The real estate glossary — plain-English definitions for Indian developers.

Carpet areaalso: net usable area#

Carpet area is the usable floor area inside an apartment — roughly, the area you could lay a carpet over. RERA defines it as the net usable floor area of the apartment, including the area under its internal partition walls, but excluding the external walls, service shafts, and exclusive balcony, verandah or open terrace area. Because the Act requires carpet area to be disclosed and used in the agreement for sale, it is the figure a buyer can compare like for like across projects.

In SthanCarpet and super built-up area both sit on the unit record in the inventory grid, so a salesperson quotes from the same source the booking is written against.

Built-up area#

Built-up area is the carpet area of a unit plus the area occupied by its own walls, and usually its balcony. It sits between the other two figures: carpet area is smaller than built-up area, which is smaller than super built-up area. It has no single statutory definition for sale purposes, so exactly what a developer includes in it can differ from project to project.

Super built-up areaalso: saleable area#

Super built-up area is a unit's built-up area plus its proportionate share of the building's common areas — lobbies, staircases, lifts, corridors and, in some projects, amenity space. The gap between carpet area and super built-up area is called the loading, usually expressed as a percentage. It was the traditional basis for quoting prices in India; RERA's carpet-area definition moved quoting toward carpet area, though super built-up area still appears on most cost sheets.

Floor rise#

Floor rise is an additional charge added for each floor above a baseline floor, on the reasoning that higher floors get better light, air and view. It is usually quoted in rupees per square foot per floor, or in slabs covering several floors at a time. It is a developer pricing decision, not a statutory charge, so it varies project to project and is negotiable like any other part of the price.

In SthanFloor rise and view premium are fields on the unit itself, so the all-in price shown on the grid already includes them instead of being rebuilt in a separate sheet.

Preferential location chargealso: PLC#

A preferential location charge (PLC) is a premium a developer adds for units in a more desirable position within the project — a corner unit, a park or pool view, a particular facing, or a quieter wing. It is charged on top of the base rate, most often per square foot of the quoted area. Like floor rise, it is a commercial pricing choice rather than a statutory levy.

Cost sheet#

A cost sheet is the itemised breakdown of what a buyer will actually pay for a specific unit: the base price, then floor rise, preferential location charges, parking, club and amenity charges, maintenance deposits, and the statutory items such as stamp duty, registration and applicable taxes. It turns a per-square-foot rate into one all-in figure. Two projects quoting the same headline rate can differ substantially once their cost sheets are laid side by side.

In SthanPrice and cost sheets live on the unit record rather than in a parallel spreadsheet, so the quoted figure and the availability shown on the grid come from the same place.

Lead#

A lead is a person who has shown interest in a project and left contact details — through a portal enquiry, an ad form, a site walk-in, a missed call, a WhatsApp message or a channel partner. It is the first record in the sales process, before any qualification has happened. In real estate the distance between a lead and a buyer is measured in months, so how the lead is captured and tagged at the start decides what can be reported at the end.

In SthanPortal enquiries, ad forms, website forms, WhatsApp click-to-chat, missed calls, walk-ins, QR scans and broker submissions all land in one table, each tagged with its source and given one owner.

Site visit#

A site visit is a scheduled visit by a prospective buyer to the project site, sample flat or experience centre. It is the strongest intent signal in Indian residential sales, which is why most developers measure conversion in two steps — lead to site visit, then site visit to booking — rather than one. Visits are typically confirmed a day in advance and logged afterwards with an outcome.

In SthanThe sales app handles scheduling and location check-in at the site, records the outcome on the spot, and flags visits that were never logged instead of losing them.

Expression of interestalso: EOI#

An expression of interest (EOI) is a pre-launch commitment in which a buyer pays a small amount to register interest in a project before formal bookings open. It usually secures a place in an allotment queue and often a launch price, but it is not a booking and does not attach to a specific unit. If the buyer does not go ahead, the amount is normally refundable on the terms printed on the EOI form — which is the document to read, not the brochure.

Token amount#

A token amount is the initial sum a buyer pays to signal serious intent and to have a unit held while the booking paperwork is prepared. It is smaller than the booking amount and is normally adjusted against it once the booking is confirmed. Whether a token is refundable depends entirely on what the developer’s form says, so it should be read before it is paid.

In SthanHolds on the inventory grid are time-bound, so a unit held against a token releases itself instead of staying blocked for a month on someone’s say-so.

Booking amount#

The booking amount is the payment that turns an interested buyer into a confirmed booking against a specific unit. It is set by the developer, usually as a share of the total consideration, and it is the point at which the unit leaves available stock. The allotment letter and the payment schedule both follow from it.

In SthanA booking is a record, not a message: the unit changes state on the grid, the milestone schedule is created, and the change is written to the audit trail.

Allotment letter#

An allotment letter is the document a developer issues confirming that a named buyer has been allotted a specific unit, setting out the unit, the total consideration and the payment schedule. It is issued once the booking amount has been received, and lenders commonly ask for it while processing a home loan. It confirms an allotment; it does not transfer ownership.

