| LOT NO[PCB GRP]/LOT NAME | LOT DESC | QUANTITY | GST | LOCATION | PRE BID EMD AMOUNT |
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Lot No:
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1
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Lot Name:
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Flat (3 BHK)
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Flat (3 BHK)
Area : Super BUA (approx.) - 1140 sft UDS (approx.) - 770 sft
3 BHK Flat no. 16/3062
Note:
Individual policy holders who are Indian Nationals and are major/have attained the age of 18
years at the time of applying and Competent to contract and hold in force Insurance Policy/ies
(issued by LIC OF INDIA) for at least Rs.50,000/- sum assured are eligible to participate in the
auction process.
Bidder has to upload Self Declaration as per the prescribed format given below online using Upload Document link available in the buyers login on or before 23.05.2025
Note: Property is being on sale As is where is, As is what is, Whatever there is and without recourse basis.
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1 NO
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As Applicable / As Applicable
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Jeevan Bima Nagar Annanagar W Extension Chennai 600101 State :Tamil Nadu
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200,000.00
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Lot No:
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2
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Lot Name:
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Flat (3 BHK)
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Flat (3 BHK)
Area : Super BUA (approx.) - 1140 sft UDS (approx.) - 770 sft
3 BHK Flat no. 18/3071
Note:
Individual policy holders who are Indian Nationals and are major/have attained the age of 18
years at the time of applying and Competent to contract and hold in force Insurance Policy/ies
(issued by LIC OF INDIA) for at least Rs.50,000/- sum assured are eligible to participate in the
auction process.
Bidder has to upload Self Declaration as per the prescribed format given below online using Upload Document link available in the buyers login on or before 23.05.2025
Note: Property is being on sale As is where is, As is what is, Whatever there is and without recourse basis.
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1 NO
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As Applicable / As Applicable
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Jeevan Bima Nagar Annanagar W Extension Chennai 600101 State :Tamil Nadu
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200,000.00
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Lot No:
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3
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Lot Name:
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Flat (3 BHK)
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Flat (3 BHK)
Area : Super BUA (approx.) - 1140 sft UDS (approx.) - 770 sft
3 BHK Flat no. 24/3096
Note:
Individual policy holders who are Indian Nationals and are major/have attained the age of 18
years at the time of applying and Competent to contract and hold in force Insurance Policy/ies
(issued by LIC OF INDIA) for at least Rs.50,000/- sum assured are eligible to participate in the
auction process.
Bidder has to upload Self Declaration as per the prescribed format given below online using Upload Document link available in the buyers login on or before 23.05.2025
Note: Property is being on sale As is where is, As is what is, Whatever there is and without recourse basis.
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1 NO
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As Applicable / As Applicable
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Jeevan Bima Nagar Annanagar W Extension Chennai 600101 State :Tamil Nadu
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200,000.00
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Lot No:
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4
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Lot Name:
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Flat (3 BHK)
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Flat (3 BHK)
Area : Super BUA (approx.) - 1140 sft UDS (approx.) - 770 sft
3 BHK Flat no. 25/3097
Note:
Individual policy holders who are Indian Nationals and are major/have attained the age of 18
years at the time of applying and Competent to contract and hold in force Insurance Policy/ies
(issued by LIC OF INDIA) for at least Rs.50,000/- sum assured are eligible to participate in the
auction process.
Bidder has to upload Self Declaration as per the prescribed format given below online using Upload Document link available in the buyers login on or before 23.05.2025
Note: Property is being on sale As is where is, As is what is, Whatever there is and without recourse basis.
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1 NO
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As Applicable / As Applicable
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Jeevan Bima Nagar Annanagar W Extension Chennai 600101 State :Tamil Nadu
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200,000.00
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Lot No:
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5
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Lot Name:
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Flat (3 BHK)
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Flat (3 BHK)
Area : Super BUA (approx.) - 1140 sft UDS (approx.) - 770 sft
3 BHK Flat no. 23/3090
Note:
Individual policy holders who are Indian Nationals and are major/have attained the age of 18
years at the time of applying and Competent to contract and hold in force Insurance Policy/ies
(issued by LIC OF INDIA) for at least Rs.50,000/- sum assured are eligible to participate in the
auction process.
Bidder has to upload Self Declaration as per the prescribed format given below online using Upload Document link available in the buyers login on or before 23.05.2025
Note: Property is being on sale As is where is, As is what is, Whatever there is and without recourse basis.
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1 NO
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As Applicable / As Applicable
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Jeevan Bima Nagar Annanagar W Extension Chennai 600101 State :Tamil Nadu
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200,000.00
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(All % indicated are percent of Basic Material Value i.e. Rate as per Sale Intimation Letter*Lot Quantity)
ALL CONTRACTS/TRANSACTIONS ENTERED INTO BY THE BUYER/BIDDER ARISING OUT OF THIS E-AUCTION SHALL BE GOVERNED BY THE INTEGRITY PACT AVAILABLE ON OUR WEBSITE, www.mstcindia.co.in
Bidders has to inspect the property before bidding and they has to satisfy themselves. For any assistance regarding property, bidders are instructed to contact LICI, Chennai only. In case of any dues and any dispute regarding property, Bidders are requested to contact LICI, Chennai. MSTC Ltd is mere an e-Auction Service Provider for the Seller i.e. LICI, Chennai who has the ownership and physical possession of the property. Any dispute regarding property is to be represented to the Seller and not to MSTC LTD. Applicable Taxes and Other charges at the time of Delivery to be borne by the buyer.
