Prestige Southern Star RERA

The RERA is a law that aims to safeguard the rights of purchasers and developers, such as The Prestige Group. Since limits apply to residential and commercial structures, it is for buyers and sellers. Therefore, to prevent confusion later on, aim to choose projects that have received RERA approval.

Prestige Southern Star RERA approval is awaiting. The project has yet to receive formal permission from the Karnataka RERA Board. Although the RERA for the project has yet to be applied for, it will be by October 2024. Prestige Southern Star RERA approval will be received by November 2024.

Subsequently, the RERA number will be made public. Following that, the project's launch and unit booking will begin that same month. The project will be completed and in possession by December 2028.

Prestige Southern Star Project Highlights
Type Township
Project Stage Prelaunch
Location Begur Road, Bangalore
Builder Prestige Group
Floor Plans 1,2 & 3 BHK
Price Updated Soon
Total Land Area Not Available
Total Units Upcoming
Size Range Onrequest
Approvals NA
Launch Date Not Available
Pre-launch Date Coming Soon
Completion Date 5 years from launch
Possession Date NA

RERA creates precise guidelines for real estate development and construction that will increase the transparency of real estate transactions. In addition to outlining specific laws and regulations that all builders and developers must abide by, it has granted homeowners several privileges. Furthermore, each state must establish an Appellate Tribunal and a Real Estate Authority by the RERA Act. The purchaser of the property may file a complaint with this organization in the case that the builder or developer violates any laws.

Benefits of investing in RERA-approved projects

Grievances are going to be handled:

Under the RERA Act, the buyer has the right to register a complaint with the Appellate Tribunal if they are unhappy with the construction or have an issue with the apartment. As soon as the Grievance case files are received, the Tribunal will hear your case in 60 days. Furthermore, the Tribunal needs to explain if it cannot settle the disputes.

Complete openness in all transactions:

The RERA Act requires builders to guarantee complete transparency in the information they supply to home buyers. Builders have a duty to disclose to the customer all material information, both big and small, concerning the project they are constructing. They must update these facts on their real estate websites and give a brochure. The design and implementation of the plan must be disclosed to the buyers. They should also be made aware of the project's stage-by-stage completion.

Lowers the chance of builder bankruptcy:

A developer typically has multiple projects under construction at any one time. Prior to RERA, the money obtained for Project A might have been used by the builders to finance the development of Project B. This would no longer be feasible, though, as the implementation of RERA requires the builder to transfer 70% of the project's realized amount into a different bank account.

Possession delay

The buyer has two options if the builder doesn't finish the project by the deadline:

  1. He can withdraw from the project and get a full refund, plus interest from the due date of completion until the money is returned.
  2. To carry out the project through to its completion, he will be entitled to payment and interest from the project's due date until it is truly finished.

Standardization of carpet area:

One major advantage of RERA is that builders cannot charge consumers for the super built-up and built-up areas. This indicates that purchasers will only be responsible for the carpet in the portion of the house they buy—that is, the space between the walls. The super built-up area, or the space enclosed by exterior walls, cannot be charged to buyers by builders. This includes common areas like the lobby, balcony, elevator, and stairs. Additionally, developers cannot alter the project design or other structures without the customers' permission.

The project is awaiting RERA's approval of its prepared plan. Soon, since the Prestige Group consistently satisfies all requirements. Buyers can move into their ideal homes and enjoy a wonderful life if the builder completes the project on schedule. The Prestige Group, a massive player in real estate, is currently building the property. The builder follows the finest regulations to provide a first-rate, luxurious living environment. The RERA approval is expected to arrive soon, and once approved, you can obtain RERA numbers by visiting the official website. Almost all of the constructor projects, including Prestige Southern Star, are approved by RERA. The Prestige Group is one of the top building businesses.

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