August is a good time for the Hampta Pass trek, but do keep a tab on the weather reports just to be sure. And as for the road condition, landslides and traffic due to the rains is a daily occurrence, so be extra cautious.
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The roads on the way to Manali can be treacherous during monsoon. Have some buffer in place, the traffic near Manali is known to be notorious to run 2-3 hours long.
During monsoons, roads around Manali could be dangerous. So check weather forecast before going there.