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Real Estate Glossary

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Maintenance Charges

Charges payable by the owners or occupants of a development complex ( residential/commercial / plotted) towards upkeep of all common areas and facilities. It is generally a monthly charge.

Market Value

The price at which a seller is happy to sell and a buyer is willing to buy.

Mid-Rise

A building with between four and eight f; above ground level although in a Central Business District, this might extend to buildings up to twenty-five stories.

Mixed-Use Development

A project providing for more than one purpose. In housing it blends a combination of residential, commercial, cultural, institutional and industrial usage.

Mortgage

A loan taken from a bank to finance a property.

Mutation

Transfer or change of name in the records of the Corporation for the concerned property.

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