The auction’s managing bank, Deutsche Bank, has set the starting price at Rs 25 crore.
For those interested, it might be feasible to reside next door to Bollywood star Amitabh Bachchan. Nevertheless, the cost is high.
A bungalow close to Bachchan’s renowned home, Jalsa, within Mumbai’s upscale Juhu area will soon go up for auction. Deutsche Bank has set the starting price at Rs 25 crore. The auction is scheduled for March 27 and will include over 3,000 square feet of indoor and outdoor space, according to Moneycontrol.
Segmentation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) of 2002 applies to this sale. The bank had demanded repayment of the Rs 12.89 crore debt from Seven Star Satellite Pvt. Ltd. and other borrowers and co-borrowers.
The bank put the property up for auction after they couldn’t make the required payments. The bank requests that potential buyers provide an earnest money deposit (EMD) of Rs 2.50 crore.
Purchasing a home at a bank auction carries risks.
People frequently believe that properties sold at auction by banks are free of legal problems. However, the notice typically states that the bank considers the property to be in good condition. It shall not, however, be liable for any unreported legal matters or subsequent claims brought by outside parties.
When selling properties at auction, legalese expressions like “as is where is” and “whatever there is” are there. These demonstrate that every potential encumbrance is legal and physical in the price.
Any issues that arise after the property is sold during auction belong to the buyer. According to experts, buyers may discover that a court order opposing the bank’s auction or that the property is involved in legal disputes. Furthermore, it is possible that banks only own the property on paper. Therefore, the former owner may still be residing there.
Before bidding, it is essential to review each aspect carefully. Banks have information about the properties and provide advance notice of online auctions. It is not wise to take the Bank’s words at face value. Your new property may be co-owned by someone else, in which case the bank is unlikely to assist you.