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Buyers show preference for auctioned property

To buy property which has been auctioned by banks can come at cheaper rates. This is mainly due to the fact that the purpose behind the sale is to recover losses and not necessarily gain profits. Moreover, due diligence has often been conducted by the banks.There is an increasing trend in which developers are keen to purchase auctioned property. One of the real estate first purchases of Indiabulls was a mill it won in an auction.

 
Possession of a property which has been mortgaged by a borrower once he has been unable to pay his dues within a stipulated time period takes place under the SARFAESI Act. The usual practice is that the bank mentions a minimum reserve price. If the bidder proposes to pay over that price, there is a good chance that the bidder will win the auction. Information about such properties is available on websites such as NPAsource.com and ForeclousureIndia.com.

About Sanjit Sharma

Sr. Online Marketing Executive with Favista Real Estate Pvt. Ltd.
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