Real Estate Glossary

Under RERA, "commencement certificate" refers to the commencement certificate or the building permit or the construction permit. It is issued by the competent authority to allow or permit the promoter to begin development works on immovable property, as per the sanctioned plan.

Under RERA, "completion certificate" means the completion certificate, or such other certificate, by whatever name called, issued by the competent authority certifying that the real estate project has been developed according to the sanctioned plan, layout plan and specifications, as approved by the competent authority under the local laws.

‘Conveyance’ refers to the act of transferring the title, ownership, rights and interests in a property from one entity to another. The term ‘deed’ refers to an instrument, like a written document signed by all the parties to a contract, in this case, the seller and buyer. It is a binding contract that is enforceable in a court of law. A conveyance deed is, therefore, a contract in which the seller transfers all rights to the legal owner.

Under RERA, an encumbrance certificate will contain the details of encumbrances on the land on which development is proposed, including any rights, title, interest, dues, litigation, details relating to mortgage/charge created for the project land and the facility taken by the Promoter or any third party and name of any party in or over such land.

No Objection Certificate, popularly abbreviated as NOC, is a type of legal certificate issued by any agency, organization, institute or, in certain cases, an individual. It does not object to the covenants of the certificate.

An occupancy certificate is issued by the agencies and authorities of the local government, which declares that the building is constructed as per the plans that were approved by the authorities concerned. This certificate indicates that the building is equipped with civic needs such as sanitation, water, and electricity and can be occupied.

A Property Card is an extract of revenue records maintained by the State Government with respect to ownership of the land and the history of holders of land.

The Indian Green Building Council or IGBC is a rating body that rates the green building projects in 4 grades, viz. Certified, Silver, Gold and Platinum, in ascending order. The rating is based on established criteria and benchmarks, hence making it easier to measure and quantify the green performance of a building. There are 6 categories in which the building performance is measured, namely Site Measures, Water Conservation, Energy Conservation, Material Conservation, Indoor Environment Quality, and Innovation.

Green Buildings: