Investing in real estate for any project, especially such prestigious ones as Prestige Southern Star on Begur Road, has its own agreement period and terms. An agreement is important because it outlines how soon the property will be owned, when payments are to be made and when the property will be handed over. In this blog, we shall explore the broad aspects of the duration of the agreement and what it means to your investment.
The period of operation of an agreement signifies the length of time the wire and the buyer are both obligated in accordance with the terms of the contract. Regarding to Prestige Southern Star, this period includes:
Frequently, the length of the agreement is raised in connection with the schedule of a project’s construction works. To the case of Prestige Southern Star, the builder usually outlines the construction phases along with providing an estimated date of possession.
This would again vary for a smaller project and a larger one whereby for a smaller project it may take about 3 years while for large projects it may take 5 years or more.
In most cases, the builders will incorporate a grace period in the contract. This is an extra buffer period in order to compensate for delays that would ensue which include but are not limited to bad weather, delays in obtaining permits, or lack of labor. Although Prestige Southern Star is purposefully built with adherence to given timelines, the introduction of a grace period further promotes openness in the process and encourages adjustments where necessary.
The contract lays down payment schedules commensurate to the process of construction in progress. Such include the provisions below:
Prestige Southern Star is different due to its belief in completing the project in a fairly reasonable given time. This project also benefits from sound project management, strong construction practices and RERA compliance owing to the backing of Prestige Group, a trusted and renowned developer. Customers can be confident of integrity and respect during the entire term of the contract.
Purchasing a house at Prestige Southern Star located on the Begur Road in Bangalore is a commendable undertaking. As a person seeking to own a home, one’s knowledge of the lengths of the various agreements is essential to completing a stress-free process of making such a purchase. This blog describes the time frame and important things regarding the project and its agreement duration, why it is important for potential buyers, and so on.
The term of an agreement means the period within which the buyer and the builder are governed by the terms of the contract. In the case of Prestige Southern star this includes:
Once the intending purchaser selects the specific unit, an amount is paid as a booking amount and subsequently, the Agreement for Sale is executed Usually, this happens and within a period of 15-30 days after booking. This is also known as the commencement of the duration of the agreement.
The construction and possession details are also provided in the agreement. In the case of Prestige Southern Star, that can range from 3 - 5 years depending on the stage of the project you are looking at. This all comes with common construction progress and other external factors.
Taking possession of the unit ends that cycle. At this point, buyers make the last pay out and the registration of the sale deed under which possession of the property is transferred takes place.
The builder can however add 3 months to cater for any delays due to any unforeseen circumstances. As for Prestige Southern star, this is actually the only irritant to any delays this grace period has been extended, RERA guidelines put in place delays beyond these limits.
The Prestige Group has built a longstanding legacy of completing projects within deadlines, maintaining high levels of construction quality and careful planning. With Prestige Southern Star, regular communication on the status of the project will be provided to the customers preventing anxiety for the entire period of the contract.
Knowing the effective period of the contract at Prestige Southern Star enables you to make informed decisions. From the time of reservation of your unit to the actual takeover of the same, there is a period within which everything goes according to the plan, thus easing your stress of acquiring a dream house.
For more information, site visits, or booking inquiries, visit the official website here.
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