Apartments/Flat for sale in Visakhapatnam, Visakhapatnam, Andhra Pradesh
Asset Details
Reserve Price:
Date of E-Auction: 17/Jan/2025 11:00 
Assets Code: BOA-EB-291153
Ownership Type: Freehold 
Status of Possession: Symbolic
Carpet Area (Sq feet): None
Builtup Area (Sq feet): NA
Address
Plot No.72,73,74,75, Sri Balaji NAgar, L P No.1/2008, Sy no.7/4M 4 ,Part , Narava Village, Near Ahmed Nagar, Narava Village, Pendurthi Mandal, Visakhapatnam 530027
Additional Details
All that piece or parcel of land measuring 800 Sq.Yds or 668.90 Sq.Mts bearing Plot no.s.72,73,74 & 75 bearing TDNo.3072, VUDA LP No.1/2008, Covered by Survey No.7/4M 4 part of Narava Village, Sri Sai Balaji Nagar, Near Sheela Nagar, Greater Visakhapatnam Municipal Corporation limits Sub-Registrar office Gajuwaka,Visakhapatnam.Each plots an extent of 200 Sq.yds total 800 sq.yds. Property in the name of Smt. Garikapati Swetha W/O. K Praveen.
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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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Possession Status
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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.
