Apartments/Flat for sale in Chennai, Chennai, Tamil Nadu
Asset Details
Reserve Price:
Date of E-Auction: 31/Dec/2024 11:30 
Assets Code: BOA-EB-49780
Ownership Type: Freehold 
Status of Possession: Physical
Carpet Area: None
Builtup Area: NA
Address
PLOT NO 9, MD SITARAMAN 7TH STREET, VGP GOLDEN BEACH SOUTH PART, INJAMBAKKAM VILLAGE, SHOLINGANALLUR,CHENNAI 600115
Additional Details
All that piece and parcel of vacant land, Injambakkam Village, Sholinganallur Taluk, Kancheepuram District, now Chennai District, Comprised in Old Survey No. 1/1C Part, Patta No.815, as per Patta New Survey No.15/37B, Northern Portion of Plot No. 9, VGP GOLDEN BEACH SOUTH PART measuring an extent of 5000 Sq.Ft. and land being bounded on the:North by – Plot No.10South by – Remaining Half Portion of (Plot No. 9B)East by – 30 Feet Common Pathway,West by – Plot No.4,Within these boundaries of an extent of 5000 Sq.Ft. and lying within the Registration District of Chennai South and Sub-Registration District of Neelankarai.The property is owned by Mr. S. Mohamed Jaffar Ali S/o Shaik Abdullah by virtue of title deed Document No. 8874/2021
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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.
