Holiday home glossary – definitions property terms-P

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Patwari: Usually denotes the person appointed by a local government or land authority to maintain and update land ownership records for a specific area as well as to undertake the collection of land taxes.

Penal rent: A financial punishment of a tenant for failing to honour 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: (Colloquial), either (a) A use authorised by a grant of planning permission or, (b) A use 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 so rendering the concrete water-tight and gas-tight as well as increasing in durability. Pre-stressed concrete structures can achieve greater spans and carry higher loading.

Premium rent: (a) A rent above the level which a property could reasonably be expected to command in the open market on normal terms. Such rents may be justified in instances where the tenant receives a present or future benefit against the market. Eg. in inflationary conditions where upward-only rent reviews are normally required at three-yearly intervals, the tenant may be prepared to pay a higher rent if fixed for a longer period of say, 5 years. (b) A rent which is higher than would reasonably be expected because the tenant is particularly anxious to secure the property.

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 comparative secrecy, normally without any limit on the time within which they must be completed, before contracts are exchanged.

Project management (development management): The leadership role which plans, budgets, co-ordinates, monitors and controls the operational contributions of property professionals, and others, in a project involving the development of land in accordance with a client’s objectives in terms of quality, cost and time.

Property investment trust: A public company, having certain tax advantages and complying with rules applicable to its operation and investment activities, managed by a professional specialist team and established for the purpose of acquiring mainly shares in property companies-public or private. To such an extent, as is permitted legally, without prejudicing its beneficial tax treatment, it may invest in other securities, own property directly or undertake development. It provides shareholders with an interest in a wide ranging portfolio and the reassuring knowledge that investment policy is in the hands of experts.

Property management: The range of functions concerned with looking after buildings, including collection of rents, payment of outgoings, maintenance including repair, provision of services, insurance and supervision of staff employed for services, together with negotiations with tenants or prospective tenants. The extent of and responsibility for management between landlord and tenant depend on terms of the lease(s). The landlord may delegate some or all of these functions to managing agents.

Property portfolio management: The unified management of a group of properties which are held in one ownership. Decisions taken in respect of any issue are reached on the basis of achieving the maximum benefit for the owners, having regard to the effect on the portfolio as a whole rather than on an individual property.

Pugree: An Indian term used to describe an interest free security deposit given to landlords which is refundable at the expiry of the lease term to the outgoing tenant by the successive tenant.

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