Prestige Evergreen is applied for RERA approval and is developing on Varthur Road, Whitefield in East Bangalore. The builders have applied and will receive approval soon. The RERA documents include details on the master plan, apartment layouts, and pricing for transparency.
The RERA Act and certificate were introduced in 2016 to address ongoing problems
in the Indian real estate market. The act protects residential buyers, investors, and builders
from financial fraud and aims to improve market efficiency, accountability, and
transparency.
Advantages of owning RERA Certified properties:
- Trust and Regulatory Assurance: Once Prestige Evergreen gets its RERA approval, it will
bring many benefits to homebuyers. RERA approval shows that the project is genuine and
trustworthy. This makes buyers feel more secure when they invest in the property.
- Clear Information Benefit: RERA-approved projects give accurate details about the project,
like the layout, when it will be finished, and the quality of materials used. This helps buyers
trust the project.
- Timely Completion: RERA mandates that the developers adhere to project deadlines. If
delays happen, buyers are entitled to compensation, ensuring timely delivery of their
property.
- Builder Liability: RERA guarantees that developers address any construction defects within a
specified period, typically five years, offering buyers peace of mind regarding the property’s
durability.
- Escrow Account: Builders have to keep 70% of the money they collect from buyers in a
separate bank account. This money can only be used for that project, keeping the funds safe.
- Dispute Resolution: RERA provides a structured mechanism for resolving disputes between
buyers and developers, ensuring quicker and fairer resolutions than traditional legal routes.
- Better Quality Assurance: RERA makes sure builders follow government rules, leading to
good construction and high-quality homes.
