Real Estate (Regulation and Development) Act, 2016
The industry keenly felt the necessity for consistent regulations, given the negative perceptions consumers held due to the questionable actions of a few. Many of the long-standing needs of both industry professionals and consumers, such as timely project approvals and efficient dispute resolution, remained unaddressed.
Introducing the Real Estate (Regulations and Development) Act was timely and crucial, especially as the Indian Government emphasizes initiatives like “housing for all”, smart city development, and infrastructural advancements. Achieving these ambitious goals mandates robust enablers like this Act.
Terms To Understand
At GAG REALTY®, we’ve simplified key real estate terms to help you understand the basics with ease. Whether you're a first-time buyer or just brushing up, this quick guide makes complex legal and property terms easy to grasp.
Promoter
This is the developer or builder – the person or company who is responsible for building and selling homes or apartments.
Allottee
This is the buyer – the person who buys or gets the home or apartment from the builder.
Carpet Area
The actual space you can use inside your home, not counting the outer walls but counting any inner walls.
Occupancy Certificate (OC)
A document that says a building is ready to be lived in because it has all the basic facilities.
Common Areas
Shared spaces in a housing area or building that everyone can use.
Built-up Area:
The total area of your home, including walls and balconies.
Mortgage
A loan you take where your property is used as security. If you don’t pay back the loan, the bank or lender can take your property.
Subvention Scheme
A plan where you book a property by paying a part of its cost, and the bank pays the rest to the builder. You start paying the bank once you get the property.
Escrow Account
A special bank account where the buyer’s and builder’s money is kept during a deal. The money is released only when certain conditions are met.
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