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The online bidding for the 10-acre property belonging to HTL Ltd in Guindy has been put off to next month.
The e-auction for the prime property on the southern outskirts of Chennai was to be held today, but was put off after potential bidders sought time as payment schedules were ‘stringent’.
Over a dozen potential bidders including a couple of private equity funds and eight developers participated in the pre bid meeting a couple of days back.
They had sought additional time as the size of the deal was quite big with the reserve price pegged at Rs 250 crore for the property, said sources in the know.
The prime property is in the possession of State Bank of India under the Sarfaesi Act that allows banks and financial institutions to auction properties when borrowers fail to repay.
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