Retail Shop for sale in Chennai, Chennai, Tamil Nadu
Asset Details
Reserve Price:
Date of E-Auction: 06/Jan/2025 02:00 
Assets Code: BOA-EB-47796
Ownership Type: Freehold 
Status of Possession: Symbolic
Carpet Area: None
Builtup Area: NA
Address
Door no.3, Fourth Floor, “City Center Plaza”, Mount Road, Chennai-600 002
Additional Details
All that part and parcel of 970/12767th of undivided share of land out of 5 Grounds and 767 sq.ft together with Flat in fourth floor having a super built up area of 4730 sq.ft and in building known as “City Centre Plaza” situated at Triplicane Village, Old No.3, New Door No 3 to 34, Present No.7/61, Mount Road(Anna Salai) Chennai-600 002, comprised O.S No.199 to 201 and R S No. 10 and Part of Survey No.8, in Mylapore- Triplicane Taluk, Chennai District, within the registration District of Chennai Central and Sub-Registration District of Triplicane.
The Buying Process
How to buy properties from banks? We're here to guide you through the process, making your
property acquisition journey seamless and hassle-free.
Insights
Seller’s Reserve Price
The reserve price set by the seller for a property auction excludes all property-related dues like taxes, utilities, maintenance, and industrial authority fees.
Earnest Money Deposit (EMD)
The earnest money deposit (EMD) is the minimum amount paid by the buyer to the seller institution to confirm participation in the auction. If the bidder is unsuccessful, the EMD is refundable. However, it will be forfeited in the event of non-payment after winning the auction.
Did you know?
Loan Availability
We recognize the difficulties of securing a loan for auction properties. That's why BankofStressedAssets.com has teamed up with handpicked banks that specialize in providing loans for such properties. With our streamlined loan process, you can confidently explore financing options and make purchasing property more accessible.
Request a Visit of the Property
Indicate your interest in a property by requesting a visit through BankofStressedAssets.com. Simply click on "I am interested," and we'll liaise with the authorized bank officer to schedule a convenient property tour. This enables you to personally inspect the property and make an informed decision.
Possession Status
BankofStressedAssets.com offers details regarding the possession status of properties. Physical possession indicates that the property is secured, with the seller institution holding the keys. Symbolic possession means the seller institution possesses legal rights, yet physical possession remains pending. Understanding the possession status provides insight into the property's present condition.
SARFAESI Act
The SARFAESI Act, an abbreviation for the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, is legislation implemented in India to empower banks and financial institutions in efficiently recovering their non-performing assets (NPAs). This act grants banks the authority to seize and sell properties of defaulting borrowers without court intervention, providing a legal framework for the swift resolution of distressed assets. By enabling banks to enforce their security interests effectively, the SARFAESI Act significantly aids in loan recovery and upholds financial system stability. Access the Act here.
