Retail Shop for sale in Patiala, Patiala, Punjab
Asset Details
Reserve Price:
Date of E-Auction: 27/Dec/2024 11:00 
Assets Code: BOA-EB-97517
Ownership Type: Freehold 
Status of Possession: Symbolic
Carpet Area (Sq feet): None
Builtup Area (Sq feet): NA
Address
SHOP NO. 1302 MIN MEASURING 40 SQ YARDS SITUATED AT JAND GALI PATIALA.
Additional Details
ALL THAT PART AND PARCEL OF COMMERCIAL SHOP NO. 1302 MIN MEASURING 40 SQ YARDS SITUATED AT JAND GALI PATIALA. REGISTERED VIDE TRANSFER DEED NO. 2309 DATED 10.06.2015 IN THE NAME OF SH. SUMIT SHARMA S/O VIJAY SHARMA REGISTERED ON 11.06.2015 AND CORRECTION DEED NO. 7718 DATED 25.09.2017 REGISTERED MORTGAE TO UCO BANK BIRKHERI VIDE DEED NO. 7919 DATED 29.09.2017 BOUNDED AS: EAST: BUILT SHOP BAHI 16’-91/4"WEST: STREETNORTH: BUILT UP SHOPSOUTH: PASSAGE 3’10" WIDE
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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.
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Loan Availability
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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.
