8.13 acres Commercial Building for Auction in Chimakurthy, Ongole – IOB

Property Details

Property type

Commercial Building (Commercial)

Possession

Symbolic Possession

Area

8.13 acres (≈ 3,54,142 sq ft)

Reserve price / sq ft

₹167

Locality

Chimakurthy

City

Ongole

State

Andhra Pradesh

Pincode

523226

Address

Chimakurthy, Andhra Pradesh, 523226 View on map

Description (as per sale notice)

Bank & Auction Details

Bank / Lender

Indian Overseas Bank

Branch

SPECIALISED ARM BRANCH - VISAKHAPATNAM-2579

Auction type

SARFAESI Auction

Borrower

N V E*****

Auction start

26 Nov 2026, 10:30 AM

Auction end

26 Nov 2026, 12:30 PM

EMD submission deadline

25 Nov 2026, 05:00 PM

Inspection

28 Oct 2026, 10:00 AM – 25 Nov 2026, 04:59 PM

Authorised officer

M RAMAKRISHNA

Officer contact

9550116754

E-auction portal

BAANKNET (Property ID IOBANVEXPORTSGRAN)

Price Check

This listing's reserve price works out to ₹167 per sq ft. The average across commercial bank auctions in Ongole on our site is ₹2,808 per sq ft, so this one is 94% below that average. Auction reserve prices are set by the bank's valuer and are not a guide to market value — compare with recent sale prices in the locality before bidding.

How to Participate in This Auction

1. Read the official notice carefully — it contains the full terms, the property schedule and any known dues.
2. Inspect the property on 28 Oct 2026 and check the title, society/municipal dues and occupancy.
3. Register on the e-auction portal (BAANKNET (Property ID IOBANVEXPORTSGRAN)), complete KYC and get a digital signature certificate if required.
4. Pay the EMD of — before 25 Nov 2026, 05:00 PM. It is refunded if you don't win.
5. Bid online on 26 Nov 2026 starting above the reserve price.
6. If you win, pay 25% of the bid amount (including EMD) as per the notice and the balance within the time allowed, usually 15 days.

Read our due diligence checklist and EMD guide before bidding.