Prestige Falcon City Luxe RERA Approval

Prestige Falcon City Luxe RERA Approval is under process. Once the project is approved, it will be ready to launch and open for sale. The Karnataka RERA board will go through all the legal verifications of the project to provide approval to the real estate projects.

Along with the RERA the Prestige Falcon City Luxe is also awaiting approvals from BDA (Bangalore Development Authority) and BBMP (Bruhat Bengaluru Mahanagara Palike).

RERA means Real Estate Regulatory Authority, and it was created in agreement with the Real Estate Regulation and Development Act of 2016. The Real Estate Regulatory Authority is part of the Government for building openness in the real estate industry.

RERA number is a unique registration number provided by the State Real Estate Regulatory Authority(RERA) as proof to promote accountability to avoid the risk of fraud.

Prestige Falcon City Luxe is a luxurious upcoming new launch residential township project in Konanakunte, Kanakpura Main Road, South Bangalore. The project location has excellent connectivity to all the major areas of the city.

“Prestige Falcon City Luxe” is the project name of Phase 2 of the Prestige Falcon City township plan. Prestige Falcon City is a Phase 1 and 10-year-old project launched in 2014, and RERA approved this project with the registration number PRM/KA/RERA/1251/310/PR/170913/000114. It is completed and totally occupied.

Prestige Falcon City Luxe (Phase 2) is coming up with 2 towers in a G+30 floor structure. The project is totally spread over 41 acres; this gated community includes a total of 2520 luxury apartments in sizes between 1204 and 2726 Sq.Ft. Prestige Falcon City Luxe RERA approval price starts from 1.2 CR.

Highlights of Prestige Falcon City Luxe Project

• Builder - Prestige Group
• Floor Plans - 2, 3, 4 BHK
• Total Land Area - 41 Acres
• Towers - 2
• Tower structure - G+30 floors
• Total Units - 2520 flats
• Size Range - 1204 Sq.Ft. to 2726 Sq.Ft.
• Price Range - 1.2 Cr to 3.5 Cr
• Launch Date - March 2025
• Possession Date - End of 2030

Why is it important to get RERA Approval for a project?

RERA has a lot of benefits for the buyer and the promoter. These include:

• The builder should fix any quality problems within thirty days of taking ownership, free of charge, and within five years after the buyer takes ownership.
• There is a standard method for determining carpet area because of RERA. Promoters are not allowable to use inflated carpet areas to boost rates.
• The customer should be given a complete refund of the deposit if there is a difference between what the builder promised and what was delivered.
• The buyer has the right to compensation from the promoter if they discover a fault with the title.
• A builder cannot get an advance payment greater than 10% of the total project cost from the client.
• The interest paid to the buyer was lower if the promoter delayed handing possession of the property. Both are now compelled to pay the same interest due to RERA.
• If there are any issues with the project, the buyer may file a complaint with RERA.
• The buyer is allowed to disclose all project-related information. It includes the layout and completion status plans.
• Few developers work on multiple projects concurrently, reducing the risk of going bankrupt. So the money raised for one project gets transferred to another by the project's designer. It is impossible with RERA because 70% of the funds should be transferred to a different bank account. They can be taken after being certified by an engineer or chartered accountant.

The things the Government checks before approving RERA

• Builders should register a project under the RERA Act before beginning it on a specific property with an area greater than 500 square meters.
• Builders must prove they have deposited 70% of the sum into an independent account instead of investing it.
• Builders must get the necessary approvals before launching a new project.

Is Prestige Falcon City Luxe RERA Approved?

Prestige Falcon City Luxe Konanakunte is yet to be approved by Karnataka RERA. After all the necessary approvals, the project will be available for booking.

Prestige Falcon City Luxe RERA Approval ensures the project has all the approvals required by law. The Prestige Group projects are always of high quality with excellent sustainability. Their projects are excellently designed with uniqueness to reach the resident's requirements and give them the best experience.