Your complete guide to buying property in Mumbai & Thane.

The price stated in the sale agreement between buyer and seller. This is the value on which stamp duty and registration charges are calculated. If the agreement value is lower than the Ready Reckoner rate, stamp duty is calculated on the higher of the two.

The carpet area plus the thickness of inner and outer walls. Built-up area is typically 10-15% more than carpet area and is sometimes used by developers in older marketing materials.

The actual usable floor area within the walls of a flat, excluding the thickness of walls, balconies, and common areas. Since RERA, developers must quote prices based on carpet area, making it the most reliable metric for comparing flats.

A certificate issued by the local municipal authority (e.g. TMC, BMC) permitting the developer to begin construction. Without a valid CC, construction is illegal. Always verify the CC before booking an under-construction property.

The legal document that transfers ownership of the land and common areas from the developer to the housing society. Until conveyance is executed, the society doesn't have full legal ownership of the premises.

A certificate from the sub-registrar's office confirming that the property is free from any legal or monetary dues (mortgages, liens, or pending litigation). Banks require an EC before sanctioning a home loan.

The ratio of a building's total floor area to the size of the plot on which it is built. Higher FSI allows more construction on the same land. In Mumbai, FSI varies by zone — from 1.33 in the island city to over 3.0 in some suburban corridors with premium FSI.

A conditional sanction letter from a bank stating the maximum loan amount you qualify for, based on your income, credit score, and existing liabilities. Pre-approval strengthens your negotiating position and speeds up the final disbursement once you select a property.

An agreement between a landowner and a developer where the landowner provides the land and the developer constructs the project. Profits (units or revenue) are shared per agreed terms. Common in Mumbai where land costs are very high.

The percentage difference between carpet area and super built-up area. Loading accounts for common areas like lobbies, staircases, and amenity spaces distributed across all flat owners. In Mumbai, loading typically ranges from 25% to 40%.

Clearances issued by various authorities (fire department, airport authority, environment ministry, etc.) confirming the project meets their requirements. A project may need multiple NOCs before obtaining the CC or OC.

A certificate issued by the local authority confirming the building has been constructed as per approved plans and is safe for habitation. Without an OC, it is risky to take possession, and banks may not disburse the final loan tranche.

A legal document authorising one person to act on behalf of another in property transactions. Commonly used by NRI buyers who cannot be physically present for registration or society meetings.

The date by which the developer commits to handing over the flat to the buyer. Under RERA, developers face penalties for delays beyond this date. Always check the RERA-registered possession date, not just marketing claims.

A phase where the developer markets a project before receiving all necessary approvals (CC, RERA registration). Pre-launch prices are usually lower, but carry higher risk. RERA prohibits advertising or selling units before registration.

Additional FSI that developers can purchase from the government by paying a premium. This allows them to build more floor area than the base FSI permits. The premium varies by zone and is calculated as a percentage of the Ready Reckoner rate.

The minimum property value set annually by the state government for each locality. Stamp duty and registration charges are calculated on the Ready Reckoner rate or the actual transaction value, whichever is higher.

A regulatory body established under the Real Estate (Regulation and Development) Act, 2016. In Maharashtra, MahaRERA ensures transparency by mandating project registration, quarterly updates, escrow accounts, and standardised carpet area definitions.

The final legal document executed between buyer and seller that transfers property ownership. It is registered at the sub-registrar's office and becomes the buyer's primary proof of ownership.

The process of creating a registered cooperative housing society once a majority of flats are sold and occupied. The society manages maintenance, common areas, and building governance. Developers are legally required to form the society within a specified period after occupation.

Government charges payable when registering a property transaction. In Maharashtra, stamp duty is currently 6% in Mumbai and 7% in other areas (with periodic concessions), plus a 1% registration fee. These are calculated on the agreement value or Ready Reckoner rate, whichever is higher.

Carpet area plus a proportionate share of common areas (lobby, staircase, gym, pool deck, etc.). This inflated figure was historically used for pricing before RERA mandated carpet-area-based pricing. Still referenced in older projects.

Bonus buildable area that the government grants in exchange for surrendering land for public purposes (roads, amenities). Developers can use TDR on other plots to build more than the base FSI allows, subject to zoning rules.

The proportionate share of the total land area that each flat owner holds. UDS is an inherent part of flat ownership — even if the building is demolished, your right to the land (UDS) remains. Higher UDS generally means more value in redevelopment scenarios.

A property where construction is ongoing and the OC has not yet been issued. Under-construction properties are usually priced lower than ready-to-move-in units but carry timeline risk. RERA mandates that developers deposit 70% of collections into an escrow account for such projects.