Mumbai Real Estate Glossary

The regulatory body governing real estate transactions, project registrations, and promoter accountability in Maharashtra under the RERA Act 2016.

All projects larger than 500 sq. meters or having more than 8 apartments must be registered with MahaRERA before marketing or booking. MahaRERA provides transparency on project timelines, carpet area, and litigation.

The net usable floor area of an apartment, excluding the area covered by external walls, service shafts, and exclusive balconies or verandahs.

Under RERA mandates, developers are legally obligated to quote and sell properties based purely on RERA carpet area, rather than inflated super built-up metrics.

The total carpet area plus the thickness of internal and external walls, along with utility ducts and dry balconies.

Built-up area is generally 10% to 15% larger than the net carpet area.

The built-up area of the apartment combined with a proportionate share of common areas such as lobbies, staircases, elevators, and clubhouse.

Commonly referred to as 'saleable area' prior to RERA regulations. While legacy terminology, smart buyers focus exclusively on RERA carpet area.

A document issued by the local municipal corporation (e.g., BMC/MCGM) certifying that the building has been constructed per approved plans and is legally fit for human occupation.

Possession without an OC is illegal in Mumbai, and utility connections (water, electricity) may be subject to commercial penalties without one.

A certificate granted by the municipal planning authority allowing the developer to commence construction up to a specific floor level.

Developers receive phased CCs as construction progresses. Verifying the CC ensures that ongoing construction has official civic approval.

The ratio between the total gross floor area that can be constructed and the total area of the land plot on which the building stands.

Mumbai's Development Control & Promotion Regulations (DCPR 2034) govern base FSI and permissible premium/fungible FSI across different zones.

Certificates issued by the municipal corporation granting development rights to landowners who surrender land for public infrastructure (roads, parks, reservations).

TDR can be traded and utilized to build additional floors/FSI on receiving plots across designated zones in Mumbai.

State government transaction taxes levied on property purchase agreements to legally transfer title and register deeds in Maharashtra.

In Mumbai, stamp duty is generally 6% (5% base + 1% Metro Cess), with a 1% concession for female sole purchasers. Registration fees are 1% of agreement value capped at ₹30,000 for properties over ₹30 Lakhs.

The government-mandated minimum benchmark property valuation for stamp duty assessment in a given micro-market or survey sector.

If the transaction value is lower than the Ready Reckoner Rate, stamp duty must still be paid on the higher government valuation.

A traditional tenancy model in pre-1999 Mumbai buildings where tenants pay a nominal rent and acquire lifelong occupancy rights, sharing ownership transfer premiums with the landlord.

Covered under the Maharashtra Rent Control Act, 1999. Pagdi tenants hold substantial legal rights, particularly when older buildings enter cluster redevelopment.

A state government initiative under the Slum Rehabilitation Act to redevelop designated slum settlements into modern rehabilitation high-rises alongside saleable market units.

SRA projects contribute a significant volume of new residential and commercial inventory across central and suburban Mumbai.

Fees levied by Co-operative Housing Societies (CHS) in Mumbai upon ownership transfer or when a flat is rented to a licensee.

Per Maharashtra Co-operative Societies Act guidelines, premium transfer charges are capped at ₹25,000, and non-occupancy charges cannot exceed 10% of society service maintenance charges.

The standard real estate abbreviation describing residential apartment configurations in India.

1 BHK indicates 1 bedroom, 1 living room (hall), and 1 kitchen. Variants include 1.5 BHK (includes a study/half room), 2 BHK, 2.5 BHK, 3 BHK, and 4 BHK+.