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Government will not sell any land. So there will not be any auctions made by government. People will take only loan from banks. If they fail to repay, after notifications in newspaper, banks will go for auctions for selling the pledged property.
- Thanks Mr Babu for the clarification. I had seen the notices from the Banks, was jsut curious if a similar auction is done by govt or TNHB.
Also legally how safe it is to buy land out of auction from the Bank. Will the property be free from encumbrance?
Is there any site or any information available on the process, information etc.
- If you are interested in a auction property announced by the bank, you can visit the bank and get a photocopy of all the documents and apply for encumburance certificate, check the legal with lawyer and also apply for valuation report. And also visit the property and check the vasthu's if you believe that. After all these things, if you are satisfied, you can get the application from the bank and apply for auction on that property.CommentQuote0Flag
- Hi Friend -- most concerning fact in auction property is nabk will not provide u vacant possession -- as it is condition will nbe imposed and its up to u to decide whether u can deal it or notCommentQuote0Flag
- On top of whatever said above, I have heard and read cases were the person who's property is auctioned, refuses to vacate and creating unneccessary troubles to the new owner. The banks will simply wash off their hands after auction.
IMO, it's unwanted headache. So, better be careful and watch your step.CommentQuote1Flag
- What crusader said is true.
The bank will wash its hand off once auction is settled.
In most cases the previous owner will continue litigation at other courts disputing the bank auction.
The buyer will be left in the lurch.
I wouldn't purchase at bank SEFARI auction.
It is neither cheap nor litigation free.CommentQuote0Flag
- Thanks all for the Inputs, It certainly look like now my Cup of Tea.
Thanks again for your timeCommentQuote0Flag
- Originally Posted by rajasimhanHello All
I have seen Notices on Land Auction by various banks. Is there any such auction conducted by government? Like Auctioning TNHB Plots, If so where can I find the details.
If anyone has got an experience from Auction, pls share the same.
Hpe this lionk will Help (Link given by my GF just today)
- Initially i had a thought that due to distressed property by bank auction, we can get in bargainable price.
But after the above discusion, came to know there could be problems in post auction.
Thanks Crusader & Economist for the useful insights.CommentQuote0Flag
- @saran777 - I also echo the same thoughts
Anyways Thanks @planner for pointing out the linkCommentQuote0Flag