Date:29/12/2006 URL: http://www.thehindubusinessline.com/2006/12/29/stories/2006122900491900.htm

Back IDBI Bank to e-auction Boat Club property

Our Bureau

Chennai , Dec. 28

IDBI Bank has called for prospective buyers to participate in an e-auction for a one-lakh sq ft property on Boat Club Road, a prime residential locality in Chennai.

This is the second attempt by IDBI Bank to sell the property through an online auction.

Last June, it had called for applicants to submit expressions of interest to participate in the e-auction but later called it off. Bank officials had then said that the response was not sufficient. It had then set the upset price at Rs 132 crore or Rs 12,645 per sq ft.

However, according to sources in the know, under the existing market conditions, they expect the property to fetch over Rs 150 crore now.

IDBI Bank has now advertised for the property with a land area of 1,04,381 sq ft including a built up space of 11,000 sq ft.

The marketing consultants are international real estate consultants Jones Lang LaSalle.

The EMD (earnest money deposit) to participate in the auction is Rs 50 lakh and the last date for submission of expressions of interest is January 22.