Best Township Projects In Mohali To Feel The Heat Under RERA

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The Real Estate Regulation and Development Act, 2016 or RERA has severely impacted the ability of developers to launch and complete township projects of areas greater than 100 acres. These townships are now required to be registered and launched in places where the facilities can be completed within the promised deadline. Because of this, buyers and investors can feel much more relaxed about their decision to invest in township properties. The primary objective of the RERA was to protect buyers from being duped with false promises. Here are some reasons you can use the RERA to your benefit when investing in the best township in Mohali:


Right to Information

The primary advantage that these township projects serve to buyers is that they now have the right to information on the property before making a decision. The developer is obligated to reveal all the details of the project including the plan layout, plan of execution, completion stages, the status of competition, etc. Because of this information, investors can make much better decisions about their willingness to invest in the given township.

Standardized Carpet Area

Earlier, developers would use their own methods to calculate the carpet area of a property. However, RERA has now introduced a standardized version of the same as the net usable floor area in an apartment, excluding external walls, service shafts, balcony or verandah, and open terraces. It does however, still include the area divided by the internal walls of the home.

Builders’ Accountability

The RERA now will hold builders accountable for any construction faults or defects, and therefore the repairs would be done by the developer only. The validity of this is for up to 5 years from the date of possession and includes all structural defects. Moreover, the Act dictates that the fault must be fixed within a period of 30 days from when it is detected. This greatly reduces the risk when you think of investing in the Commercial Property in Mohali.

No Delays

The RERA Act also states that the real estate developer must deliver the property within the given deadline. Therefore, they have to give an honest delivery date for the property and deliver the promised property for possession by that date. Therefore, this makes it a much better idea to invest in townships for both commercial as well as residential properties.
Once you look at the benefits the RERA brings towards investors and buyers in townships, it is hard to not think of it as the best current investment opportunity.

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