Prestige Imperial Park RERA Approval

Prestige Imperial Park's RERA Approval has not been given yet and is expected to be approved in 2025 by the Karnataka RERA Board. Right now, the project is in the pre-launch stage. It will only be officially launched after the RERA approval is received.

Once it is approved, the updated RERA number and acknowledgement details will be posted on the official website: https://rera.karnataka.gov.in/. All news about these approvals will also be shared on the official township websites.

Prestige Imperial Park is a large housing project by the Prestige Group. It is located in Rajendra Nagar, Hyderabad. The township covers 71 acres and is planned to launch on 29th December 2024. Approvals from RERA, BDA, BMRDA, and other necessary authorities are currently being processed.

The official website of the RERA board provides all the details about the project, including:

• Location: It shows the complete address. This shows the map location, the coordinates, and the exact part of the city where the project is located.
• Master Plan: It gives information about the master plan, tower numbers, and the total number of apartments in the project.
• Floor Plan: It explains how many units are available, their size in square meters, and the total count of each type of apartment.
• Construction Status: It shows the current progress of the work for every stage and building.
• Project Details: It includes information about the builder, the architect, and the engineer working on the project. Bank details can also be found in a separate section.
• Total Township Cost: It clearly states the total amount of money needed to build the entire township.

RERA stands for the Real Estate Regulatory Authority. It was introduced under the Real Estate (Regulation and Development) Act, 2016, to protect customers and promote transparency in real estate investments. This Act was passed by the Parliament of India on March 10, 2016.

The RERA Act came into force on May 1, 2016, when 52 out of the total 92 sections were implemented. The remaining sections were made effective later, starting from May 1, 2017.

Under the RERA Act, a minimum of 70% of the money collected from buyers and investors must be kept in a separate bank account. The builder can use this amount only for land and construction-related expenses. Also, builders are not allowed to collect more than 10% of the total property value as an advance before the final sale agreement is signed.

Builders are required to submit all original project documents to the concerned authorities. They cannot make any changes to the approved project plans without the consent of the buyers.

RERA has made it compulsory for developers to sell homes based on the carpet area and not the super built-up area. If there is a delay in project completion, buyers have the right to claim a full refund of the amount they have paid.

If buyers face any construction-related issues, the builder must fix them within 5 years from the date of purchase. Once a complaint is raised, the issue should be resolved within 30 days.

A developer cannot advertise, sell, build, or book any unit without registering the project under RERA. After registration, all advertisements must clearly mention the unique RERA project registration number.

FAQs

To check the details of a project, buyers should visit the official Karnataka RERA website at rera.karnataka.gov.in. Once there, they need to go to the ‘Services’section and click on ‘Project Status’.

On that page, buyers can search by using the project name, the builder’s name, or the RERA registration number. The website will then show the full project details, the documents that were uploaded, and any news about complaints.

Yes, RERA registration is mandatory in Karnataka for most new residential and commercial projects. Any project that covers more than 500 sq. meters or has more than 8 units must be registered before the builder can advertise it or sell it.

If builders do not follow this rule, they may have to pay penalties. Only very small projects do not need this, such as those with fewer than 8 units or a total size below 500 sq. meters.

RERA approval is needed for most real estate projects across India. All new or ongoing residential and commercial projects must be registered before they are marketed or sold if they are larger than 500 sq. meters or have more than 8 apartments or plots.

This rule helps make things clear and protects people buying homes. However, small projects below 500 sq. meters or with fewer than 8 units are exempt. Projects that were fully finished before May 1, 2017, also do not need RERA approval.

RERA approval usually takes about 30 days. In many cases, the process can be finished within 2 to 4 weeks.

Prestige Imperial Park Highlights