I am planning to purchase one builder floor in Patel Nagar but the builder says that only CanFin is providing a home loan for his project. Don't other banks provide loan in that area? I asked the builder about approvals and he said that in Patel Nagar the approval was only by MCG and not by HUDA and that banks said that they would provide loans for HUDA approved projects only. Shall I go ahead or is it unauthorized?
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  • All colonies come under the Muncipal Corporation Gurgaon and Sectors come under the HUDA. So bank has policy give loan only on sector housing not to colonies for secure his money.
  • Please note - As per haryana government, separate builder floors can be sold if and only if the builder floor is built on plots having plot area more than 180 square yard. A builder floor which is constructed on plot area of less than 180 square yard cannot be sold separately.
  • As far as patel nagar is concerned, builders are buying big size plots (500 sq yards+) and constructing 2-3 flats on each floor.
    These are not approved by HUDA, so bank doesn't give you loans.. Property registration is not allowed, but taking place due to some 'inside connections' in revenue dept.

    Please think twice before putting money into such properties.