Prestige Southern Star RERA
Prestige Group has applied for RERA approval from the Karnataka Real Estate Regulatory Authority for its upcoming project, Prestige Southern Star. The project launch is by the end of January 2025. The builder's proposed completion date is December 2028, and a Completion Certificate (CC) will be received after inspection. The Occupancy Certificate (OC) will follow in January 2029.
Prestige Group is developing the project in a prime location on Begur Road, South Bangalore. The builder has also sought approvals from BBMP, BMRDA, BDA, and various banks.
After the project gets RERA approval, its number will be published on the website. The project will launch that same month, and bookings will start.
- RERA Approval: expected to receive the approval in January 2025
- Launch of this project: January 2025
- Completion date of the project: January 2029
- Completion Certificate (CC): January 2029
- Occupancy Certificate (OC): January 2029
RERA, established in 2016 to protect the rights of homebuyers and builders. It sets clear rules to improve 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.