In SthanAllotment letters are generated from the booking record — the unit, consideration and schedule are read from the booking rather than retyped into a Word template.

Agreement to sellalso: agreement for sale#

An agreement to sell is the contract between developer and buyer setting out the unit, the price, the payment schedule, the possession date and the obligations on both sides. It records a promise to transfer the property on agreed terms in future; it is not itself the transfer. Under RERA a promoter must enter into and register this agreement before accepting more than a prescribed share of the cost of the apartment from the buyer, and states publish a model form for it.

Sale deed#

A sale deed is the document that actually transfers ownership of a property from seller to buyer. It is executed once the full consideration has been paid, stamped, and registered with the sub-registrar, and it becomes the buyer’s primary title document. The agreement to sell promises the transfer; the sale deed completes it.

NRI buyeralso: Non-Resident Indian buyer#

An NRI buyer is a Non-Resident Indian purchasing property in India. NRIs can generally buy residential and commercial property, while agricultural land, plantation property and farmhouses are treated differently under the foreign-exchange rules. Payment is typically made from an NRE or NRO account, and buyers who cannot travel often transact through a registered power of attorney — so the paperwork, not the pitch, is usually what decides whether an overseas enquiry converts.

Construction-linked planalso: CLP#

A construction-linked plan is a payment schedule in which the buyer pays in instalments tied to construction milestones — completion of the foundation, of each slab, of plastering — rather than on fixed calendar dates. Reaching a milestone is what triggers the demand for the corresponding instalment. It is the most common structure for under-construction residential sales in India, and it is why a developer’s cash flow depends on construction progress and collections discipline in equal measure.

In SthanThe milestone schedule is created when the booking is, and the demands it produces are worked as a chase list with ageing buckets rather than reconstructed each month.

Demand letteralso: demand note#

A demand letter is the notice a developer sends a buyer for an instalment that has just fallen due, usually because a construction milestone has been reached. It states the milestone, the amount, the due date and any taxes or charges applying to that instalment. It is the operational trigger for collections under a construction-linked plan.

In SthanDemand notes are generated from the booking’s milestone schedule, and reminders escalate on a tiered schedule instead of depending on someone remembering.

Subvention scheme#

A subvention scheme is an arrangement between a developer, a buyer and a lender in which the buyer pays a small share up front, the lender disburses the balance to the developer, and the developer services the loan interest until an agreed date — often possession. The buyer’s EMIs therefore start later than they otherwise would. The loan stays in the buyer’s name throughout, so if the developer stops paying the interest, the liability and the credit consequences are the buyer’s; availability and structure vary by lender.

Stamp duty#

Stamp duty is a tax paid to the state government on the instrument that records a property transaction, generally calculated on the higher of the transaction value and the state’s circle or ready-reckoner rate. It is a state subject: the rate, the concessions and the rules differ from state to state, and several states charge less where the buyer is a woman. Because it is payable to the state rather than to the developer, it appears on the cost sheet as a separate line from the price of the unit.

Registration charges#

Registration charges are the fee paid to the state registration department to record a property document in the public register — separate from, and in addition to, stamp duty. Registering the sale deed is what puts the transfer on the public record. Like stamp duty the fee is set by the state, and is commonly quoted as a percentage of the transaction value, sometimes subject to a cap.

TDS on property purchasealso: tax deducted at source#

TDS on a property purchase is tax the buyer deducts from the payment due to the seller and deposits with the government against the seller’s PAN, instead of paying the full amount across. For most resident sellers the obligation arises under section 194-IA of the Income-tax Act once the consideration crosses a specified threshold, at a small prescribed percentage of the sale consideration. Purchases from a non-resident seller fall under different provisions with different rates and procedures, so the applicable treatment should be confirmed with a tax professional.

GST on under-construction property#

GST applies to the sale of an under-construction property, because what is being supplied is construction services rather than a finished building. It does not apply to the sale of a completed property where the occupancy certificate has been received and no consideration was paid before completion — which is why the timing of the OC has commercial as well as legal consequences. Affordable housing attracts a lower rate than other residential property, and the current scheme for residential units operates without input tax credit. Stamp duty and registration are separate state levies and sit outside GST entirely.

Maintenance depositalso: advance maintenance; corpus or sinking fund#

A maintenance deposit is money collected from the buyer at or before possession to fund the upkeep of common areas until the residents’ association or society takes over. It is usually collected either as an advance covering a fixed number of months of maintenance, or as a one-time corpus (or sinking) fund meant to be handed over to the association. It is a cost-sheet line distinct from the price of the unit, and the terms on which it is transferred should be set out in the agreement.

RERAalso: Real Estate (Regulation and Development) Act, 2016#

RERA is the central Act that created a real-estate regulator in every state and union territory. Projects above the size or unit thresholds set under it must be registered with the state authority before being advertised or sold, promoters must file periodic updates on project progress, and a prescribed share of the money collected from buyers must be held in a separate account and used only for that project. Because the authorities, portals, forms and filing cadence are state-level, what compliance looks like in practice differs from state to state.

