Acre

Unit of measurement of land, 1 acre is equivalent to 4048.32 square meters and 43560 square feet.

Allotee

The person who is allotted a property, either by government body/authority or by a developer.

Agent

Also known as Real Estate Agent, Realtor or Broker. An agent plays the role of a facilitator for property transactions for a consideration.

Apartment

Means a part of any property, intended for any type of independent use, including one or more rooms or enclosed spaces located on one or more floors or any; part or parts thereof, in a multi-storied building to be used for residence or office or for the practice of any profession or for the carrying on of any occupation, trade or for business or such other type of independent use as may be prescribed, and with a direct exit to a public street, road or highway or to a common area leading to such street, road or highway, and includes any garage or room (whether or not adjacent to the multi-storied building in which such apartment is located) provided by the promoter for use by the owner of such an apartment for parking any vehicle or as the case may be for the residence of any domestic aide employed in such an apartment.

Appraisal

A written report of the estimated value of a property prepared by a certified Real Estate appraiser or a valuer.

Appreciation

An increase in the value of a property due to changes in market conditions or other causes over a period of time.

Assessed Valuation

The value that a taxing authority places on real property for the purpose of determining the amount of taxation for that property.