Edelweiss ARC announces SARFAESI auction for prime residential property in Pipliya Rao, Indore This is a great opportunity for interested buyers and investors to obtain a property in a well-connected and sought-after location. For interested parties, the synopsis and bidding information for the property, as well as contacts, are below.
Property Overview
- Address: 1st Floor, Block-B, Portion No. 104, Shivnest Palace,
- Survey Number : Land Survey No. 302/1 local survey number
- VILLAGE: Pipliya Rao, Bholaram Ustad Marg, Indore
- Built-Up Area: 1227 Sq. Ft.
Location of the property is prime here, with all important facilities around and connectivity. Its specific borders are as follows:
Auction Details
Bank Name: Edelweiss Asset Reconstruction Company Limited
- Reserve Price: ₹38,00,000
- EMD (Earnest Money Deposit): 3.80L
- Type of Auction: SARFAESI Auction
- Auction Opens: Dec 3, 2024, 1:00 PM
- Close of auction: December 3, 2024, 17.00
- Deadline for Applications: Prior to start date of auction
Property Highlights
1. Residential Potential
Indore is a rapidly developing city with perfect living conditions for residents. It is a good place to live as it is part of Shivnest Palace, a well-constructed and well-maintained residential complex.
2. Prime Location
Indore is one such city, Pipliya Rao is an area in Indore that is famous for its connectivity and with access to basic amenities. Borders schools and hospitals, shops and transport, this location offers an easy lifestyle for families and singles alike.
3. Spacious Design
This ₹ 5,000 crore transaction is for the 1227 sq. ft., providing plenty of room for personal touches and contemporary living. Located on the first floor, it is easy to get to and provides a decent view.
4. Affordable Investment
The auction comes with a reserve price of ₹38,00,000 and requires an EMD of ₹3,80,000, presenting a great opportunity to acquire a property in a high-demand area at a market-beating price.
Participating in the AuctionHow to Submit Your Auction Participation
- Get to Know About the Auction Process
The auction is being conducted under the SARFAESI Act, which enables banks and asset reconstruction companies to realize dues by way of selling secured assets of the defaulting borrower. All interested purchasers must review the auction terms for a seamless transaction.
- Submit Application and EMD
Application and Earnest Money Deposit (EMD) of ₹3,80,000 for the auction must be submitted by the participants before the auction date. The EMD is a deposit that is refunded for qualified bidders that don’t win the auction.
- Prepare for the Auction Date
The auction will start on 3rd December 2024 at 1PM and will be closed at 5 PM. We advise bidders to log in and have their finances in order in case they make a successful post-auction bid.
Contact Details
If you have questions or need assistance, interested parties can contact:
- Phone: 9160005011 / 9160005010 / 9160005009
- Branch Name: Mumbai
Gurgaon/Gurugram (Business Wire India)/ NewsVoir — Service Provider: Edelweiss Asset Reconstruction Company Limited
Advantages of Purchasing Properties at Auction
- Affordable Alternative: Auction properties can be purchased for less than what they are professionally valued at – this is an attractive option for a home owner or a future investor.
- Translucent Process: SARFAESI auctions are being supervised openly, giving equal opportunities to all the bidders.
- Speedy Deal: The auction system and title-walking procedure works much quicker than a normal real estate deal and saves buyers time.
- Availability in a Prime Location: Properties in prime locations like Pipliya Rao are not often available in the open market. Such locations are accessible to buyers through auctions.
Risks to Consider
- Condition of Property: Auction properties are sold “as-is,” which means any maintenance issues become the buyer’s responsibility. Physical inspection is strongly advised.
- The property being: Transferred must be free from encumbrances which might put the buyer at a legal fault. It is also advisable to have a legal expert review all papers.
- Non Refundable EMD: The Earnest Money Deposit is non refundable if the winning bidder does not follow through with the purchase, so serious bidders only please.
- Intense Bidding: Hot spots such as Pipliya Rao might lead to extensive bidding thus culminating with a higher closing price.
Conclusion
An opportunity to bid on prime residential property comes in the form of the Edelweiss Asset Reconstruction Company Limited auction on this residential property in Pipliya Rao, Indore for homebuyers and investors. You are perfectly positioned with the size and the price to hold and create serious value. However, like any auction, due diligence is essential in reducing risk and making a successful purchase.
Potential buyers will anticipate to quickly take his action, keeping in mind his particular property in her mind and getting this property through auctioning in one of the best zones to live in Indore.
