Where and what is Prestige Tranquility?
Prestige Tranquility is located at Budigere, off Old Madras Road, at Bangalore. It is a residential development spread over approximately 38 acres of land with 17 residential towers of 14 and 19 levels and one signature tower of 27 levels. There are 2383 apartments in all.There is an independent clubhouse block. (Address: H Colony, Indiranagar, Bengaluru, Karnataka 560008, India)
What is the distance from M.G Road?
The distance is 18 Kms.
What are the different types and sizes of apartments?
There are apartments to fit every family size and every budget.
Is there differential pricing based on the floors or orientation of apartments?
Yes! There is a differential pricing for apartments. For every level there is an increase of Rs. 15/- per sqft. In addition to the floor premium, select apartments will also attract a premium of Rs. 75/- per sqft. Please refer to the price list for details.
Is there a club house and what are the facilities?
Prestige Tranquility will be feature rich, it would include a Health Club, Swimming Pool, Children’s Play Area, Party Halls, Tennis Courts, a Basketball Court, a Squash Court, Badminton Courts, Table Tennis, Cards Room, a Yoga Terrace & an ATM. Space will also be provided for a supermarket. All owners get free membership, however usage fee will be applicable.
How do I book my home at Prestige Tranquility?
Identify your Apartment
Fill the Booking Application Form
Pay by Cheque/ DD
The Booking Amount is:
1 Bedroom – `2,00,000/-
2 Bedroom – `3,00,000/-
3 Bedroom – `4,00,000/-
What happens thereafter?
You will be required to pay the balance towards 15% of the sale value and provide post dated cheques (PDCs) for the remaining amount within 15 days against which a formal letter of allotment will be issued. Agreements will follow in 30-40 days of allotment.
When do I get a confirmed allotment?
On payment of 15% of the Sale Value and submission of Post Dated Cheques (PDCs) for the remaining amount.
Can I make 100% down payment? What will be my benefit?
Yes! You can pay 97.5% of the unit value against which you can avail a discount of 10% of the unit price. The balance 2.5% will be payable on possession. This scheme is valid for payments made on or before September 15th 2011. If you are taking a loan then it will be your responsibility to ensure that the bank / housing finance institution disburses this amount to Prestige by the said date. If the payment is not made within the specified date, it will be deemed that you are opting for the installment scheme. However, you will be required to pay 15% of the sale value as stipulated to get the allotment confirmed.
How are installments to be paid and is it time bound?
Installments are to be paid by way of Post Dated Cheques (PDCs) which is a pre-condition of the allotment. The schedule of payment is mentioned in the cost sheet. The payment is on a time bound basis as mentioned in the payment schedule. If cheques are dishonored the booking stands cancelled.
Will there be a validity period for the Price List?
Prices are subject to change from time to time.
What happens if I cancel my booking?
Why would you want to miss out on such an unprecedented product offering? However, if you do wish to cancel after booking, then 1% of the sale value will be forfeited as a cancellation fee and the balance will be returned within 4 weeks without interest.
When does the development start and when can I expect to move into my new home?
Marketing will commence on 25th July 2011. Construction will commence by November 2011 and your new home will welcome you in by June 2016.
Are modifications permitted in the apartments?
The specifications and designs have been carefully worked out. Considering the number of apartments and the delivery date, customization will not be possible in the collective interest of the purchasers.
What about car parking space?
We can provide one car parking space for every apartment. Additional car parking request will be taken up towards project completion.
Is the title of the property clear?
Of course; you are dealing with Prestige. The land is freehold, marketable and free from all encumbrances.
Has BMRDA sanctioned the plans?
The development plan has been sanctioned by BMRDA.
What are the agreements that need to be signed?
The following agreements need to be signed: Agreement to Sell, Agreement to Build, followed with a Sale Deed.
What is the process of registration and when does registration takes place?
Registration will be done only on completion of the development and on payment of the entire sale consideration including the additional amounts. Registration will be facilitated by us through an advocate appointed by Prestige.
What is the process of assignment?
Assignment can be done only after the Agreements have been signed, PDCs given and the new party complying with the terms and conditions of the principal agreement. Transfer fee as applicable will be required to be paid. If you have availed of a loan then you have to also retrieve and hand over to Prestige all letters and documents issued by Prestige to the bank / housing finance institution. Requests for assignments will be accepted only after 15% of the sale value and 3 installment payments are paid as per the payment schedule.
What are the additional amounts to be paid?
BESCOM & BWSSB Charges, VAT, Service Tax, Sinking Fund, Advance Maintenance Charges, Generator Charges, Khata Assessment Charges, Registration Charges and any other charges as applicable.
Has Prestige Tranquility been approved by housing finance institutions (HFIs) for loans?
Yes! Leading Banks/Housing Finance Institutions (HFIs) have approved the development and will extend loans to customers based on their specified criteria.
Click here to see the Banking Partners for Prestige Tranquility.
What is my responsibility for disbursement of installments through HFIs?
It is your responsibility to ensure timely disbursement of installments from HFIs and no demand will be made by us to the HFIs for the same. To facilitate smooth payments, customers are required to issue a consent letter. Post dated cheques handed over for the installments will be returned on receipt of the payment from the HFI.
Who will take care of the maintenance of Prestige Tranquility?
The maintenance will be taken care of by Prestige Property Management & Services. Now you can be rest assured Prestige Tranquility will be cared for by professionals.
What is the scheme for maintenance?
The scheme for maintenance is as under:
A sum of Rs. 42/- per sqft will be charged as the advance maintenance fee for the first year and will be collected at the time of closing of your account. From the second year onwards, maintenance charges will be levied on a quarterly basis payable in advance. All future payments are to be made favoring the Property Management Company.
An additional sum of Rs. 42/- per sqft corresponding to the super built area will be collected as sinking fund. This amount will be deposited in an Escrow account and the accruals will be used for major expenditure.
What happens if I have any more questions/clarifications?
Please email us at: email@example.com or meet us at:
Prestige Estates Projects Ltd.
The Falcon House
#1, Main Guard Cross Road, Bangalore – 560001