Prestige Group, the renowned real estate giant launches Prestige Meridian Park, a plush residential tower with worldclass facilities. Prestige Meridian Park is a part of the mega township project ‘The Prestige City’ which is spread across a grand 180 acre. It is located in Sarjapur Road, one of the prominent localities of East Bangalore, and offers exquisite 3 and 3.5 bedroom apartments that exude elegance. Each apartment has been beautifully designed which assures spacious rooms, fresh air and ventilation.
In a real estate’s residential property, possession is all about the owner of the property occupying it and starting to live. It usually refers to a time period after which the owner of the property sells it and the new owner purchases it and occupies it.
The possession date of a property is always negotiable between the buyers and sellers. It depends on the time required for the seller of the property to move out and the buyer purchasing and occupying it. Apart from this, the buyer can go for a deal and negotiate with the seller by offering a higher price, tempting the seller to move early. The possession date of a property can be as follows:
Immediate possession of a property can take place if it is typically vacant, and the buyer can start living as soon as the legal documents are completed successfully. No one moves out here, and the only important thing is to understand the legality and get the property documents processed in the right way. Post this; the buyer can immediately shift to the property.
The possession of a property within 15 days happens when the property is vacant as there is no other work involved. This period gives some time to both the buyer and seller for the required documentation work to be taken care of without any rush.
Possession of a property within 30 days is one of the most common time periods for a seller to vacate the house and a buyer to shift to the new property. It gives ample time to both the parties to do the needful before shifting. This is an ideal time frame for one and all.
The possession of a property in 45 days is generally completed when there is a negotiation between both buyer and seller for 30 or 60 days time frame. One can finalize the date making it convenient for both parties. This can give one ample time to move out and move in.
Possession time of 60 days is one of the most common time frames when someone needs ample time to explore, purchase and shift, according to ones need and requirement. The 2 month period is enough for both buyer and seller to complete all the documentation and shift comfortably.
The possession of a property within 90 days is a preferred choice of many home buyers and sellers. Whether it’s the seller who needs time to relocate, or have tenants who have the right to a 3 month notice period, this time frame serves the best. The seller can accordingly find a buyer and sell it off.
However, it is significant to note that possession dates should be carefully decided which should not be on holidays, weekends or unavailability of lawyers. Choosing such date can create unnecessary hassle in terms of funds transfer or the documentation process.
In the real estate industry, possession date is an essential factor and is of great importance while buying or selling a property. Though this can be negotiated among both parties, a wise decision can bring forth ultimate satisfaction for both buyer and seller of the property.
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