities.

Landscape Architect

means person qualified with a Post Graduate Diploma or Bachelor or Master’s Degree in Landscape Architecture from a recognized Indian or Foreign University.

 

Member Secretary

means a Town Planning Officer appointed by the Government

PDA

"Planning and Development Authority" means the Planning and Development Authority constituted under the Town & Country Planning Act, 1974

Project Management

It is managing all the aspects of a project by planning, organising, monitoring, executing and controlling the operational contributions of property professionals to achieve specific goals.

Rent Act

The terms and conditions of the rental market to curb profiteering and hoarding

Repairs/Renovations

means any alteration/improvement and maintenance care of any building, which affects only its interior but does not affect materially, the exterior provided that it does not violate the provisions of coverage, right of way, set backs, floor area ratio and height of building

Row house/terrace house

means houses of similar nature joined together and attached to each other by a common wall/side walls

Traditional access

means a pathway used by person/persons through private or public property to gain access to his/their property, which has no other means of access and not more than 2.0 mts;

Village Panchayat

means a Panchayat constituted or deemed to be constituted under the relevant Act;

Landlord

An owner of a land or house or real estate.

Mortgage

A loan in which a house functions as collateral

Open market value

The best price acquired for an interest in a property at the date of valuation

Property management

The operation and control of real estate as used in most broad terms.

Tenancy

Possession of land/property by title under a lease or on payment of rent.

Registration

Entering information relating to assignments, deeds, contracts of sale, judgments, mortgages, new securities, etc., in a public record book.

mutation

mutation is a process in which the title of the property to be changed on buyer's name

Sale deed

It is an instrument in writing which transfers the ownership of the property or properties in exchange for a price paid/consideration. This is a document that requires to be registered compulsorily.

Warehouse

A building for storage of goods and raw materials.

will

A testamentary document by which a person bequeaths his property to be effective on his death is a will. The property will devolve on the person in whose favour it is bequeathed after death of testator

Power of Attorney

Power of Attorney is the right/authorization given by a property- owner to someone through whom the owner transfers the power and rights to deal with the Property to his/her chosen power of attorney. A power of attorney can be either a co-owner of the property, a blood- relative of the owner or any other person not related to that property or the owner. There are two types of power of attorney that can be granted namely ‘General Power of Attorney’ wherein a property owner gives ‘general’ rights to his/her chosen attorney. These include but are not limited to sell, lease, sub-lease etc. the Property as the Power of Attorney deems fit. The other type is ‘Special Power of Attorney’ wherein only a ‘special’ or ‘specific’ right is given by the owner to his/her chosen Power of Attorney

occupancy certificate

An occupancy certificate is granted by the plan sanctioning authority once the building is complete and ready for Inhabitation.. This document is given after verification that the construction has been carried out in accordance with the approved plans.

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