Prestige Somerville RERA

Prestige Somerville is awaiting RERA approvals, and the project has been applied for it. RERA also referred to as the Real Estate Regulatory Authority was established in 2016 to safeguard the rights and benefits of home buyers in the real estate sector.

Prestige Somerville has applied for RERA and is waiting for it. As soon as the project receives approval from the authorities, the pre-launch booking and construction will start.

Prestige Somerville Project Highlights

Type	Apartment
Project Stage	Prelaunch
Location	Whitefield, Bangalore
Builder	Prestige Group
Floor Plans	1,2 & 3 BHK
Price	Onrequest
Total Land Area	10 Acres
Total Units	600+ units
Size Range	1000 - 2500 Sq Ft
Approvals	Onrequest
No of Towers & Floors	3 towers & G+33 Floors
RERA No	Onrequest
Launch Date	Onrequest
Possession Date	Onrequest

The Government of India enacted the Real Estate Regulatory Authority (RERA) in 2016 with a vision to create transparency in the real estate business. The Act promotes transparency, accountability, and efficiency in every real estate transaction by ensuring fair practices, timely transfer of ownership, and working as a dispute resolution authority.

Importance of RERA-approved projects:

• Consumer Protection: RERA approval ensures that the project meets specific quality standards, protecting buyers from unscrupulous developers and substandard construction.
• Transparency and Information Accessibility: RERA mandates that developers provide comprehensive information about the project, including details on the developer, layout plans, timeline, financials, and legal approvals. This transparency enables buyers to make informed and strong decisions based on reliable information.
• Timely Delivery: RERA establishes strict guidelines for project completion timelines, reducing the risk of delays. Developers are held accountable and must provide compensation for any delays, ensuring timely possession for homebuyers.
• Dispute Resolution Mechanism: RERA provides an efficient dispute resolution mechanism through adjudicating officers and appellate tribunals. This helps resolve conflicts between buyers and developers swiftly and fairly.

Prestige Group develops Prestige Somerville, which will strictly adhere to the authority’s rules and norms. RERA compliance begins with the mandatory registration of the project with the regulatory authority, and Prestige Somerville fully complies with this requirement. By registering the project, Prestige Somerville ensures that all crucial details, including project plans, financial estimates, and timelines, are submitted for public scrutiny. This transparency empowers potential buyers with accurate and detailed information, permitting them to make informed decisions about their property investments.

RERA also mandates the establishment of an escrow account where a percentage of project funds is set aside exclusively for construction purposes. Prestige Somerville strictly adheres to this financial safeguard, ensuring that the funds contributed by homebuyers are utilised responsibly and transparently, thereby preventing misuse or diversion of funds.

Timely possession is another key focus of RERA, and Prestige Somerville upholds this commitment by adhering to the possession dates communicated to homebuyers. By ensuring timely completion and delivery, the project is a testament to its dedication and commitment to customer satisfaction and the fulfilment of promises made during the property transaction.

In essence, Prestige Somerville’s alignment with RERA showcases its legal and ethical diligence and serves as a testament to its dedication and hard work to customer satisfaction and the greatest standards of professionalism in the real estate sector. Homebuyers investing in Prestige Somerville can be confident that their interests are safeguarded within the robust framework provided by RERA.