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Real Estate Glossary

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Occupancy Certificate(OC)

Certificate issued by the local development authority certifying that all necessary works have been completed as per the sanctioned plans for the said property and it is fit for occupation. OC is issued after obtaining clearance from the water, electricity, sewerage, fire fighting authorities etc.

Open Space

Land which has not had improvements such as buildings and other structures added to it. Such land is often left in a subdivision by a developer or stipulated by a local authority for recreational use or for personal use by the owner.

Operating Cost Escalation

Clause intended to adjust rents by reference to external standards such as published indexes, negotiated wages or expenses related to buildings.

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