Term means any phrase, word, or meaning for describing, highlighting, expressing anything, concept or any item in a field of study. It also means the time period, duration, or tenure for something. It also means the descriptive/specific name/word/phrase for identifying, calling, and writing something.
The definitions of term include the following:
1. Any word/phrase/expression which has any specific meaning and is part of any branch/field of study, industry, profession, art, etc.
2. A duration, timeline or tenure for anything.
3. A semester/division within the school/college year.
4. Any specific word/phrase for calling something.
There is the term of construction for any real estate project. This is mentioned by the real estate developer through project documents, materials, and advertisements. At the same time, this is also mentioned on the websites of regulatory authorities (like RERA) for registered developers and projects. At the same time, the project’s timeline or term is also mentioned in the agreement between the developer and the buyer. This mentions the tentative date of occupancy/possession, and the remedial measures to be taken if this is not met. There is also another usage of term in the real estate sector, i.e. the tenures/timelines of home loans. Home loans (or even loans to buy commercial property, plots, etc.) are taken for a specific tenure/duration, as sanctioned by the lending institution. Hence, there is always a term of the loan taken to purchase property.
