Glossary of Terms and Phrases used in Mumbai’s Real Estate Market

Here are some of the abbreviations and terms used in Mumbai real estate market by brokers, builders, etc. It is ever expanding, so please be sure to check it regularly. Feel free to comment on any other terms that have been missed.

  • AMC: Annual Maintenance Charges
  • Police Verification: A process of verifying your identity. Important identifying documents like Passports, PAN Card, Aadhar Card, Ration Card, Driver’s License, Visa for Immigrants, etc are collected along with a form and submitted to the local police station. In some cases for expats, they have to be physically taken to the police station and presented in front of the officer. This is a necessary process to safeguard the individuals well being.
  • Notice Period: A grace period time before you vacate the premises.
  • Carpet Area: Actual living space within the premises. I guess the term originates from the concept of laying down a carpet. It is the exact amount used within two walls.
  • Built-up & Super Built-Up: Additional space added to the carpet area, which also includes common area space. This normally ranges from 20% to 65% of the original carpet area.
  • L/L: Leave and License:
  • O/R: Outright purchase or sale. Basically buying or selling a property.Lock-in: A time period where you are unable to break the lease agreement. In some cases there are penalties involved for breaking the lease agreement, which could be a maximum of paying the entire terms rent.
  • BHK: Bedroom, Hall, Kitchen. A basic term for bedrooms and bathrooms. In western countries, hall and a kitchen are taken for granted. For example, a 3 BHK means 3 Bedroom, 3 Bathrooms, a Hall (Living Room) and a Kitchen.
  • RK: Room, Kitchen. In simple terms a studio apartment.
  • Flat: An apartment or a condominium.
  • UF: Unfurnished – No furniture whatsoever.
  • SF: Semi Furnished, could include some basic furniture
  • FF: Has all the furniture that you need
  • White Goods: I have no idea where this term originates, but basically means appliances such as refrigerator, TV, microwave, etc.
  • Deposit: Deposit amount for the lease agreement
  • OC: Occupation Certificate. A certificate issued by the government, which gives an all OK for people to occupy the building premises.
  • BCC: Building Completion Certificate. Provided by the government agency that signifies that all the rules and regulations have been duly fulfilled and the building is now complete.
  • CC: Commencement Certificate. Provided by the government agency that the builder can proceed with the construction of the project as per the approved plan.
  • Otla: A space provided mostly in front of a commercial shop.
  • CHS.: Co-Operative Housing Society. A group of all the individuals living in a building forming an association for the maintenance of the premises. There are committee members appointed through elections within the society, namely, the treasurer, the secretary and the chairman. All are honorary.Individual Lease: Rent agreement done under an individual’s name, be it one or multiple.
  • Company Lease: Rent agreement done under a company name, be it sole proprietorship, limited partnership, private limited company, etc.
  • NOC: No Objection Certificate. A certificate that is furnished by the due authority stating that it has no objection for whatever purposes.
  • SRA: Slum Rehabilitation Authority
  • TDR: Transfer of Development Rights

Leave a Reply

Your email address will not be published. Required fields are marked *