Prestige Raintree Park Possession Date

The Prestige Raintree Park possession date is officially set for December 31, 2028, as per the RERA which takes almost five years after the township launch in August 2024. On this day, buyers will receive their keys, legal documents, and possession letters from Prestige Group, marking the official handover of their apartments. The Builder has committed to completing construction and delivering units within the promised five-year timeline, ensuring timely delivery and peace of mind for homeowners..

Prestige Group will hand over units at Prestige Raintree Park once the BBMP issues the Occupancy Certificate (OC) along with the required NOCs. On possession day, homeowners will receive the keys, property documents, and official access to community amenities. With a proven track record of on-time delivery and uncompromised quality, Prestige Group guarantees that buyers can look forward to a smooth handover process, secure investment, and strong long-term returns.

The Possession refers to the moment when an investor officially gets the ownership of the property from the Builder after all legal and construction formalities are completed, after 4 years of construction. From this time, they will offer OC, NOC, and other legal agreements and finally hand over the keys.

Prestige Raintree Park Project Key Dates & Timeline

• Pre-Launch Date: August 29, 2024
• Official Launch Date: August 29, 2024
• Completion Timeline: 4 Years from launch
• Possession Date: December 31, 2028

• Builders provide the Possession Letter to the buyer.
• Handover of property documents like the Occupancy Certificate (OC) and the Sale Agreement.
• The buyer should clear every pending payment (registration fees, maintenance, and loan balance).
• The buyer needs to sign the Possession Acknowledgement Form.
• The buyer does a final inspection and notes any issues (snag list).
• Signing of the Maintenance Agreement with the maintenance authority.
• ID and PAN card verification for record and security.

In rare cases of delay, homebuyers at Prestige Raintree Park are protected under the Real Estate (Regulation and Development) Act, 2016 (RERA). According to KRERA guidelines, Possession is valid only after the Occupancy Certificate (OC) is issued. Buyers who accept Possession before OC approval cannot claim delay compensation.

Key RERA provisions for delayed Possession include:

• Section 18 Protection: If a builder fails to deliver on time, the buyer may terminate the agreement and receive a full refund with interest.
• Monthly Compensation: Buyers can also choose to continue with the project and claim monthly compensation until Possession is granted.
• Penalties for Builders: Builders must pay 10% interest on the property value in case of delay. Non-compliance may lead to fines of up to 10% of project cost, imprisonment for up to three years, or both.
• 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 get compensation from the Builder side 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.

Prestige Raintree Park Project Highlights