Now is the perfect time to buy a flat in Faridabad. You pay less for more space than you do in Gurugram or South Delhi; the Metro runs through the middle of it, and newer sectors are being given ever-improving road connectivity. A bargain on paper can become a protracted headache if you skip some simple checks.
The 1st in this guide series is what to consider before you sign on the dotted line or pay a booking cheque. Always keep it open on your mobile device, fellow engineer, while on-site visits
Confirm the Project’s RERA Registration
And this should be the first thing you check, not the last. It is mandatory for every eligible residential project in Haryana to be registered with the Haryana Real Estate Regulatory Authority (HRERA), and the registration number must be written on the brochure and also in the builder ads.
Do not take the numbers on the brochure for granted. One should cross-check the details, such as the project name, name of builder and completion date approved by HRERA, with what the sales team offered on the official site of HRERA Enquire as to why the promised possession date is prior to the RERA filed date.
Check the Builder’s Track Record
Actually, a shiny show unit doesn’t tell you much about it at all. Past projects tell you a lot.
Check if there is a finished project by the same developer. Ask people living near the entrance or in the market area. Two simple questions should clarify things for you — was possession as per schedule and does the builder or maintenance agency respond after possession? You shall learn more in 10 minutes than any brochure would ever teach you.
Carpet Area vs Super Area
Many buyers get confused here. The carpet area is the space you can literally walk and move along within the walls of your home. The super built-up area includes a portion of lobbies, staircases, the clubhouse and other communal spaces.
Builders must mention carpet area under RERA. In 3 BHK flats in Faridabad, comparison uses carpet area, not super area. A flat that has larger dimensions on the pricing plan may be smaller in crucial places.
- Decide on the Area Where You Want to Live Overlay
- Faridabad is a huge city, and thus sectors can vary widely. Think about the location where you’ll travel before you shorten the list.
- Here are a few questions to ask yourself:
- What is the nearest Violet Line Metro station, and how do you reach there safely?
- So, if you stay in Gurugram or Noida, what does the reality of the road commute at 9 am actually look like?
- Is it within a short drive to good schools/hospital?
- Is there a daily market nearby, or will you need the car even for every errand?
Typically, if you select an established market along the Mathura Road, a street that connects UP and NCR demand areas (Delhi on this side), ready infrastructure is often better. This often compares more favourably with newer areas in Greater Faridabad (Best Western Hotels & Resorts), where larger flats and gated societies are available at lower prices, although some neighbourhoods are still evolving. Go at night too, not just on some sunny Sunday morning.
Ready-to-Move or Under-Construction?
Both can be good choices. They just suit different buyers.
You can see exactly what you’re getting for your buck with a move-in-ready flat, and you can move in or rent it out almost immediately. Typically, they are less expensive at the time of purchase, and some offer flexible payment plans, but you bear the risk of construction delays and may be paying both rent and EMI simultaneously.
For people that are renting today and need a home sooner rather than later, ready-to-move simply wins. If you are purchasing for investment purposes and can afford to wait, buy an under-construct scheme from a trusted builder.
Request Occupation Certificate (OC)
The Occupation Certificate is relevant for a flat that is ready to move into. It shows the building was built according to approved drawings and is habitable.
It might get difficult to connect utilities without an OC as well as resale and even a bank loan at times. Write it down if the builder tells you “OC has been applied for” and always insist on a realistic date in writing.
- Calculate the Total Cost (Not Just the Base Price)
- The cost per sq ft is just part of the bill. So when you solicit a quote, ask for an all-inclusive cost sheet which covers:
- Price Floor for Price Rate: base cost and PLF (price per mile)
- Car parking charges
Membership and power backup fees
- Advance maintenance and interest-free maintenance security (IFMS)
- GST (for under-construction flats)
- Stamp duty and registration charges
In Haryana, stamp duty varies for men, women and joint owners, so verify the prevailing rates before you decide whom to get the flat registered to. Counter intuitively higher stamp duty may apply on registration in a man’s name than in his wife’s or as joint owners.
- Check Home Loan Approval
If the project has been successfully approved for home loans by big banks, then that’s a good sign. Because banks conduct their own legal checks on a project before giving final approval, it creates another layer of comfort with this process.
Check your own loan eligibility in advance. It’s far better to get an idea of your budget before you fall in love with a flat that will stretch you past your breaking point.
- Water, Power and Maintenance
- These are the complaints residents have most, rarely pushing their way into brochures.
Enquire about where the society is getting its water from, if there is a treatment plant and what arrangements are available in summer. Also enquire about the power backup capacity of every flat. Next, find out who will be responsible for maintenance after handover and how much the monthly fee is expected to be. A well-managed society costs a bit of money.
- Read the Builder-Buyer Agreement Carefully
- Usually, do not sign on the same day as a visiting site. Take the agreement home.
Confirm the possession date, the penalty the builder pays if they’re late, details of cancellation and what will happen to your money in case you choose to opt out. If you feel that any clause is unfair, seek clarification. When buying a property of this magnitude, paying a property lawyer for a swift overview is money well spent.
Quick Recap on Purchasing a Flat in Faridabad That You Should Know Before Your Site Visit.
- Have this short list in your back pocket.
- RERA number verified online
- Builder’s past projects visited
- Carpet area confirmed
- Commute and nearby facilities checked
- OC Status Known (for ready flats)
- Full cost sheet in hand
- Bank approvals confirmed
- Contract reviewed from home, not site
If you check all of these boxes, you are in a good position to negotiate and purchase.