Patwari
Usually denotes the person appointed by a local government or land authority to maintain and update land ownership records for a specific area and also be responsible for collection of land taxes.
Possession
Possession is the property right of an owner that identifies the owner as having control over the property and the use of it.
Power of Attorney
A document that authorizes an individual to act on his behalf or of someone else.
Premium
The payment, or regular periodic payments, that a policyholder makes to own an insurance policy.
Premium Rent
Premium Rent is a rent above the normal level, which a property could command in the open market on normal terms. Such rents are made possible in instances where the tenant receives a present or expects a future benefit against the market.
Property Deed
The legal document used to transfer title of property.
Property Tax
Tax paid on privately owned property, determined on local tax rates and assessed market value of the property.
Penal Rent
It is the financial punishment meted out to a tenant
for failing to honor his obligation to pay rent at the proper
time, taking the form of a vastly higher figure being payable
during the period of default.
Permitted One
A use sanctioned by the grant of planning permission or allowed by the deemed grant of planning permission under the local development control norms.
Pre-Stressed Concrete
A type of reinforced concrete in which all or some of the ordinary steel reinforcement is replaced by high-tensile steel bars or wires which are tensioned by 'pre-tensioning' or 'post-tensioning'. The number and positioning of wires or tendons can be arranged to eliminate all tension in the concrete, thereby preventing cracking and hence rendering the concrete watertight and gas-tight as well as increasing its durability. Pre-stressed concrete structures can achieve greater spans and carry higher loading.
Private Treaty
The most common method of disposal of real property, in which negotiations are carried out between the vendor and prospective purchasers (or their respective agents) privately and in relative secrecy. Usually there is no limit on the time within which it must be completed before contracts are exchanged.
Project Management (Development Management)
The leadership activity which involves planning budgeting, co-coordinating, monitoring and controlling the operational contributions of property professionals in a project involving the development of land while sticking to the client's objectives in terms of quality, cost and time.
Property Investment Trust
A public company managed by a professional specialist team with the aim of mainly acquiring shares in property companies-public or private. It enjoys certain tax advantages and must comply with rules applicable to its operation and investment activities. It may also invest in other securities, own property directly or undertake development.
Property Management
The range of functions involved in looking after buildings, like collection of rents, payment of outgoings and maintenance including repair, provision of services, insurance and supervision of staff employed for services, as well as negotiations with tenants or prospective tenants. The extent and responsibility for management between landlord and tenant depends on the terms of the lease(s).
Property Portfolio Management
It is the unified management of a group of properties, which are held in one's name. Decisions taken in respect of any issue are reached taking into consideration the maximum benefit for the owner and its effect on the portfolio as a whole rather than on an individual property.
Pugree
An Indian term that describes an interest free security deposit given to landlords which is refundable at the expiry of the lease term to the outgoing tenant.
Purchase offer
A document that lists the price, conditions and terms under which the buyer is willing to purchase the property.
Purchaser
A buyer, who acquires property by signing a contract, or by the payment of money.
Percentage Lease
Refers to a provision in the lease asking the lessee to pay the landlord a percentage of the tenant's gross sales as a component of rent. There is usually a base rent amount to which "percentage" rent is added. This type of clause is more common in retail leases.
Performance Bond
A surety bond posted by a contractor guaranteeing absolute performance of a contract with the proceeds for completing the contract or to compensate for the owner's loss in the event of nonperformance.
Prime Space
New space that is currently available for lease and which has never before been occupied by a tenant.
Prime Tenant
The major tenant in a building or in a shopping center that serves to attract other, smaller tenants into adjacent space because of the customer traffic generated.
Pro rata
Proportionately; according to measure, interest, or liability. For a tenant, it means the proportionate share of expenses for the maintenance and operation of the property.