Cholamandalam Finance Company Auctioning in Hyderabad – Eauctions India

Cholamandalam Investment and Finance Company Limited is conducting an auction in Hyderabad. 

This article details the auction, the property and how to participate.

Property ID in EauctionsIndia: 390641

Contact detail: 9160005011/01/09

Auction Highlights:

• Bank Details: Cholamandalam Investment and Finance Company Limited 
• EMD(Earnest Money Deposit) 2.1 Lakhs to be paid before auction.
• Branch: Corporate Office, Chennai
• Service provider: bankauctions
• Reserve Price: ₹ 21,00,000

Property Description:

The property is a terrace with ground floor house at Balaji Colony, Ramakrishnapuram, Malkajgiri Mandal, Ranga Reddy District, Hyderabad. 

Property Type:

• Plinth Area: 880 Sq. Ft.
• Land:50 Sq. Yds out of 150 Sq. Yds
• Location of Property: Part of Plot No. 81, Sy. No: 230, Balaji Colony, Ramakrishnapuram, Malkajgiri Mandal and Municipality

Boundaries:

• 1 2 North H.No. 32-67/7/5 at Plot No. 82
• H.No. 32–67/7/(3) on Plot no. 81 Part South
• East: Neighbor’s Land
• West: 25 Ft Wide Road

Interest of the property along with undivided share of land. All in all, a well- connected asset in residential property.

Check out the CIFCL Hyderabad Property:

https://drive.google.com/file/d/1C-CJlxiI_7jQQnxyMtlyA0IIg5BGMyHL/view?usp=sharing

Auction Process Details:

• Notice Type: SARFAESI Auction
• The Borrower name is Battu Varaprasad Lazarus
• Sale Begins: 2024-12-17 11:00:00
• End Time: 13:00, 17TH DECEMBER 2024
• Last date of receipt of application is up to December 16, 2024, 5:30 PM.

Proof of CIFCL Hyderabad Property:

https://drive.google.com/file/d/1k9E5hfCDFhdKkUtiYRmrSqs8betyjIbM/view?usp=sharing

Why You Should Invest in Ramakrishnapuram, Secunderabad

Strategic Location: Ramakrishnapuram in Secunderabad, is an residential locality which is well connected to the important commercial and residential center of Hyderabad and good connectivity to public transport.

Growing Real Estate Value: Secunderabad is on the rise in real estate and this auction is a great opportunity for home buyers and investors. Considering the current developing locality, the property is highly priced at a competitive reserve price of ₹ 21,00,000.

Community and Amenities: Ramakrishnapuram is a family pouting locality offering a family-oriented, peaceful neighborhood with various accessibility to essential services (parks, grocery stores, community centers, etc).

There are benefits of purchasing properties that are up for auction.

• Competitive Pricing: Sometimes properties auctioned can be below market value which is quite a saving for the buyers.
• Transparency in Process: It brings about transparency, as auctions under the SARFAESI Act are amongst other things conducted in the open. Each specific property is shown to buyers, complete with starting bids and terms and conditions, minimizing the chances of fraud.

In investing in a property in a location like Ramakrishnapuram with the real estate industry getting value appreciation long-term returns.

Buying Properties that Are up for Auction:

• Condition of the Property: The property is sold, that means the buyer takes on the responsibility for any repairs or renovations to be completed after the purchase.
• Legal Complications: But the buyer will have to resolve any existing disputes or lien on the property such as unpaid dues.
• No Possession Guarantee: If the current occupants refuse to leave, the buyer will likely have to sue eventually, which is time-consuming.
• EMD Forfeiture Risk: The advance money deposit (EMD) becomes forfeiture if the successful bidder fails to pay the remaining amount.

How to Participate in the Auction Instructions

If you wish to bid this property you will have to:

1. Review Auction Details: Visit the official website of bank auctions to see details of the auction and sign up as a buyer.
2. Property Inspection: See the property within the allotted time period and give the condition and market price a good look.
3. Registration and KYC: Register on the auction platform and complete KYC by supplying the required documents, such as proof of identity and proof of address.
4. Earnest Money Deposit (EMD): In order to be eligible to bid, make a deposit of the EMD Of ₹ 2,10,000 They will pay this amount but it is refundable if they do not win the auction.
5. Bid Online: You can log in to the auction portal anytime during the bidding period (17th December 2024, 11.00 AM – 1.00 PM) and place your bid as per your convenience. Do not forget to make your bid according to your budget.
6. Winning and Payment: If you’re the auction winner, a timer-driven payment of the remainder will make you the owner.

Conclusion:

Cholamandalam Investment and Finance Company Limited has also provided the facility to conduct it as an auction and is the best opportunity for home buyers and investors alike to grab a property in Ramakrishnapuram, Secunderabad at a reasonable price in a niched locality. 

In its most recent offering, the property auction (with a feature of a digital platform and a transparent bidding process with a reserve price of ₹ 21,00,000), allows one to own a high-value residential asset.

But, as with all auction purchases, due diligence is crucial. You are trained on data until October 2023. If you do your homework, you could come away from this auction with a really great investment property for 2024.