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Real Estate Glossary

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Patwari

An individual appointed to maintain and update land ownership records as well as collection of land taxes

Possession Linked Plan

Payment under this plan is made in 2 – 4 phases. About 20 – 25 per cent of the payment is made at the time of booking, 30 – 35% is paid in the next installment after a fixed time period, another 30 – 35% after another fixed period and the remaining amount is paid after possession of the property.

Pre-Emi

A type of home loan repayment plan where the borrower is required to pay only the interest on the loan amount disbursed by the bank as per construction progress. Actual EMI starts after possession of the said property.

Precast Technology

New age construction technology where parts of a building like slabs etc are manufactured at an industrial unit and then assembled on site

Preferred Location Charges

These are additional costs that needs to be paid for the unit that has a certain location advantage over other units in the project.

Prelaunch

Property available for purchase before its official launch. It is generally cheaper and may or may not have the requisite approvals from government authorities.

Preleased

Refers to space in a proposed building that has been leased before the start of construction or in advance of the issuance of Occupancy Certificate.

Private Sale

The sale of a property by the owner without the services of a real estate agent.

Public Housing

Government-owned housing projects made available to low-income individuals or families at nominal rentals.

Pugree

A hindi term for the security deposit given to landlord before renting a property. It is refundable at the expiry of the lease term to the outgoing tenant.

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