If you are planning to buy a property in Prestige Park Grove, Whitefield, Bangalore, it is important to understand the Real Estate Regulatory Authority (RERA) guidelines for real estate project registration. RERA was established to protect the interests of homebuyers and ensure transparency in the real estate sector. The Real Estate (Regulation and Development) Act, also known as RERA, is a landmark legislation that was enacted by the Government of India to regulate the real estate sector and protect the interests of homebuyers. In this article, we will explain the RERA guidelines for real estate project registration and how they apply to Prestige Park Grove.
What is RERA?
RERA is a regulatory body that was established in 2016 by the Government of India to protect the interests of homebuyers and promote transparency in the real estate sector. The act mandates that all real estate projects must be registered with the respective state RERA authority before they can be marketed or sold to customers.
RERA guidelines for real estate project registration
The RERA guidelines for real estate project registration in Karnataka are as follows:
- Project registration
All real estate projects in Karnataka that are being developed on land over 500 square meters or have more than 8 apartments must be registered with the Karnataka RERA authority. The registration process includes submitting details about the project, the developer, the land title, and the approvals obtained from the relevant authorities.
- Timeline for completion
Developers must specify the timeline for the completion of the project in the registration form. The timeline cannot be extended beyond one year without the prior approval of the Karnataka RERA authority. This ensures that developers complete the project within the promised timeframe.
- Carpet area
Developers must now sell apartments based on the carpet area, which is the actual area within the walls of the apartment. This ensures that buyers are not misled by the use of ambiguous terms such as ‘super built-up area’.
- Escrow account
Developers must maintain a separate escrow account for each project, where they must deposit 70% of the amount received from buyers. This ensures that the funds are used only for the development of the project and not for any other purpose.
- Project updates
Developers must provide regular updates to buyers about the progress of the project. This includes the status of construction, the approvals obtained, and any changes in the timelines.
How do RERA guidelines apply to Prestige Park Grove?
Prestige Park Grove is a registered project under the Karnataka RERA authority. The project has multiple towers, each with 2, 3, and 4 BHK apartments. They also have premium villas. The developers have provided all the necessary details about the project, including the timeline for completion, the carpet area of the apartments, and the approvals obtained from the relevant authorities.
The developers of Prestige Park Grove have also set up a separate escrow account for each project, where they must deposit 70% of the amount received from buyers. This ensures that the funds are used only for the development of the project and not for any other purpose.
The developers provide regular updates to buyers about the progress of the project. This includes the status of construction, the approvals obtained, and any changes in the timelines. This ensures that buyers are kept informed about the project and can make informed decisions.
Conclusion
RERA guidelines for real estate project registration have brought much-needed transparency and accountability in the real estate sector. They ensure that developers complete projects on time, provide accurate information to buyers, and maintain a separate escrow account for each project. Buyers can now invest in real estate with confidence, knowing that their interests are protected.
