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Prestige Lake Ridge

Location:Uttarahalli, Kanakapura Road

Type:Apartments

Total Area:15.37 Acres

Size Ranging:661-1750 Sq Ft

Budget:33 Lakhs Onwords

Prestige Lake Ridge FAQS

Description of Prestige Lake Ridge ?

Prestige Lake Ridge is a novel residential project by Prestige Group. This community venture provides option of 1, 2, 2.5 and 3 BHK units, each of them designed with modern architectural style coupled with elegant interiors.

Where and what is Prestige Lake Ridge?

Prestige Lake Ridge is located in Yadalam Nagar, Uttarahalli, Bangalore. This is a premium residential development set in over 15.37 acres of land. It consists of 1119 apartments spread across 12 towers having 18 & 19 floors.

How far is the location from M.G Road??

It is about 15 kms from MG Road and 3.6 kms from Konankunte Cross off Kanakapura main Road.

Who are the Architects/Master Planners of Prestige Lake Ridge?

Venkataramanan Associates are the key designers for Prestige Lake Ridge.

What are the different types and sizes of apartments ?
Type A B C D E F G H J K L
Bedroom 1BR 2BR 2BR 2BR 2.5BR 2.5BR 2.5BR 3BR 3BR 3BR 3BR
Area (in Sqft) 661 1137 1137 1159 1345 1358 1367 1571 1571 1745 1750

Is there a club house and what are the facilities provided?

Prestige Lake Ridge has an elaborate Clubhouse located near the entrance of the property, with Indoor Badminton Court, Squash Court, Gymnasium, Swimming Pool, Childrens Pool, 2 Party Halls, Mini Theatre, Table Tennis, Spa/ Health Club, Yoga and Aerobics, Indoor Games, Children’s Play area, Billiards room, Cards room, Open Terrace Party area, Reading room, Laundrette and spaces for ATM, Convenience store and Creche.

Is this a phased development and what are the time lines for completion?

The entire development will be taken up in one phase and is expected to be ready for possession March-2020 onwards.

Is there any differential price based on the floor and orientation of the apartments?

Yes, there is a differential pricing for apartments. For every floor rise there is an increase of Rs.15/- per sft and PLC will be additional at Rs.75/ per sft.

What happens thereafter?

On realization of the initial payment of 20% of the Sale value + Tax you will be required to issue post-dated cheques (PDCs) for the future instalments within 15 days, against which a formal letter of allotment will be issued. Agreements will follow after completion of allotment process.

When do I get a confirmed allotment?

On payment of 20% of the sale value + tax and submission of post-dated cheques for the remaining amount, the allotment will be confirmed.

Can I make 100% down payment?

Yes. This offer is applicable for a limited period only. Please check with our Sales Team for more details.

How are instalments to be paid and is it time bound?

Instalments are to be paid by way of post-dated cheques which is a pre-condition of the allotment. This schedule of payment is on a time bound basis as mentioned in the payment schedule.

What happens if I cancel my booking?

Why would you want to miss out on such a strategically located and meticulously designed project? However, if you do wish to cancel after booking, 2% of the sale value will be forfeited as cancellation fees if you cancel before the Agreements are executed and 15% of the sale value will be forfeited as cancellation fees if you cancel the after Agreements are executed, and the balance will be returned (subject to statutory deductions if any) without interest.

When does the development start and when can I expect to move into my new home?

Construction will commence by Sep 2016 tentatively and your new home will welcome you March 2020 onwards.

Are modifications permitted in the apartment?

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 spaces?

We can provide one car parking space for every apartment. Additional car parking requests will be taken up towards project completion, subject to availability.

Is the title of the property clear?

Of course! Legal due diligence has been done by M/S.Kusuma Advocates. The land is freehold, marketable and free from all encumbrances.

Has BBMP sanctioned the plans?

Yes, the development plans have been submitted for BBMP approval.

What are the Agreements that need to be signed?

The Agreements that need to be signed are Agreement to Sell & Agreement to Construct, followed by a Sale Deed upon completion of the development.

What is the process of registration and when does registration take place?

Registration will be done only on completion of the development and on payment of the entire sale consideration including taxes and additional charges. 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, 5 instalments paid and the new party complies 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 will be required to retrieve and hand over all letters and documents issued by Prestige to the bank / housing finance institution along with their NOC.

What if Prestige delays the construction and possession?

Our endeavour is to complete and hand over the development as per committed time lines. However if there is a delay, Prestige will pay 9%* per annum on the amount collected which will be clearly brought out in the agreements. (* Conditions apply).

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 statutory charges and duties as applicable. VAT & Service Tax will be applicable on all amounts demanded.

Has Prestige Lake Ridge been approved by banks/Housing finance institutions (HFIs) for loans?

We will be seeking approvals from all the Leading Banks/HFIs who will extend loans to customers based on their eligibility criteria.

What is my responsibility for disbursement of instalments through HFIs?

It is the purchaser’s responsibility to ensure timely disbursement of instalments 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 (PDCs) handed over for the instalments will be returned on receipt of the payment from the HFI.

Who will take care of the maintenance of Prestige Lake Ridge?

The maintenance will be taken care of by Prestige Property Management & Services. You can rest assured that Prestige lake ridge will be cared for by professionals.

What is the scheme for maintenance?

The scheme for maintenance is as under:

  • A sum of Rs. 50 per sft 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 as decided by the Association/Prestige Property Management & Services. All future payments are to be made favouring the property management company.
  • An additional sum of Rs. 50 per sft 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?

Contact us on : 884747474

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