This document contains the particulars and terms governing the sale by public auction of the immovable property described in the Schedule below. The auction will take place on the 15th day of July, 2025, at 11:00 A.M., by M/s. Crescent Auctioneers, at their office situated at 36A, Civil Lines, Allahabad, acting under the instructions and authority of M/s. Unity Finance Corporation, exercising their powers under a registered Mortgage Deed dated 15th March 2022, executed by Shri Imran Ali S/o Shri Mujeeb Ali, resident of 45A, G.T.B. Nagar, Kareli, Allahabad, in favour of M/s. Unity Finance Corporation, to secure a loan with interest, as detailed below.
SCHEDULE OF THE PROPERTY TO BE AUCTIONED
- Plot Nos.: 1068 and 1068-A
- Location: G.T.B. Nagar, Kareli, Allahabad
- Total Area: 540.67 Sq. Mtrs.
- Boundaries:
- North: Unity Public School
- South: Other Land
- East: Road
- West: Road
- Measurements:
- North Side (East to West): 60 Ft.
- South Side (East to West): 60 Ft.
- East Side (North to South): 97 Ft.
- West Side (North to South): 97 Ft.
This is an open plot, free from all constructions, located at a corner site on the south side of the layout. The plot was originally allotted by U.P. Awas Vikas Parishad, and the current mortgagor is in default of the mortgage repayment.
INSPECTION
Prospective bidders may inspect the property on any working day between 10:00 A.M. and 4:00 P.M., until one day before the auction date.
CONDITIONS OF AUCTION SALE
- The property shall not be sold for a sum lower than the reserve price fixed by the auctioneers.
- No person shall be allowed to retract their bid once made.
- The highest and last undisputed bid will be accepted as the successful offer, subject to the auctioneer’s discretion.
- In case of any dispute about the last bid, the property will be immediately re-auctioned.
- Bidders must provide their full name and address in the auction register. All communications sent to that address shall be deemed served.
- The successful purchaser must immediately deposit 25% of the total bid amount with the auctioneers. Failure to do so will result in re-auction at the bidder’s cost and risk, including any loss and interest.
- The mortgagee (M/s. Unity Finance Corporation) shall provide the purchaser with an abstract of title within 10 days from the date of auction. The purchaser must raise any objections or requisitions within the following 10 days. After that, the title shall be deemed accepted.
- The balance 75% of the consideration, along with applicable stamp duty, registration charges, and other costs, must be paid within 30 days from the date of auction. Non-payment will result in forfeiture of the 25% deposit and re-auction of the property at the purchaser’s expense.
- Upon full payment, the purchaser shall be entitled to take possession of the property.
- If the sale deed is not executed within 30 days, the purchaser shall not object to any distribution of the purchase money by the mortgagee. The purchaser shall be deemed to have waived all such claims.
- It shall be the purchaser’s responsibility to obtain actual physical possession, file mutation, and complete any legal formalities with local authorities.
- The property is being sold on “as is where is” basis. The mortgagee or auctioneer offers no warranty or guarantee as to the condition, status, or legal title beyond what is provided.
- The mortgagor, Shri Imran Ali, had purchased the property via Sale Deed dated 13th September 2005, and executed a registered Mortgage Deed dated 15th March 2022 in favour of M/s. Unity Finance Corporation to secure a loan of Rs. 25,00,000/- repayable by 15th March 2024, with interest at 14% per annum. The mortgagor defaulted on repayment, entitling the mortgagee to enforce sale by public auction.
Dated this 2nd day of June, 2025
Place: Allahabad
Crescent Auctioneers
36A, Civil Lines, Allahabad
(Signature & Seal)