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“the fair market value is linked to the “price” the property would ordinarily fetch in the open market; i.e., the price a willing Purchaser would pay to the willing seller for a property, having due regard to its existing condition, existing advantages and its potential possibilities when laid out in its most advantageous manner.”

The fiscal value of an asset which reduces over time due to usage, wear and tear or obsolescence. This is depreciation, it is also calculated on a set assumption in the books of accounts.

An asset of a fixed monetary value, which is presented to secure a loan. The value of the loan sanctioned is less than that of the value of the mortgage.

Appreciation essentially means the escalation in price, which could be due to many factors like time, labour, taxation etc.

The period before which the loans can’t be paid off without incurring any liabilities. Pertaining to real-estate, the loan is understood to be a housing loan.

Wooden flooring is known to have an insulation to extreme temperature, they are not cold in winters or warm in summers, unlike the marble flooring. But the urban dwelling is following suit of installing wooden flooring because of the comfort and aesthetics it offers. They are known to have a high maintenance cost.

Vitrified tile is a ceramic tile with near no-porosity. Compared to marble and solid stone flooring they are cheaper and more durable. There are four types of Vitrified tiles - Soluble salt, Double charge, Full Body, Glazed. Vitrified tiles are often used outdoors in heavy footfall areas because of their water and frost repellence.

This is the most important document in the entire transaction, as this acts as a proof for the transferring of the ownership from the developer to the home-buyer. This document is a legal binding and thus, registering the sale deed with the authorities is mandatory.

The term is used for the ‘practically useable floor-space and not what it seems on paper. Usually, useable carpet is area excluding the space used by cupboards, kitchen platforms etc.

The carnage after the wake of Demonetization, RERA and the GST, led the Indian markets to speculate the tension concerning the real estate sector. It might seem truly tense to the Fat-Indian gentry, who may use the realty to stash their unaccounted income and hike up the property market. Instead, what the experts foresee is the rise of the service class and their quest to home themselves. It is a shift towards a fairer, and a more accommodative market, the Indian properties show no sign to fade away in their face value, believes Mint, an economic daily.

This term denotes the total area the buyer gets by purchasing a unit of a project.

AI in real-estate opens up many unexplored avenues which the unorganised sector took for granted, especially in India. Still, we see issues like town-planning, sewage, availability of basic resources etc. been handled manually my government officials, where there is a high likeliness, bureaucracy and traditional corruption will appear to hobble the development. When this is just the start, one can imagine that on about multiple steps where getting accurate information or approvals get crucial, AI has a strong part to play.