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What is a Development Agreement?
- Landowner
- Developer
- Allowing the developer to construct and sell units on the land.
What is a Title Search / Title Clearance Report?
A legal verification process (usually 30-year chain) confirming:
- • Ownership continuity
- • No litigation
- • No mortgages
- • No government acquisition notices
- Highly recommended for commercial property purchases.
What is Leave and License Agreement (Commercial & Residential)?
In Maharashtra, rental agreements are commonly executed as Leave and License agreements rather than lease agreements.
These must be:
- Registered
- Stamp duty paid
- Digitally recorded (often e-registered)
This is common in Mumbai, Pune, and other cities.
What are Registration Charges?
Registration charges are typically:
- 1% of agreement value (subject to cap)
Paid to record the property transaction legally with the Sub-Registrar office.
What is a Conveyance Deed?
A Conveyance Deed transfers ownership of land and building from the developer to the housing society or legal body.
In Maharashtra, many societies apply for deemed conveyance if the builder fails to transfer ownership.
What is FSI (Floor Space Index) in Maharashtra?
FSI (also known as FAR) determines how much construction is allowed on a plot.
FSI = Total Permissible Built-up Area ÷ Plot Area
Higher FSI allows more floors or larger built-up area. FSI rules vary by city (Mumbai, Pune, Thane, etc.)
What is a Commencement Certificate?
A Commencement Certificate is issued by the municipal authority allowing the developer to legally begin construction.
It confirms:
- Approved building plan
- FSI allocation
- Legal development permission
What is an Occupancy Certificate (OC)?
An Occupancy Certificate is issued by the local municipal authority (e.g., BMC, PMC, etc.) confirming:
- Construction complies with approved plans
- Fire safety norms are met
- Utilities are operational
- Building is safe for occupation
Without OC, possession can be legally risky.
What is Carpet Area under MahaRERA?
Under RERA, Carpet Area means:
Net usable floor area inside the apartment including internal partition walls but excluding balconies, terraces, and common areas.
Developers in Maharashtra must sell property based on Carpet Area — not super built-up area.
What is the difference between Carpet Area, Built-up Area, and Super Built-up Area?
- Carpet Area: Usable internal area (RERA-compliant measurement).
- Built-up Area: Carpet area + walls + balcony.
- Super Built-up Area: Built-up area + proportionate share of common amenities.
MahaRERA mandates clear disclosure of carpet area.
How do I know how much my home is worth?
Your home’s value depends on:
- Location
- Property condition
- Market trends
- Comparable recent sales
An agent typically prepares a Comparative Market Analysis (CMA) to estimate value.