Under Construction Flats in Mysore
Lower entry price, longer wait
Under-construction flats usually cost less than ready homes, but come with waiting time and GST. Here is how to weigh it up.
Under Construction vs Ready to Move
| Factor | Under Construction | Ready to Move |
|---|---|---|
| Price | Usually lower | Usually higher |
| GST | 5% (non-affordable) | Not applicable once completion certificate is issued |
| Possession | Future date | Immediate |
| Payment | Staged with construction | Lump sum / full loan |
| Risk | Delay risk (mitigated by RERA) | Lower; what you see is what you get |
| Rent saving | None until possession | Immediate |
Reducing the Risk
RERA has reduced many of the old risks. Developers must deposit a share of buyer funds in a dedicated escrow account, disclose the possession date and pay interest for delays. Choosing an established developer reduces execution risk further.
Prestige Mysore, when launched, will be an under-construction project by Prestige Group. Verify its K-RERA details and track quarterly progress updates on the RERA portal after booking. Compare with ready to move flats.
Tracking Construction Progress
After booking, developers must upload quarterly progress updates on the K-RERA portal. Check them regularly, and visit the site periodically. Banks also inspect progress before each loan disbursement, which adds another layer of oversight.
Prestige Mysore at a Glance
| Developer | Prestige Group (Prestige Estates Projects Ltd.), est. 1986, Bengaluru |
| Location | Mysuru (Mysore), Karnataka — see location |
| Total Homes | Approximately 300 apartments |
| Configurations | 2, 3 & 4 BHK (expected) — see floor plan |
| Status | Pre-launch / upcoming |
| Price | On request — see price list |
| RERA | Verify on rera.karnataka.gov.in before booking |
Frequently Asked Questions
Yes. For non-affordable housing it is generally 5% without input tax credit. Ready homes with a completion certificate do not attract GST.
RERA has made it much safer. Choose a reputed developer and verify RERA registration.
Yes, once launched it will be an under-construction project until completion.
Get in Touch
Contact us for the floor plan, cost sheet, site visits, pricing, and any ongoing pre-launch offers.