FAQs

Area of land available as per Patta of a proposed development.

It is the actual area which is net usable are of an apartment/house

Built-up area is the area which includes carpet area, balcony and the measurement of wall area(thickness).

Super built up area is the area which includes Built-up area, all common areas like corridor, staircases, lobby, swimming pool, stair case, lift, gymnasium, Air ducts, pipes/shafts and all other common areas

FSI is Floor Space Index. This means the measurement of space that can be built on a particular land area.

For e.g., if the land area is 5000 S.Ft. and the permissible FSI is 2 times, then we can build upto 10000 S.Ft. of area on the land area.

If you want to build more than the area of construction that is allowed, you can pay a premium fee to the Government subject to the abutting should be a minimum of 30 feet width.

Undivided share is a part of land held by the buyer of the apartment in a residential complex on a plot on which the entire structure is constructed. Each and every flat built on that particular plot will have a share in the land but will not have any defined boundaries.

Chennai Metropolitan Development Authority(CMDA) is the State Authority which takes care of the development and regulations of Chennai Metropolitan Area(CMA). The Chennai Metropolitan Area (CMA) comprises the city of Chennai, 8 Municipalities, 11 Town Panchayats and 179 Village Panchayats in 10 Panchayat Unions. The extent of CMA is 1189 Sq.km.

Directorate of Town and Country Planning(DTCP) is the State Agency that supervises the town’s development and planning.

Stilt floor means a raised floor supported by pillars on all sides. We get open area at the ground level. This stilt area can be used for parking, switch room, generator room, or society room.

Group Housing Scheme means a building or a group of buildings constructed or to be constructed with one or more floors, consisting of more than one dwelling units and having common service facilities. Common service facilities means facilities like stair case, balcony, corridor, and verandah, lift, etc.

Construction of new building(s) in an area after demolishing the existing building(s)s

A demolition plan is a document that entails the entire strategic steps to be followed by demolition contractors to ensure that the building or structure being brought down does not harm the environment and people living nearby. This has to be submitted for approval with the Concerned Authority. Upon receipt of approval only, the demolition will commence according to the approved Plan.

Formal permission from a Local Authority or CMDA for the erection or alteration of buildings or similar development.

The floor plan and elevation of a proposed building shall be applied by a registered architect or engineer with the Local Authority or CMDA. Upon satisfaction by the Govt. authority will issue an advice copy. Once the amount is paid, you will get the building plan approval. Then only you will be able to commence the construction of the proposed building.

Infrastructure fee is the fee levied by Government for readily providing infrastructure like roads, water connection, street lights, etc. in the particular area.

A Patta is a revenue record of a piece of land, while a Chitta contains details about the area, size, ownership of the property.

A Power of Attorney is the authority to act for another person in specified or all legal or financial matters.

A joint development agreement is a legal contract that sets the terms between two or more parties working together to develop/re-develop a property/building. This type of agreement addresses the joint nature of the parties’ collaboration on the development/re-development of a property/building.

Property sales are formalised in a stage-wise manner. One of the first documents that is executed, to provide a proper legal status to an understanding between a buyer and a seller, is known as agreement to sell or agreement to sale or agreement for sale or sale agreement.

A Builders/Construction Agreement is a written document between a property owner and a Builder/general contractor, specifying the construction, renovations, alterations, or other work to be done on the property owner’s home or land.

A sale deed is basically a legal document that enables the owner or seller of the property to transfer the rights of the property in the name of the buyer. Registration of property is done at the local sub-registrar or even on-line nowadays.

Vitrified tiles are a mixture of Clay, Silica, Feldspar & Quartz. Vitrified tiles are the modern alternatives of Marble, Granite, and Wooden flooring with attractive designs

UPVC is the short term for Unplasticised Polyvinyl Chloride. This has a low maintenance unlike wooden and aluminium windows. Also, fixing/removing is very easy.

Cornice is an ornamental moulding round the wall of a room just below the ceiling.

A pergola is an outdoor structure consisting of columns that support a roofing grid of beams and rafters. This roofing grid may be left open or covered so as to create an area sheltered from the elements. Pergolas may be freestanding or attached to a house.

If you are planning to get a home loan, the EMI or the equated monthly instalments will be your main consideration. EMI is the sum of money that you as a borrower will pay your lender to clear your outstanding loan. These payments are made every month on a date that is stipulated by your bank till such time that the loan has been completely repaid. The three things that go into the calculation of an EMI are:

• The amount of the loan
• The rate of interest
• The tenure of loan

The most popular method of computation is that of ‘monthly reducing loans’. In the monthly reducing cycle, the principal is reduced with every EMI and the interest is calculated on the balance outstanding. The majority of the retails such as Home loans, auto loans and personal loans are computed on a monthly reducing basis.

General list of documents required:

1. All documents related to property including the executed Sale Agreement, Builders Agreement, etc.
2. Completed loan application
3. 1 passport size photograph (including the one affixed in loan application
4. Proof of identification: Electoral ID Card / Passport / Driving License / PAN card
5. Proof of residence: Electoral ID Card / Passport / Electricity Bill / Telephone Bill.
6. Proof of business address, in case of non- salaried borrowers
7. Statement of bank account for the last six months

A Resident Welfare Association (RWA) is an entity that stands for the interest of individuals living in a community or a society. Upon handing over of the apartments/homes, the Builder/Developer, hands over all relevant documents pertaining to the property and the AMC/Services Contract and other papers belonging to the complex. This will enable the residence to properly take care of the day-to-day maintenance activities.

RERA is Real Estate Regulatory Authority formed in 2016 to bring about transparency in the Real Estate Sector. The RERA Act was enacted to eradicate problems within the sector.