Are you hoping to purchase an asset in the city of Chennai at much lesser cost than the market’s price? This may soon come into reality since in Chennai, the banking sector has more than 10,000 homes in hand for sale. These homes are seized from those EMI defaulters. Since, the bank takes the major responsibility of selling, those properties would be charged lower cost than the market price in auction, said in detail at the page having reviews about Amarprakash builders. The financial institutions are going to sell homes that are located in all places including T.Nagar, Tambaram, Anna Nagar, Chrompet, OMR, Thoraipakkam, Velachery, Parrys etc.
The banks auction these properties at a cost of 30% cheaper than the industry cost, announced by the banking official in the metro. Since, the market is expected to come back to its original state from sluggishness, so experts are telling common people to utilize this good time and target the properties in auction. As per the reviews about Amarprakash builders, it is estimated that about 1000 homes are in the process of being seized, notified and auctioned off because of the owners failing to pay off the loan amount by irregular paying of monthly EMIs.
The seized housing units mostly are of independent bungalows on large land. The auction is likely to take place within few months. Already, the banks have provided 2 legal notice for the owners and once the third one is provided, it is the final announcement and the property would be ready to be auctioned, given the details in reviews about Amarprakash builders. Properties raised in middle class places in Chennai are also seen in the auction. Some people raise questions whether each bank would arrange for the occasion separately for selling the properties? It is not so. There is a common committee for private sector banks where the financial institutions that has seized assets would take part and sell the asset.
Locations like Chrompet, Velachery, Thoraipakkametc noted boom in pricing over a year back which pulled several salaried people inside the real estate. But with many people being terminated from their companies and many not provided with bonus and proper hike, the professionals who are employed are not able to afford for EMIs resulting in the list of default names. Also, the banks have calculated the estimated amount would be around Rs. 300 crore since most of the properties are high-end one. The bankers are saying that the numbers are not as high as it was in the year 2009-2010. But, many bank officials stated that a marginal increase has been noted in the list of defaulters over last 6 months. In the city, the amount of people who has not paid EMI has touched about Rs.70 crore, said the bankers. However, the banks hope that the auction would bring positive result and provide boom to the industry
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