In SthanThe record-keeping side is what software can honestly help with: a durable audit trail of lead, status, booking, payment and ownership changes, generated allotment letters, demand notes, receipts and possession letters, and filing reminders. The filing itself stays with your team.

Commencement certificatealso: CC#

A commencement certificate is the permission issued by the local planning or municipal authority allowing a developer to begin construction on an approved plan. Without it, work on site is unauthorised however complete the rest of the paperwork looks. Note that the abbreviation "CC" is also used for the completion certificate issued at the end of construction, so it is worth confirming which document is meant.

Occupancy certificatealso: OC#

An occupancy certificate is the document from the local authority certifying that a completed building matches the approved plan and applicable regulations and is fit to be occupied. Possession should be handed over only after it has been received, and permanent utility connections and society formation commonly depend on it. It is also the point at which a sale stops being the sale of an under-construction property for GST purposes.

Possession#

Possession is the handover of a completed unit to the buyer, after the consideration has been paid and the occupancy certificate obtained. It is normally recorded with a possession letter and a snag list from a joint inspection, and it starts the clock on maintenance charges. In an under-construction sale, possession is the end of a journey that began with a lead two or three years earlier.

In SthanHandover runs off a checklist, possession letters are generated from the booking record, and the buyer keeps a portal through construction rather than chasing the sales team for updates.

Channel partneralso: broker, agent#

A channel partner is an independent broker or agency that sources buyers for a developer’s project in return for a commission on the bookings they bring. In most Indian residential projects they account for a substantial share of bookings, so developers run them as a managed channel — onboarding, project briefings, a sourcing tag on every lead, and a payout schedule. Agents dealing in a RERA-registered project are themselves required to register with the state authority.

In SthanPartners sign up, get approved, and log in to their own portal with a PIN to submit leads into the same pipeline the in-house team works — with attribution recorded at submission.

Broker commissionalso: channel-partner payout#

Broker commission is the fee a developer pays a channel partner for a booking they sourced, usually a percentage of the sale value and often released in tranches as the buyer’s own payments come in. Tying the payout to collections rather than to the booking alone protects the developer if the booking is later cancelled. Disputes in this area are almost always about attribution — which partner introduced which buyer, and when.

In SthanThe commission rate is set per broker and accrues against the booking and its receipts, so a payout is a record you open rather than a number two people reconstruct from memory.

Unit statusalso: available, held, booked, sold#

Unit status is the state a specific unit is in at a given moment — commonly available, held, booked, sold or blocked. It is the most contested piece of data in a sales office, because two salespeople working from two different lists can promise the same flat to two different buyers. A hold should be time-bound, so a unit cannot sit blocked indefinitely without anyone deciding to keep it that way.

In SthanOne live grid, tower by floor by unit, across every project — with holds that expire on their own and a cancellation that returns the unit to available stock.

Lead attribution#

Lead attribution is the record of where a lead came from — which portal, campaign, hoarding, QR code or channel partner — carried all the way through to whether that lead eventually booked. Without it, marketing can be measured only in leads generated rather than in bookings produced, and those two numbers rank channels very differently. Attribution has to be captured at the moment the lead is created; it cannot be reconstructed convincingly afterwards.

In SthanThe source is tagged at capture and stays on the record through to the booking, which is what makes cost per lead and cost per booking by channel answerable.

Lead scoring#

Lead scoring is the practice of ranking leads by how likely they are to buy, using signals such as stated budget, timeline, source and what happened on the last call. The point is ordering, not prophecy: a team with two hundred open leads and time for thirty calls needs to know which thirty. A score is only as good as the activity data behind it, so it decays fast in a team that does not log calls and visits.

In SthanIntent is scored at capture and updated from call outcomes, and the sales app’s day view opens on the follow-ups that score highest rather than on the full list.

Drip campaign#

A drip campaign is a pre-built sequence of messages sent to a lead over time — typically WhatsApp, email or SMS — triggered by an event such as an enquiry or a site visit and spaced across days or weeks. In real estate it exists because the decision cycle is long: the buyer who ignores week one may reply in month three. Well-built sequences stop automatically when the lead responds or moves stage, so a person who has already replied is not still being drip-fed.

In SthanDrip sequences run on the same records as the pipeline, so a lead that moves stage or replies is not left in a sequence written for someone who never answered.

Lead-to-possession#

Lead-to-possession is the full real-estate sales journey, from the moment a buyer first becomes a lead to the moment they take possession of a finished unit. It is broader than a conventional sales cycle because it does not end at the booking — it continues through construction-linked collections, buyer updates and handover, a period that often spans one to three years. Treating it as one connected process rather than two disconnected ones is what keeps the history intact when a salesperson leaves.

WhatsApp Business API#

The WhatsApp Business API is Meta’s interface for businesses to send and receive WhatsApp messages programmatically, at volumes the WhatsApp Business app is not built for. It is not an app you install: access is through a provider, business-initiated messages outside an open conversation window must use templates approved by Meta, and messaging is charged by Meta rather than being free. For Indian developers it matters because WhatsApp is the channel buyers actually reply on.