Prestige Pine Forest RERA Approval
RERA (Real Estate Regulatory Authority) was established in 2016 to safeguard homebuyers and boost investments in real estate. It is a law that's applied nationwide to regulate the real estate sector. The Act ensures a quick resolution of disputes.
Prestige Pine Forest has been approved by the RERA board in Karnataka state on 16th August 2024. Prestige Pine Forest's RERA Number: PRM/KA/RERA/1251/446/PR/190924/007048. The Acknowledgment number is ACK/KA/RERA/1251/446/PR/160824/008422. The project is set to launch on 19th September 2024. All the necessary approvals like BDA, BBMP, and other major banks have been received. The possession date of this project is from December 2028.
Prestige Pine Forest Project Highlights:
| Type | Apartments |
| Project Stage | Upcoming |
| Location | Whitefield, Bangalore |
| Builder | Prestige Group |
| Floor Plans | 1,2, & 3 BHK |
| Price | INR 60 lakhs onwards |
| Total Land Area | 40 acres |
| Size range | 600-1500 sq ft |
| Launch Date | On request |
| Possession Date | On request |
The Prestige Pine Forest is developing on 40 acres of land and is surrounded by greenery. The marvellous site offers 1 BHK, 2 BHK and 3 BHK lavish flats in different sizes. After receiving the RERA number, the construction of the project will begin. For buyers to see the specifications and floor plan of the flats, model apartments will be constructed.
The RERA Act requires all residential or commercial real estate projects with a land area exceeding 500 sq. m. to be registered before their launch. The Act promotes transparency in project execution.
The benefits of RERA-approved projects are:
- Standardised carpet area - The RERA Act has fixed a standard carpet area for constructing an apartment. A standard formula has been set to calculate the carpet area. This way, builders cannot increase the size and price of the unit.
- Limited advance payment - As per RERA, the builder can only take up to 10% of the project's total cost as advance fees. This helps buyers avoid rushing to gather funds or paying a large amount upfront.
- Builder's responsibility - In case quality issues arise within 5 years of possession, the builder must fix them. The builder has to fix it within 30 days without charging the buyer.
- Failure of promise - If the builder fails to deliver what was promised, the buyer has the option to seek a refund.
- Buyer's right to know - The buyer has the right to access all information regarding the project. It includes details about the layout, progress of execution, and completion status.
The RERA Act ensures developers give correct details to buyers, avoiding project delays. Since RERA, real estate malpractices have reduced.
Advantages of Prestige Pine Forest RERA Approval
- Registering complaints - If a buyer faces issues with the builder for violating the rules, they can complain to RERA.
- Transparency - The RERA-registered projects are safe to buy as they show all the details of the site.
- Timely delivery - The RERA registered project will deliver the project on time.
The Prestige Pine Forest RERA Approval will soon be updated. The township follows all the legal guidelines set by the Act. The project has also received approval from other state authorities.
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