Prestige Raintree Park Possession Date

The Prestige Raintree Park possession date is set for December 2028, Which is five years after the project's initiation. On this possession date, the buyer will officially take ownership of the property. Prestige Group will hand over the keys and legal documents to the buyer. The Builder promised to complete the construction and give possession to the buyer within 4 years from the project's launch date. The township got launched in Aug 2024. Prestige Group is one of the top reputed real estate builders known for the quality of work and for delivering the project on time.

On June 23, the Karnataka Real Estate Regulatory Authority (KRERA) issued an order stating that homebuyers who accept possession before the issuance of the occupancy certificate (OC) will not be entitled to compensation in the event of delayed possession. The Real Estate Act, 2016 holds builders accountable for delays in property possession. The late possession penalty under RERA includes the following key points:

• The buyer can terminate the agreement and seek a refund. The Builder must return the entire amount paid by the consumer with interest.
• Alternatively, the buyer can claim the compensation from builder for each month of delay until possession is granted under the delayed Possession Compensation RERA.

• Builders who delay possession must pay 10% interest on the value of the property.
• If a builder neglects to provide stipulated compensation, they may face a fine of up to 10% of the estimated project cost, imprisonment for up to three years, or both.

The Prestige Group always finishes its projects on time, so buyers need not worry. They never compromise on quality and always put customer priorities first. If buyers invest in the property now, they can expect a good return on their investment at the time of possession. Over time, the land value will increase, and all the units will have a good resale value.

The project is in a developing area, and by the time of possession, there will be more developments. It would result in good ROI. At the time of completion, the cost of units in the project will also be high. So, it is a better option to invest at the launch stage.

The project will be delivered on time. Buyers can take hold of their house on the Possession Date. All the buyers can experience the joy of their lifetime after the possession date when they take ownership of this property.