Land for auction 48 West Salavai, Edappadi, Salem by Indian Overseas Bank

This presents a compelling opportunity for new property buyers to acquire a valuable residential land and building situated in Chinnamanali village, Edappadi Taluk, Salem district, Tamil Nadu. Encompassing a total extent of approximately 701.5 sq.ft. (comprising two distinct bits of 351 sq.ft. and 350.5 sq.ft. respectively) within S.F.No: 8/48, this property offers significant potential for development, renovation, or immediate occupancy. Its strategic location is well-defined by clear boundaries: bordered by Raja Veethi to the East, a second item property and common lane to the West, Nagarajan Property to the North, and Ramalingam Teacher House Property to the South, providing excellent demarcation and accessibility within the locality. As a residential asset, it is ideally suited for individuals or families seeking a home in a burgeoning area, promising a sound investment in the thriving real estate landscape of Salem.

Prospective buyers are invited to participate in a meticulously structured SARFAESI e-auction for this residential land and building, conducted by Indian Overseas Bank through its Regional Office in Salem. The online bidding process is scheduled to commence precisely at 11:00 AM on March 20, 2025, and will conclude promptly at 03:00 PM on the same day. To qualify for participation, a refundable Earnest Money Deposit (EMD) of INR 53,046.00, which represents 10% of the competitive Reserve Price of INR 530,460.00, must be submitted by 05:00 PM on March 19, 2025. This ensures serious intent and compliance with auction regulations. The entire process will be facilitated by BAANKNET, a trusted service provider for e-auctions, guaranteeing transparency and efficiency. For any detailed inquiries or assistance regarding the auction mechanics, interested parties are strongly encouraged to contact Mr. Arun Sankar R directly at mobile number 8925952785, ensuring a smooth bidding experience for first-time participants.