[INDIA REAL ESTATE NEWS] Good morning, everyone. I’m Lee Jang Ho staff of |
Kamagroup Pvt. Ltd. Here I have an important INDIA REAL ESTATE news to share
with you which is as undermentioned.
The prolonged lull in the property market is forcing real estate developers to lure
buyers with discounts ranging from 5% to 10%. But if you are ready to do some
research and legwork, you can possibly get a bigger discount. Properties repossessed
by banks are routinely sold off through auctions at prices that are 20-30% lower
than the prevailing market rate.
A bank auction can be an offbeat, albeit somewhat tedious way to steal a deal.
Under the SARFAESI (Securitisation and Reconstruction of Financial Assets and
Enforcement of Securities Interest) Act, 2002, banks are allowed to auction off
“repossessed” or “stressed” properties to recoup their losses. These properties are
seized by the banks after multiple missed payments by the borrowers. As banks
auction foreclosed properties primarily to recover the outstanding principal and
interest amount, these are often available at attractive discounts.
Read more at: https://economictimes.indiatimes.com/wealth/real-estate/you-can-buy-property-at-up-to-30-discount-in-auctions-heres-how-to-do-it/articleshow/69171141.cms
Kamagroup Pvt. Ltd.
Have a nice day.