Glossary
The words an auction notice uses, defined once, with a figure from a live scheme behind each one.
- EMD (Earnest Money Deposit)An EMD is a refundable deposit a bidder pays before an auction opens, proving they intend to bid. In a government plot…
- Reserve priceA reserve price is the floor an authority sets for a plot — the lowest bid it will accept. It is not the price the plot…
- Freehold and leaseholdA freehold plot is owned outright. A leasehold plot is held for a fixed term — commonly 90 or 99 years in Indian…
- Location premium (PLC)A location premium, or preferential location charge, is an extra percentage an authority adds for a plot with a better…
- Draw of lotA draw of lot allots plots by lottery among everyone who applied and paid the registration amount, instead of by…
- e-AuctionAn e-auction is an online ascending-bid sale run on the authority's own portal. Registration, KYC, the fee and the EMD…
- Allotment and instalment letterThe allotment letter is the authority's formal offer after a bid is approved. It starts the payment clock: a first…
- EC categoryAn EC category is an environmental clearance class drawn from India's EIA Notification 2006. On an industrial plot it…
- TDS on property (section 194-IA)Under section 194-IA of the Income Tax Act, a buyer of immovable property valued at ₹50 lakh or more must deduct 1% TDS…
- GST on a plot purchaseGST treatment differs by what the land is for. On an industrial plot at RIICO, GST applies to the application fee only.…
- Reserve price and circle rateThe circle rate is the state's minimum valuation for stamp duty; the reserve price is the authority's floor for the…
- Possession and infrastructure statusAn authority can allot a plot before the estate's roads, water and sewer are finished. Where infrastructure is…