Prestige Oakville Rera Approval

Prestige Oakville RERA Approval is still in process, as the development authority hasn’t issued the certificate yet. However, the project is expected to get approved soon, in 2024, as it complies with all the required regulations. Once the project receives approval from RERA, construction will begin.

What is RERA-Approval?

RERA approval stands for Real Estate Regulatory Authority approval. It is a rule made by the government to protect homebuyers and bring transparency to real estate projects. When a property is RERA-approved, it means the builder has followed all the legal guidelines. This includes fair pricing, timely delivery, and proper quality. RERA approval ensures that buyers are not cheated and their money is safe. Builders have to register their projects under RERA before selling or advertising. If they don’t follow the rules, buyers can file complaints, and RERA will take action. It helps both buyers and builders build trust.

Advantages of a RERA approved project:

Transparency: RERA-approved projects must provide full information about the project, including details like layout plans, carpet area, and completion time. This transparency helps buyers make informed decisions.

Timely Completion: RERA regulations make sure that builders complete projects on time. If there is any delay, builders are liable to pay compensation to buyers, so home buyers don’t have to worry about long delays.

Clear Pricing: In RERA-approved projects, only the carpet area is used for pricing. This means you pay only for the actual usable area in your home, which is fair and clear.

Quality Assurance: RERA protects buyers from poor construction quality. If any issue occurs within five years, builders must fix it at no cost to the buyer.

No False Advertising: Builders can’t make false promises. RERA-approved projects follow the promises made in the project advertisements.

Financial Safety: Developers of RERA-approved projects must keep 70 percent of the project funds in a separate bank account, which means your money is safer.