Prestige Group, the established real estate developer launches Prestige Meridian Park, a luxe residential tower with premium facilities. Prestige Meridian Park is a part of the majestic township project ‘The Prestige City’ which is spread across a sprawling 180 acres, and is located in Sarjapur Road, one of the prominent localities of East Bangalore. The Prestige Meridian Park launch offers elegant 2, 3 and 4 bedroom apartments featuring classy interior designs amid breathtaking surroundings. Each apartment has been carefully created which assures spacious rooms, fresh air and ventilation.
In the real estate industry the term “Launch” is an important factor, and is of great significance amongst builders, home buyers and investors. The term Launch is frequently used and it has 2 different meanings in the realty sector:
Pre-Launch signifies that a real estate developer has announced a particular project, but the project’s approval processes have still not been initiated. This is an ideal time for the investors to invest in the property as there are attractive discounts or rebates on offer on the overall costs.
During the pre-launch phase, the investor will not be able to see the actual property, and can only check the proposed layout and plan. This gives them a clear idea of the property, and helps them decide on the investing prospects.
The Pre- Launch phase of a project is not an official launch of the same, and all the important communication usually takes place through emails or word of mouth. While the property prices will be relatively low during this phase, attracting investors with great offers is ideal for the developers.
The developers come with such lucrative offers and deals so as to spike up the initial sales figures, which add to the advantage of marketing and promoting the property. The funds from this activity will directly impact the potential future sales of the property, benefitting the developers to a large extent.
Soft-Launch is a phase where the approval process of the given project is underway, which ensures all the required clearances and approvals. Soft-launch projects are less risky as compared to the pre-launch projects as the required documentation is under process, and is legally recognized. The developers at this phase offer 10-15 per cent discount on the properties compared to the actual market price, attracting investors to invest.
Soft-Launch projects are considered safe for investment as compared to the pre-launch projects as all the necessary documentation is under process. But another important factor is that without the required RERA approval, even a soft launch is considered to be illegal. As a result, in the present day, the real estate developers announce the Soft-Launch after the developer receives the RERA number. The prices are comparatively less and are risk-free and completely legal due to the registration.
There are a few legal considerations related to the pre-launch and soft-launch properties. These are as follows:
In a pre-launch project, there will be almost no legal validity and thus they have a very high-risk rate. One should be very careful while investing in such properties.
While in soft-launch of a project, the risk is relatively less and is legally valid as most of the required documents and necessary permissions are taken care of.
It is important to note that there will not be any regulatory bill in place as a developer can define his own norms and start selling the property. But obtaining a genuine legal opinion is advised, which can help invest in the right property.
Furthermore, it is essential that a home buyer or investor must have a thorough understanding of the legalities involved and important approvals. One must ensure that before investing or buying a property, all the required permissions must be in place in a legal document format. At least a sale agreement has to be in place for any dispute related to the property in the future.
When it comes to investing in a new launch project, choosing a genuine and reputed developer with the most exemplary track record of delivery is the first step anyone should take. As investing in a property is a meticulous task, along with the right developer, factors worth considering are the location, surroundings, development and connectivity, for investing in the launched projects. Investment is a huge responsibility, and it has to be done with utmost care which promises ultimate satisfaction.
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