Definition of important Terms
Real estate project(REP) means
- Development of a building or a building consisting of apartments, OR
- Converting an existing building or a part thereof into apartments, OR
- The development of land into plots or apartment
- For the purpose of selling all or some of the said apartments or plots or building
- And includes the common areas, the development works, all improvements and structures thereon, and all easement, rights and appurtenances belonging thereto
Residential Real Estate Project(RREP) means
Real Estate Project(REP)
In which
Carpet area of commercial apartment
is not more then (i.e. less than or equal to)
15% of total carpet area of all apartments in REP
(I.e. total carpet area of residential apartment + commercial apartment)
Residential apartment
- Apartment intended for residential use as declared with RERA
Commercial apartment
- Apartment other than a residential apartment
Affordable residential apartment
- Residential apartment
- Having carpet area not exceeding 60 square meter in metropolitan* city OR
- 90 square meter in cities or towns other than metropolitan* cities AND
- For which the gross amount charged is not more than 45 lakhs rupees.
*Metropolitan cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Gaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai
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