Secure Your Dream Home with RERA Approved Projects in Mohali

When it comes to purchasing property, particularly residential units, ensuring that the project is RERA approved is crucial for your peace of mind. In Mohali, a city known for its rapid development and growth, many homebuyers are turning to RERA approved projects to guarantee a safe and secure investment.

The Real Estate (Regulation and Development) Act, 2016, or RERA, was introduced by the Government of India to promote transparency, accountability, and efficiency in the real estate sector. RERA registration ensures that developers comply with strict guidelines, offering buyers a sense of security. This is particularly important in cities like Mohali, where real estate projects are expanding rapidly.

In this guide, we will take a closer look at RERA approved projects in Mohali, why they are the best choice for homebuyers, and how you can finance your dream home with the help of Bajaj Housing Finance Home Loan.

What are RERA approved projects?

RERA approved projects are those that have been registered with the Real Estate Regulatory Authority of the respective state. In Mohali, which is a part of Punjab, the state RERA authority oversees these projects. RERA approval ensures that the developer has met all regulatory requirements and that the project adheres to prescribed standards.

Key aspects of RERA approved projects include:

• Legal protection: Buyers are assured of legal protection under RERA guidelines.
• Transparency: Developers must disclose detailed project information, including approvals, timelines, and budgets.
• Timely delivery: The RERA framework mandates developers to deliver projects on time.
• Defects liability: Developers must address defects within five years of possession.

Why choose RERA approved projects in Mohali?

1. Legal assurance and protection

One of the biggest advantages of buying a RERA approved project in Mohali is the legal protection it offers. RERA laws are designed to safeguard the interests of buyers. If a project is delayed, you can file a complaint against the developer through RERA and claim compensation. Non-RERA approved projects do not offer such protection, leaving buyers vulnerable.

2. Transparency in project details

RERA approved projects come with a higher level of transparency. Developers are required to share key details such as the project's approval status, construction progress, and completion dates. This gives buyers a clearer picture of what they are investing in. Non-RERA projects often lack such transparency, making it difficult for buyers to assess risks.

3. Assurance of timely delivery

With regular updates on project timelines, RERA approved projects in Mohali ensure that buyers receive timely delivery. Developers are held accountable for any delays, and they must adhere to the dates mentioned during registration. For buyers, this means fewer uncertainties compared to non-RERA approved projects, which can experience delays without any regulatory repercussions.

4. Builder accountability

Under RERA, builders are accountable for completing the project according to the specifications agreed upon. If they fail to do so, they are liable to compensate the buyer. Builders of non-RERA approved projects may not face the same level of accountability, increasing the risk of incomplete or subpar construction.

5. Defects liability

Another significant benefit of purchasing a RERA approved project in Mohali is the defects liability. Developers are required to fix any structural defects or poor workmanship within five years of possession. Non-RERA projects may not offer any guarantees, leaving buyers to bear the cost of repairs.

6. Better financing options

RERA approved projects are more likely to be recognised by banks and financial institutions, making it easier for buyers to get a home loan. These projects are seen as less risky by lenders, which means you can secure favourable loan terms with lower interest rates.

How to identify RERA approved projects in Mohali?

To identify RERA approved projects in Mohali, follow these steps:

1. Check the Punjab RERA website: Visit the official Punjab RERA website where you can search for registered projects using the developer's name, project name, or RERA registration number.

2. Verify the RERA registration number: Each RERA approved project has a unique registration number. Always ask the developer for this number, and cross-check it on the RERA website to ensure authenticity.

3. Consult the developer: Developers of RERA registered projects are required to disclose their RERA registration details. If they are unwilling to provide this information, it is a red flag.

4. Look for the RERA logo: Many developers display the RERA logo on marketing materials and brochures. Ensure that this logo is present and legitimate.

5. Read project documents: Check documents such as the agreement for sale and building approvals for the RERA registration number.

By following these steps, you can confidently identify RERA approved projects in Mohali, ensuring a safer and more transparent investment.

Comparison of RERA-approved vs. non-RERA approved projects

Aspect	RERA-approved projects	Non-RERA approved projects
Legal protection	Buyers enjoy legal protection under RERA guidelines.	Limited legal recourse in case of delays or disputes.
Project transparency	Clear and detailed information on approvals, timelines, and developer commitments.	Lack of transparency in project approvals, progress, and compliance.
Project delays	Regular updates help ensure timely project completion.	No regulatory oversight, leading to potential delays.
Builder accountability	Builders are required to follow RERA guidelines, ensuring accountability.	No enforced accountability, increasing the risk of incomplete projects.
Defects liability	Developers are legally bound to fix defects within five years of possession.	No legal obligation to address defects post-possession.
Financial risk	Investments are safeguarded with legal protection and transparency.	Higher financial risk due to unclear legal standing and compliance.
Registration	RERA registration guarantees the project meets required standards and regulations.	No registration, with no official guarantee of compliance.
Buyer’s assurance	Buyers can trust that the project will be completed on time and as promised.	No assurance regarding project quality or timely completion.

Benefits of buying a home in Mohali

Mohali has emerged as one of the fastest-growing cities in India. Its proximity to Chandigarh, excellent infrastructure, and robust real estate market make it an attractive location for homebuyers. Whether you are looking for an apartment or a villa, Mohali offers a wide range of RERA approved projects catering to different budgets and preferences.

The demand for residential properties in Mohali has been steadily increasing due to the city’s development plans and its growing commercial importance. Additionally, Mohali's well-planned neighbourhoods, educational institutions, healthcare facilities, and excellent road connectivity contribute to its appeal.

How home loans make purchasing a RERA approved project easier

Purchasing a property is a significant investment, and many buyers rely on home loans to make their dream of owning a home a reality. RERA approved projects in Mohali make this process easier for homebuyers as these properties are often eligible for home loans from banks and financial institutions. A home loan can help you finance the purchase of a RERA approved property with attractive interest rates and long repayment terms.

Why choose Bajaj Housing Finance Home Loan?

Bajaj Housing Finance offers a convenient home loans that cater to different needs. With Bajaj Housing Finance, you can enjoy:

1. High loan amount: Secure a home loan of up to Rs. 15 crore* to bring your dream home to life.

2. Low interest rates: Enjoy interest rates starting 7.99%*  p.a., and EMIs as low as Rs. 722/lakh*.

3. Quick approval: Get approved within 48 Hours* of applying – sometimes even sooner.

4. Flexible repayment tenure: Choose a repayment term of up to 32 years for comfortable EMIs.

5. Simple application: Take advantage of doorstep document collection for a smooth process.

6. Balance transfer facility: Move your existing home loan and get a top-up loan with better terms.

With Bajaj Housing Finance Home Loan, you can make your dream of owning a RERA approved home in Mohali come true.