Why You Should Invest in RERA Projects in Mohali

Posted by Vinay Kumar Singh on May 1st, 2018

Whenever you are planning to buy an apartment or a flat in Mohali, it is always safe to buy a RERA-approved property. There is no dearth of appealing and registered RERA projects in Mohali.

From an investment point of view, Mohali is earning acceptance because of its exceptional infrastructure, relaxation in real estate tax, and its proximity to Chandigarh. The city is in the throes of turning into a Smart City, and as a result, it has come on the radar of entrepreneurs, and IT and startup investors. The city offers abundant job and business opportunities for people from all industrial domains.

Most of the developers in Mohali have registered their projects under the RERA Act. This can give you peace of mind when you buy a property in Mohali as a long-term investment.

Benefits of RERA projects

•  Property builders and developers are banned from taking an advance of more than 10 percent from their customers before a written agreement of sale is prepared.
•  Developers cannot advertise projects without RERA registration.
•  A developer building a residential property of over 500 square meters has to register the project with RERA, and provide details related to the project on the RERA website before commencement of sale.
•  The RERA Act requires developers to deposit 70 percent of the total amount received from the buyers in a separate bank account; and if the developer plans any change in the layout plan, then it must be approved by at least two-third of the buyers investing in that project.
•  RERA also has a provision to penalize the developer and the promoter for missed payments and delays in construction. The developer also risks being fined a hefty penalty or losing their developer registration in such cases.
•  If the developer is unable to register the property, the developer is liable for a penalty of up to 10% of the project cost, and if this violation takes place repeatedly, then it leads to imprisonment.

Homebuyers in Mohali have access to a number of real estate projects coming up across Mohali. Sub-localities like Kharar, near the international airport, and Sectors 110, 115, and 66 are in huge demand these days.

Why Buy Property in Mohali

Mohali, with its rapid development, has become a place where you can invest your money for some fruitful returns. The properties in Mohali are still affordable as compared to Chandigarh or other rapidly developing cities.

The factors driving the city’s fame are excellent infrastructure, safe and secure neighborhoods, and the amenities provided by the developers. Even a small investment in Mohali has the potential to offer huge returns in the future.

Real estate developers are focusing on developing individual houses along with buildings and apartments. Also, the demand for stores and shops in the city is growing rapidly to fulfill the essential needs of new home and office buyers.

If you have plans to invest in a property in Mohali, then consider properties that are registered under the RERA Act and search online for available RERA projects in Mohali. Always remember, it is your money which is at stake and hence, it is advisable that before you take any decision about investments in real estate, you should get all the details possible about the developer, project, and construction.