Mumbai: 12,100 sq ft Cuffe Parade bungalow to be auctioned

The property is owned by Phulchand Exports Private Limited, a company that defaulted on the loan it had taken from Indiabulls.

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The bidders will have to deposit Rs 12.1 crore as earnest deposit money, which is the 10 per cent of the reserve price. (Representational Image)

A BUNGALOW with an area of 12,100 sq ft in the upscale Cuffe Parade is set to be auctioned on October 9 after its owners defaulted on a loan of Rs 104.38 crore. The auction will be held by Indiabulls Housing Finance Limited with a reserve price set at Rs 121 crore.

The property is owned by Phulchand Exports Private Limited, a company that defaulted on the loan it had taken from Indiabulls.

The notice for the auction was issued on September 2 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002.

The bidders will have to deposit Rs 12.1 crore as earnest deposit money, which is the 10 per cent of the reserve price.

The successful bidder shall pay a deposit of 25 per cent of the amount of the sale price (minus 10 per cent paid while bidding) at the time of acceptance of bid on the same day or not later than next working day. The balance is required to be deposited within 15 days from the date of acceptance of the bid.

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