Auction properties up for grabs in Mumbai

Your hope to buy a property in Mumbai at a much lower rate than the market may be realised soon. Mumbai has about 12,000 flats up for sale by banks that are from EMI defaulters.

Areas these are located include places close to Andheri's Lokhandwala Complex; CHS Kajupada, Borivli East; areas near Gurudatta Colony, Kalyan (West) and suburbs such as Khargar, Navi Mumbai, Dombivili and Nerul and even prime areas in Bandra Palli Hill.

"These properties that are auctioned by the banks are about 30 per cent cheaper than the market value," says Sanjay Gawde, an investor and a regular at several such bank auctions announced in the city. 'With the markets set to look up this would be good time to target these auctions."

In Mumbai and its suburbs, according to Magicbricks data, an estimated 20,000 apartments and about 1000 homes are in the process of being notified, seized and auctioned off as home loan borrowers stop paying their monthly EMIs.

Read entire article on http://mchithane.org/Auction-properties-up-for-grabs-in-Mumbai.html

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MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.


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