1BHK in Kurla East Sayba Group Residency Kurla stands as a benchmark in offering clarity and transparency to home buyers. Buying a home is generally one of the biggest investment decisions a family makes in their lifetime. Adding to this the nuances of the real estate industry, makes the process even more stressful. For first time home buyers, we have often seen them struggling with understanding “often-used” terminology which most sales representatives, channel partners and other experts use fluidly without explaining, since it has become second nature to them, but it is not so for most home buyers.
With the intent to de-mystify and explain these jargons (focusing on Mumbai Real Estate market) in layman language, this is our attempt at home buyer education. Especially for those considering properties like Sayba Residency Kurla.
Commencement Certificate – CC
CC is final certificate requirement for a real estate project to start construction. CC also implies that the project has been accorded all requisite approvals and all relevant departments and hence it has been given the consent to start construction.
Initially the CC is issued till the plinth (ground level). After plinth checking by the planning authority, further CC is granted for the higher floors. Projects like Sayba Residency 1BHK in Kurla East ensure compliance with these regulations to provide assurance to homebuyers.
Occupancy Certificate – OC
The OC is a confirmation from the planning authority that the building is safe and habitable. A developer can offer possession to the home buyers only after obtaining OC from the planning authority. Properties such as 1bhk in kurla east follow these essential approvals.
A developer can only legally offer possession to home buyers after receiving the OC. This document ensures that all essential civic infrastructures like water supply, drainage, fire safety systems, electricity, and structural compliance are in place and meet the required standards.
For homebuyers exploring options such as 1 BHK in Kurla East, ensuring that the project has a valid Occupancy Certificate is essential. It protects your investment, avoids legal complications, and enables you to apply for utilities and home loans with ease.
Real Estate (Regulation and Development) Act – RERA
RERA Act was passed by the Indian Parliament in 2016 which enabled setting up for the RERA Authority to begin in transparency and efficiency in the real estate business. For Maharashtra, MahaRERA is the competent authority. Projects like Sayba Residency 1BHK in Kurla East are registered under MahaRERA, ensuring homebuyer confidence.
In Maharashtra, the regulatory body is known as MahaRERA. It is the competent authority for registration, regulation, and dispute resolution related to real estate projects in the state.
Leading developers like Sayba Group ensure all their projects are registered under MahaRERA. For example, Sayba Residency, offering 1 BHK flats in Kurla East, is fully MahaRERA-approved, providing homebuyers with confidence, legal assurance, and peace of mind. Buyers can verify project details, timelines, approvals, and legal documentation directly through the MahaRERA portal.
Carpet area
Carpet area means the actual floor area measured from inside part of the walls, area of carpet that can be placed in the real estate unit. Carpet area is the most used terminology while sales discussions in real estate. There are several types of carpet area, covered below:
This term helps homebuyers understand the exact usable space within a flat. Unlike built-up or super built-up area, carpet area gives a clear picture of livable space. For properties like 1 BHK in Kurla East, knowing the carpet area ensures smart and transparent investment decisions.
RERA Carpet Area
Carpet area as defined by RERA, is the floor area within the outer walls of the residential unit, measuring from the inside part of the out walls. RERA Carpet does not cover the area in balconies or verandahs or terraces.
MOFA carpet area
Carpet area as defined by Maharashtra Ownership Flats Act, is the net usable carpet area inside the residential unit. The difference in RERA carpet and MOFA carpet is the MOFA carpet excludes the area under the internal walls whereas RERA includes the area under the internal walls of the real estate unit. Typically RERA area will always be more than the MOFA area. Properties like Sayba Residency 1BHK in Kurla East clearly define carpet areas for buyer clarity.
Built-up area
Built-up area the total area of the real estate unit including non-habitable area like the thickness of the external walls, duct areas, etc. The built-up area will always be larger than the carpet area.
Preferred Location Cost (PLC)
Developers charge PLC on certain real estate units with better views or better placement from vaastu perspective to reflect the premium that unit should command over the other units. For example, units in 1 bhk in kurla with prime views may attract a PLC.
Floor Rise Cost (FRC)
In real estate, the price of the unit on a higher floor is more than those at lower floors. This difference in price is captured by the FRC.Many homebuyers at Sayba Residency1BHK in Kurla East find value in opting for higher floors due to better views and ventilation.
Fit-Out Possession
The developer can offer to the customer a soft possession so the home buyer can complete the interior work like kitchen, furniture, false ceiling, etc.
Builder-finish
A builder-finish means the condition and internal specifications of the unit in which it will be handed over to the customer. A builder-finish would typically entail painted walls, flooring, doors, windows, lights, electric fixtures, bathroom dado and C.P. & sanitary fittings. Projects like Sayba Residency 1BHK in Kurla East provide premium builder finishes.
Agreement for Sale - AFS
Agreement for Sale is the registered document confirming the sale of a real estate unit. AFS captures all commercial and other understanding between the developer and the home buyer.
Stamp Duty in Real Estate
In Maharashtra, stamp duty for real estate unit registration is 6%. In case of women buyers, the stamp duty is 5%. This amount is payable by the home buyer to the Government of Maharashtra. Stamp duty for properties like Sayba Residency Kurla follows these state guidelines.
GST in real estate
GST in residential real estate is 5% (1% in affordable housing) on the Agreement Value, i.e. the value in the Agreement for Sale. GST on other charges, other than the agreement value like advance maintenance, utility charges, legal charges, infrastructure development charges, etc. is 18%.
Understanding key real estate terms is crucial for making informed decisions. This guide helps homebuyers, especially in the Mumbai market, navigate complex processes like CC, OC, RERA, and cost structures like PLC and FRC. Projects like Sayba Residency Kurla ensure transparency, clarity on costs, and adherence to legal requirements, providing homebuyers with a secure investment. With this knowledge, first-time buyers can confidently move forward in their property journey.
Ready to take the first step toward owning your dream 1 BHK in Kurla East?
Contact Sayba Group today to schedule a site visit and get expert guidance at every stage of your homebuying journey.
