Glossary — Indian Real Estate & PropPie Terms¶
Alphabetical reference for terms used across PropPie docs. Link to this on first use of a term in any document.
| Term | Definition |
|---|---|
| AIF | Alternative Investment Fund — SEBI-regulated investment vehicle (Category I, II, III). Some fractional RE platforms structured as AIF. |
| ASR | Annual Statement of Rates — government-published circle rates for property valuation. Also called Ready Reckoner (RR). Used to compute stamp duty floor. |
| ASR Gap % | (Sale Price - ASR Value) / ASR Value * 100. Positive = sale above government rate (normal). Negative or very low = possible under-reporting. |
| BKC | Bandra-Kurla Complex — premium commercial hub in Mumbai. |
| BMC | Brihanmumbai Municipal Corporation — Mumbai's municipal authority. |
| BPA | Building Plan Approval — sanctioned by municipal authority. Defines permissible built-up area and FSI. |
| Cap rate | Capitalisation rate — Net Operating Income / Property Value. Used as yield benchmark for commercial property. |
| Carpet area | Internal usable area of a unit (wall-to-wall). RERA-mandated selling measure since 2017. |
| CC | Commencement Certificate — permission to begin construction. |
| CERSAI | Central Registry of Securitisation Asset Reconstruction and Security Interest. Tracks charges/liens on property. |
| CIDCO | City and Industrial Development Corporation — manages Navi Mumbai development. |
| CIN | Corporate Identification Number — unique identifier for Indian companies from MCA. |
| CPI | Consumer Price Index — inflation measure. |
| CPCB | Central Pollution Control Board — source for Air Quality Index (AQI) data. |
| CRE Matrix | Commercial real estate data provider. PropPie B2B competitor. |
| CRZ | Coastal Regulation Zone — areas near the coast with building restrictions. |
| CTS Number | City Title Survey number — urban land identifier in Maharashtra. |
| DCR | Development Control Regulations — city-specific rules governing FSI, setbacks, land use. |
| DPDP | Digital Personal Data Protection Act, 2023 — India's data protection law. |
| DP | Development Plan — city master plan governing land use zoning. |
| Escalation | Annual rent increase percentage in a Leave & License agreement. Typical: 5-10% for residential, 10-15% for commercial. |
| FEMA | Foreign Exchange Management Act — governs NRI property transactions and repatriation. |
| Form A | MahaRERA application form filed by promoter to register a project. |
| Form B | MahaRERA project details form — phases, towers, units, costs, timelines. Multiple versions track revisions. |
| Form C | MahaRERA quarterly progress update filed by promoter. |
| FSI / FAR | Floor Space Index / Floor Area Ratio — Total buildable area / Plot area. Higher FSI = more construction allowed. |
| Gat Number | Rural land identifier in Maharashtra (synonymous with Survey Number in some contexts). |
| Grade A | Office classification — modern, large-floor-plate, branded, well-maintained buildings with efficient services. |
| GR | Government Resolution — official government decision/notification. PropPie tracks real-estate-relevant GRs. |
| GST | Goods and Services Tax. 5% on under-construction property > ₹45L; 1% on affordable; not applicable on ready-to-move with OC. |
| Guntha | Maharashtra land measurement unit. 1 guntha = 1/40 acre ≈ 1,089 sqft. |
| Hissa Number | Sub-division of a survey number. |
| HNI | High Net-worth Individual. |
| IA | Investment Adviser — SEBI-registered entity authorised to give personalised investment advice. PropPie is NOT an IA. |
| IGR | Inspector General of Registration — Maharashtra's deed registration authority. Source of transaction data. |
| Index-II | Public summary of a registered deed. Contains parties, property description, consideration, stamp duty. |
| IPC | Indian Property Consultants — umbrella term for large brokerage/advisory firms (Anarock, Knight Frank, JLL, CBRE, etc.). |
