Prestige Southern Star RERA
Prestige Southern Star has not yet received RERA approval and is currently awaiting it. The project is scheduled to be launched in November 2024 after obtaining all necessary approvals, with possession expected four years later, in December 2028.
Prestige Group is developing the project in the prime surroundings of Begur Road, South Bangalore. The builder has applied for a RERA certificate. It has also applied for other approvals like BBMP, BMRDC, BDA, and bank approvals.
RERA, established in 2016, is a law that aims to guard the rights of homebuyers and builders. It creates specific construction guidelines to increase transparency in the real estate market.
Advantages of RERA registered projects
Transparency:
The RERA Act requires builders to guarantee complete transparency in the information they supply to home buyers. They should also be made aware of the project's stage-by-stage completion.
Timely Delivery:
The buyer has two options if the builder doesn't finish the project by the deadline:
- He can withdraw from the project and get a full refund, plus interest, from the due date of completion until the money is returned.
- 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.
Financial Security:
RERA requires the builder to transfer 70% of the project's realized amount into a different bank account.
Standardization of carpet area:
Purchasers are only 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.
No modifications in layouts
Developers cannot alter the project design or other structures without the customers' permission.
Dispute resolution
RERA gives an efficient dispute resolution mechanism through adjudicating officers and appellate tribunals.
Advance payment
Builders can take only 10% of the cost of the project as an advance.
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 builder follows the finest regulations to provide a first-rate, luxurious living environment.
Prestige Southern Star RERA approval is expected to arrive soon, and once approved, you can obtain RERA numbers by visiting the official website.
