Land for auction 3A DESCRIPTION, Tiruchengode, Namakkal by Indian Overseas Bank

Prospective homebuyers and investors are invited to explore a compelling residential opportunity in Tiruchengode, Namakkal District, Tamil Nadu. This offering comprises a robust 1107 sq.ft plot featuring an existing residential building, providing a ready-to-move-in option or a solid foundation for future enhancements. Situated in Old Natham Survey No. 90/3A, New Natham Survey No. 497/4, in the tranquil Padaiveedu village, the property benefits from a strategic location with an East-West Road frontage, ensuring excellent accessibility. The well-defined boundaries, including Settlers' remaining property to the North, Natham Survey No. 497/3 to the West, and Mr. Arumugam's property to the East, confirm its clear demarcation. This "Land and Building" asset category presents an ideal entry point for new buyers seeking a valuable asset in a developing area, promising both comfortable living and potential capital appreciation within a established residential locale.

For first-time bank auction participants, understanding the process is crucial. This particular opportunity is a SARFAESI auction by Indian Overseas Bank, meaning properties are offered as a recovery mechanism, often presenting attractive prices. The property is available at a competitive Reserve Price of Rs. 5,68,800.00, requiring an Earnest Money Deposit (EMD) of Rs. 56,880.00 to participate, which is refundable if unsuccessful. The auction is scheduled for March 20, 2025, from 11:00 AM to 03:00 PM, with the critical application submission deadline set for March 19, 2025, at 05:00 PM. Interested bidders are strongly advised to conduct thorough due diligence, including physical verification and legal scrutiny of the property documents, prior to participation. For further clarifications and assistance, prospective bidders can contact Ms. Maheswari B at Mobile: 8925950796, or visit the bank's Regional Office in Salem. Utilize the services of BAANKNET for smooth bidding.