Prestige Park Grove RERA Approval
The RERA approval for Prestige Park Grove enclave was obtained on August 10, 2023. The project by the Prestige Group is coming up in the Chikka Banahalli Road area in Whitefield. In the east zone of the city, it is a vast enclave on 72 acres that comprises high-end apartments and villas.
The Township project has 2 segments. The Willows at Prestige Park Grove is a luxury 4 BHK villa. The Residence at Prestige Park Grove is a community of High-rise Apartments offering 1, 2, 3, and 4 BHK configurations. Both the segment has got received RERA Approval.
RERA means Real Estate Regulatory Authority, and it got created in agreement with the Real Estate Regulation and Development Act of 2016. The Real Estate (Regulation and Development) Act was passed in 2016. Following this, the Real Estate Regulatory Authority was set up. It is part of the Government's effort to amp up the openness in the real estate industry. RERA has been set up in every state of the country.
RERA offers space for both buyers and builders to meet midway. It has lowered the risks that come with buying property. Buyers can now get all relevant information about a project. They also can view all the related papers thanks to the act's introduction.
Buying a home in a project like the RERA-approved Prestige Park Grove is stress-free. Builders who have the authority's approval are required to assure prompt delivery. If they do not, they will have to pay damages or interest, which gives first-time customers peace of mind. The measure greatly strengthens and defends the rights of homebuyers.
In the state of Karnataka, every real estate project has to be registered with RERA. This applies to both residential and commercial properties. The Prestige Group always ensures its projects have all the approvals required by law. The group's projects are always above board.
The Prestige Park Grove RERA approval was applied for in July 2023. The acknowledgment number for the application is ACK/KA/RERA/1251/446/PR/180723/007285. The approval was gained on August 10, 2023, and the enclave’s registration number is PRM/KA/RERA/1251/446/PR/100823/006141.
The housing enclave by the Class A builder will be constructed by the world-class engineering firm Larsen and Toubro Limited. It will be launched on October 1, 2023, and construction will be completed on December 31, 2027. Once work on the project commences, it will carry on quickly.
The enclave is designed to be the perfect area for modern people, especially in the eastern zone of the city. It is spread across 72 acres and has two types of homes: villas and apartments. The RERA-approved Prestige Park Grove project has been laid out to provide its residents with the most enriching living conditions.
The enclave at Whitefield has created a lot of buzz among investors in the city. The project's RERA approval has been responsible for this. The strong name of the builder in the housing industry also has added to the interest. Buyers have faith in the Prestige Group and are eagerly awaiting the project.
Why it is important to get RERA
RERA has a lot of benefits for the buyer and the promoter. These include:
- The builder should make any quality problems within thirty days of taking ownership, free of charge, and within five years after the buyer takes ownership.
- There is a standard method for determining carpet area because of RERA. Promoters are not allowable to use inflated carpet areas to boost rates.
- The customer should be given a complete refund of the deposit if there is a difference between what the builder promised and what got delivered.
- The buyer has the right to compensation from the promoter if they discover a fault with the title.
- A builder cannot get an advance payment greater than 10% of the total project cost from the client.
- The interest paid to the buyer was lower if the promoter delayed handing possession of the property. Both are now compelled to pay the same interest due to RERA.
- If there are any issues with the project, the buyer may file a complaint with RERA.
- The buyer is allowed to total disclosure of all project-related information. It includes the layout and completion status plans.
- Few developers work on multiple projects concurrently, reducing the risk of going bankrupt. So the money raised for one project gets transferred to another by the project's designer. It is impossible with RERA because 70% of the funds should be transferred to a different bank account. They can be taken after being certified by an engineer or chartered accountant.
The things Government checks before approving RERA
To determine whether a property is RERA compliant, consider the following aspects:
- Builders should register a project under the RERA Act before beginning it on a specific property with an area greater than 500 square meters.
- Builders must prove they have deposited 70% of the sum into an independent account instead of investing it.
- Builders must get the necessary approvals before launching a new project.
Is Prestige Park Grove RERA Approved?
The RERA Approval of the project is Not Yet Applied because they are working on the floor plan and site cleaning. They will approve RERA by August, and the project will get Approved by September, but it is not confirmed.
FAQs
Yes, The Builder applied for RERA on July 2023 and Got Approved on August 10, 2023.
The registration number of the homes project in Whitefield, East Bengaluru, is PRM/KA/RERA/1251/446/PR/100823/006141.
The RERA approval was applied for on July 17, 2023. The acknowledgment number is ACK/KA/RERA/1251/446/PR/180723/007285.
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Prestige Park Grove is a new prelaunch township developed by Prestige Group.
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