Prestige Park Grove RERA Approval

RERA means Real Estate Regulatory Authority, and it got created in agreement with the Real Estate Regulation and Development Act of 2016. It was created to protect buyers without hesitation and promote real estate investments. The bill implementing the Act got approved by the Rajya Sabha on March 10, 2016. After May 1, the RERA Act came into effect.

The state governments created the rules required to carry out the necessities of the Real Estate Act of 2016. The general regulations got published by the Government on October 31, 2016.

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 is not allowed to get an advance payment greater than 10% of the total project's 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 as a result of 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 show proof that they have deposited 70% of the sum into an independent account as opposed to using it for investment.
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 cleaning of the site. They will approve RERA by August, and the project will get Approved by September, but it is not confirmed.

Some of the RERA Approved and ongoing Projects by Prestige Group in 2022 are

Prestige Dew Drops

The Prestige Dew Drops is a luxurious project off Doddaballapura Main Road in Bangalore. The project is over a land area of 5.5 acres and has 25 villa homes. The size of the project ranges from 3500 sq ft to 5868 sq ft. The project price ranges from 4 Crores.

The villa has a ground floor, a first floor, and an open terrace. The project has a lot of amenities, and the homes are with individual elevators. The units have a closed parking space and a big private garden.

Prestige Sanctuary

The Prestige Sanctuary project is in Devanahalli, Bangalore, and the project price varies from Rs. 5. 40 Crores to 8. 60 Crores. The project is over an area of 23 Acres, and the project has over 85 units that are Under Construction. A 4 BHK Villa ranges from 4085. 0 sq. Ft. to 6680. 0 sq. Ft. The launch time of the project is December 2022, and its official date of possession is November 2025.

Prestige Elm Park

The Prestige Elm Park project is in Channasandra, Bangalore, and the project ranges from Rs. 1. 73 Crores to 3. 0 Crores. The project is across 3 acres with 3 towers, and it has a total of 192 units that are in the Under Construction state.

A 3 BHK Flat ranges from 1790. 0 sq. Ft. to 2145. 0 sq. Ft. and a 4 BHK Flat ranges from 2488. 0 sq. Ft. to 2575. 0 sq. Ft. The project has a launch date of April 2023, and the possession of the flat is August 2026. A 3 BHK flat ranges from Rs. 2.16 Crores, and a 4 BHK flat here range from Rs. 3.01 Crores.

Prestige Park Grove is a new prelaunch township developed by Prestige Group.