Prestige Raintree Park Possession Date

The Prestige Raintree Park possession date is officially set for December 31 December 2028, which is five years after the project's initiation. On this possession date, the buyer will officially take ownership of the property and allow the housewarming of their units. 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 5 years from the project's launch date. The township was launched in Aug 2024.

Prestige Group will begin handing over homes after the BBMP approves the Occupancy Certificate (OC) and the NOC from the neighbourhood. On this day, buyers become official homeowners — receiving keys, documents, and access to all the premium amenities offered. Known for its on-time delivery and top-tier quality, Prestige Group ensures this promise will be met, offering peace of mind and strong returns for investors.

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.

Project Key Dates are as follows:

• Pre-Launch Date: August 29 2024
• Launch Date: August 29 2024
• Completion Time: 4 Years
• 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.

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:

Section 18 of RERA provides options for homebuyers if a builder fails to deliver Possession on time through the concept of Delayed Possession.

• 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 compensation from the 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.

Prestige Raintree Park Project Highlights