Project Bank Details for Prestige Parklane

Always confirm these against your own allotment letter and agreement for sale before transferring money, since the documents issued to you govern your payments.

The structure follows the Real Estate (Regulation and Development) Act rather than the developer's preference. Buyer money first reaches the collection account, and from there it is split so that the larger share is ring-fenced for building the project.

• The 100 per cent account receives payments from buyers in the first instance.
• The 70 per cent account holds the share reserved for construction and land cost, and can only be used for this project.
• The 30 per cent account holds the balance, which the promoter may use for other approved purposes.

Before the Act, money collected for one project could be spent on another. Buyers often ended up funding land purchases elsewhere while their own site stood still, and the escrow rule exists to stop exactly that.

The promoter cannot draw from the 70 per cent account at will, because three professionals must certify progress first.

• The chartered accountant certifies that withdrawals are in proportion to the work completed.
• The architect certifies the stage of construction reached, in RERA Form 2.
• The engineer certifies physical progress, in RERA Form 3.

At Prestige Parklane those roles are named in the filing, with Ar. J. Mamtha as architect and Vinod Kumar R as engineer. The project account is also audited every year, and the auditor must confirm that withdrawals matched the stage of work.

Property payments are a standing target for fraud, so follow the same checks on every instalment rather than only the first.

• Pay only into the account named in your allotment letter or agreement, in the promoter's name.
• Confirm the account holder reads Apex Realty Management Private Limited, not an individual or an agency.
• Never act on account details sent by email or messaging alone, even from a familiar contact.
• Verify any change of details by calling the developer's official number before paying.
• Keep receipts and bank confirmations for every payment, since the schedule runs to October 2030.

Payments are time-linked rather than construction-linked, so the dates are known in advance. You pay 10 per cent on booking and 10 per cent on the agreement, then 24 instalments of 3.2 per cent every two months from 10 December 2026 to 10 October 2030.

A final 3.2 per cent falls due at intimation of possession on 31 December 2030, along with the other charges. GST at 5 per cent applies to each payment, and post-dated cheques are handed over within 30 days of booking.

• Funds ring-fenced for this project, with withdrawals tied to certified progress.
• A completion date of 31 December 2030 on public record, with interest payable for delay.
• Quarterly progress updates filed with the authority.
• An annual audit of the project account.

Ask the sales team for the project's designated account details in writing on the developer's letterhead, then check them against the RERA portal entry and your agreement. It takes a few minutes, and it is the single most useful check a buyer can make before parting with money.