| IRR | Internal Rate of Return — annualised return accounting for cash flow timing. |
| L&L | Leave & License agreement — Maharashtra's standard rental agreement. Must be registered with IGR. |
| Liases Foras | Real estate research and data analytics firm. PropPie B2B competitor. |
| Lock-in | Minimum period a tenant cannot vacate in an L&L. Typical: 12-36 months for commercial. |
| MahaBhulekh | Maharashtra's online land records portal. Source of 7/12 extracts and property cards. |
| MahaRERA | Maharashtra Real Estate Regulatory Authority. Administers RERA in Maharashtra. Primary public data source. |
| MCA | Ministry of Corporate Affairs — manages company registrations, director details. MCA21 portal. |
| MIDC | Maharashtra Industrial Development Corporation — manages industrial plots and estates. |
| MMR | Mumbai Metropolitan Region — ~25 municipal jurisdictions. |
| MMRDA | Mumbai Metropolitan Region Development Authority. |
| MRSAC | Maharashtra Remote Sensing Application Centre — source of GIS layers (flood, forest, land use). |
| NA Order | Non-Agricultural conversion order — converts rural/agricultural land to urban/commercial use. Required before construction on rural land. |
| NBFC | Non-Banking Financial Company — lenders to real estate developers. |
| NMMC | Navi Mumbai Municipal Corporation. |
| NRI | Non-Resident Indian. Special FEMA rules for property purchase and repatriation. |
| OC | Occupancy Certificate — confirms building is fit for habitation. No GST on property with OC. |
| PAN | Permanent Account Number — 10-character alphanumeric tax ID. Used as primary key for promoter entity resolution. |
| PCMC | Pimpri-Chinchwad Municipal Corporation — industrial and IT hub adjacent to Pune. |
| PII | Personally Identifiable Information — governed by DPDP Act. |
| PMC | Pune Municipal Corporation. |
| PMRDA | Pune Metropolitan Region Development Authority — manages peripheral development around Pune. |
| POC | Part Occupancy Certificate — OC for a portion of a project (e.g., specific towers). |
| Premium FSI | Additional FSI purchased from the municipal authority beyond base entitlement. |
| PropEquity | Pan-India real estate data and analytics platform. PropPie B2B competitor. |
| RA | Research Analyst — SEBI-registered entity authorised to publish research reports. PropPie is NOT an RA. |
| Ready Reckoner | Same as ASR. |
| RERA | Real Estate (Regulation and Development) Act, 2016 — national law requiring project registration, disclosure, escrow. MahaRERA is the Maharashtra implementation. |
| RR | Ready Reckoner — same as ASR. |
| Saat-Baara (7/12) | Maharashtra land record extract. Shows holder, area, crops, mutations, encumbrances. Named for the two columns of the original register. |
| SEBI | Securities and Exchange Board of India — regulates investment advisers, research analysts, REITs. |
| SM-REIT | Small and Medium Real Estate Investment Trust — SEBI framework (Mar 2024) for pooled commercial RE investments. Min scheme size ₹50 Cr, min investor count 200. |
| SPV | Special Purpose Vehicle — legal entity (usually a company) created to hold a specific asset for fractional ownership. |
| Stamp duty | Tax on property transaction documents. Maharashtra: ~6-7% all-in for residential. |
| Super built-up area | Built-up area + proportional share of common areas (corridors, lobby, etc.). Being phased out as a selling measure post-RERA. |
| Survey Number | Rural land identifier in Maharashtra. May be split via hissa. |
| TDR | Transferable Development Rights — additional construction rights that can be bought/sold/transferred. |
| TP Scheme | Town Planning Scheme — mechanism for land pooling and planned development. |
| UDD | Urban Development Department — Maharashtra state department. Issues GRs on zoning, FSI, TDR. |
| WGS84 / EPSG:4326 | Standard coordinate reference system (latitude/longitude). All PropPie coordinates normalised to this. |
Add new terms as they arise. Keep alphabetical. Link from docs on first use.