16,000 sq feet Residential Plot for Sale (Bank Auction) in Melvisharam, Ranipet – IOB

Property Details

Property type

Residential Plot (Residential)

Possession

Symbolic Possession

Area

16,000 sq feet (≈ 16,000 sq ft)

Reserve price / sq ft

₹380

Locality

Melvisharam

City

Ranipet

State

Tamil Nadu

Pincode

632517

Address

Melvisharam, Tamil Nadu, 632517 View on map

Description (as per sale notice)

Bank & Auction Details

Bank / Lender

Indian Overseas Bank

Branch

ASSET RECOVERY MANAGEMENT BR.,CHENNAI-1535

Auction type

SARFAESI Auction

Borrower

SAALIM S**** P** L**

Auction start

—

Auction end

—

EMD submission deadline

—

Inspection

—

Authorised officer

—

Officer contact

—

E-auction portal

BAANKNET (Property ID IOBASAALIM05)

Price Check

This listing's reserve price works out to ₹380 per sq ft. The average across residential bank auctions in Ranipet on our site is ₹3,685 per sq ft, so this one is 90% 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 the inspection date given in the notice and check the title, society/municipal dues and occupancy.
3. Register on the e-auction portal (BAANKNET (Property ID IOBASAALIM05)), complete KYC and get a digital signature certificate if required.
4. Pay the EMD of — before —. It is refunded if you don't win.
5. Bid online on — 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.