GETTING A COMMERCIAL PROPERTY


In most of the Housing Colonies, shopping booths and commercial sites have been planned for the convenience of the residents of the colonies. These commercial properties are disposed off through open auction or inviting sealed quotations. Mode of Recovery and general terms and conditions are as follows:-

MODE OF RECOVERY:

A. In case of Auction:-

  1. 25%of the total bid is required to be deposited at the fall of the hammer on the spot.
  2. Another 15% of the bid amount is required to be deposited within thirty days from the acceptance of the bid failing which 25% amount deposited at the time of auction is liable to be forfeited.
  3. Balance 60% is payable either in lump sum without any interest within sixty days of the issue of the allotment Letter.
    OR
    In sixteen half yearly equal installments with interest. First half yearly installment is payable after six months from the date of auction.

B. In Case of disposal by inviting sealed quotations:-

  1. 15% of the quoted amount is payable with quotation.
  2. 25% of the quoted amount is payable within thirty days of the acceptance of the quotation failing which 15%amout deposited with quotation is liable to be forfeited.
  3. Balance 60%is payable either in lump sum without interest within Sixty Days from the acceptance of quotation.
    OR
    In Sixteen Half Yearly equal installments with interest. At present the rate of interest is 20.5%. The first half yearly installment is payable after Six Months from the date of Issue of the allotment Letter.

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GENERAL TERMS AND CONDITIONS APPLICABLE IN CASE OF AUCTION/INVITING SEALED QUOTATIONS:-