Bank to auction Amrapali Group Noida office

We had purchased this 14,000 square feet office building for ₹4 crore in 2010. And now if the Corporation Bank auctions it for ₹9.10 crore, it is a good deal for us.

The Corporation Bank is scheduled to auction an Information Technology (IT) office of Amrapali Group that has failed to pay up ₹9.10 crore that it took as a loan. The online auction for the commercial property located in block C of sector 62 will take place on August 18 between 11.45 am and 1.15 pm.

Amrapali Group took a loan of ₹9.10 crore from the Corporation Bank for the property built on a 14,000 square feet plot. However, the group failed to clear the dues. The bank then put that account into non-performing assets category. Amrapali Group obtained the loan in the name Ultra Home Construction Private Limited.

“We have already taken symbolic possession of the property before issuing a public notice for online auction. Taking symbolic possession is a process necessary before auctioning. We want to recover our ₹9.10 crore,” said Ashok Chandra, zonal manager, Corporation Bank.

Amrapali has five unfinished housing projects in different sectors of Noida. Thousands of homebuyers have been suffering because the builder failed to finish the projects citing fund crunch. Six projects are in Greater Noida running behind schedule and buyers’ investment is stuck in these projects.

“We had purchased this 14,000 square feet office building for ₹4 crore in 2010. And now if the Corporation Bank auctions it for ₹9.10 crore, it is a good deal for us,” said Shiv Priya, director Amrapali Group.

According to bank officials, the highest bidder will get the premises. The bank is hopeful that it will be able to sell the property for ₹9.10 crore.