Important Notes & Documents
1.
Click Here For Sale Brochure and layout
2. Bidder has to submit Self Declaration form online using Upload Document link available in the buyers login on or before 23.05.2025 as per the prescribed format given in lot description . Without uploading documents buyers will not get access to submit online bids.
3. For property auction registration with MSTC, prospective buyers have the option to register themselves as buyers for 'Property Auctions.' Please note that a non-refundable, one-time registration fee of Rs. 1000+GST must be paid online
This E-Auction sale is governed by the
GENERAL TERMS & CONDITIONS (GTC),
BUYER SPECIF IC TERMS & CONDITIONS (BSTC) AND
THE SPECIAL TERMS & CONDITIONS (STC) of the e-auction. In case of any conflict or difference among any provisions of GTC, BSTC & STC, the provisions of STC will supersede others in the particular e-auction.
Print/Signed copies of AL will not be issued. Digitally Signed copies AL will be send by email only. Bidders in their own interest should check their e-mail regularly regarding any communication related to the specific e-auction.
MSTC will not be responsible for deactivation of the bidders log in because of delay in receipt of communication from the seller/Principal regarding receipt of EMD in sellers account. In case the bidders log in is deactivated because of delay in communication from the seller, then bidder will directly take up the matter with the seller for giving communication to MSTC regarding receipt of EMD in their account. MSTC will issue AL/SO and activate log in of the buyer (in case it is deactivated) on getting written communication from registered official email of the seller.
1. E-auction bids are invited for sale of above items on "As is where is", "As is what is", "Whatever there is and without recourse basis". Any quality/quantity issues will not be entertained post auction.
2. The word SELLER/PRINCIPAL wherever appearing means LIFE INSURANCE CORPORATION OF INDIA, Chennai or its authorized representative.
3. The word MSTC wherever appearing means the MSTC LIMITED, Chennai hereinafter referred to as SELLING AGENT OF SELLER.
4. The Word BIDDER wherever appearing means, firm or Company or any person duly registered with MSTC for the purpose which is interested in participating and purchasing the materials put up for sale in this e-auction.
5. The Word PURCHASER/BUYER wherever appearing means, firm or Company or any person duly registered with MSTC for the purpose, whose rate has been accepted by the SELLER/PRINCIPAL and the sale order has been issued in his/her favor.
6. The Auction Catalogue appearing on the day of e-auction under VIEW LIVE E-AUCTION will be final and may be downloaded.
7. E-Auction opening time, closing time, inspection schedule and other dates & times mentioned in the e-auction catalogue may be treated as (IST) Indian Standard Time only.
8. The Buyers/Bidders who are interested to purchase the product under sale through e-auction should get themselves registered with MSTC as buyer for e-auctions before commencement of e- auctions.
9. RATE: The Bidder shall quote/offer online their bids as per the UOM (Unit of Measurement) displayed during live auction. Rates submitted are exclusive of applicable levies. Applicable levies and duties during the pendency of the contract will be charged extra as ruling on the date of dispatch. Any increase/decrease in levies etc or imposition of any new duties & taxes by Statutory Authorities would be on the account of successful bidder(s) and payable by the successful bidder(s).
10. CONTACT PERSONS:
10.1. Seller/Principal Details: (LIFE INSURANCE CORPORATION OF INDIA/ Chennai) :-
Sh. N. Sundararaju, Deputy Chief Engineer, LICI, Chennai, Mob.: 944760729 / 8778950725
e-Mail: n.sundararaju@licindia.com
Sri A.Johnson Ravi, Exe.Engineer, LICI, SZO, Chennai, Mob.: 9791163205,
e-mail: sz_enggmaint@licindia.com
10.2. MSTC LIMTED, Chennai:
1. Shri Shreyash Ganguly, Assistant Manager, Mobile no. +91-9432092939, Ph. No. 044-28285095,
e-mail id: sganguly@mstcindia.co.in, sroopn12@mstcindia.in, mstcsro@mstcindia.co.in
2. Mr. Jonah Pandian, Officer On Special Duty (OSD), Mobile no.8148506037
E-MAIL ID: jonahmstc@gmail.com
MSTC IVRS HELPLINE: 07969066600; HELPLINE: Registration reg.: 09499054103; Other enquiry: 09499054101-104
11. The Auction catalogue displayed under view forthcoming auctions on MSTC's e-auction website is tentative and subject to change at the sole discretion of MSTC/Seller before the start of e-auction. Bidder(s) should, therefore, download the Auction Catalogue including material list and STC displayed in live auction floor for their record purpose, if required, and bid accordingly.
12. MSTC/Seller shall have the right to issue addendum to the GTC or BSTC or STC to clarify, amend, modify, supplement or delete any of the conditions, clauses or items stated therein and the Addendum so issued shall form a part of the original STC.
13. INSPECTION OF PROPERTY/DATE OF E-AUCTION:
13.1. For inspection of premises, the interested Bidders may contact the stock holder as per inspection schedule given in the Auction Catalogue.
13.2. The interested bidders on displaying MSTC e-auction Photo ID Card to the PRINCIPAL will be permitted to inspect the properties which are at respective places shown above in the presence of concerned Officer or designated contact person. Any clarification required may be sought by the Bidders from the PRINCIPAL at the time of inspection, and no dispute regarding the material or its physical conditions / location will be entertained post auction.
13.3. For inspection of premises, the seller/company name, date of commencement of inspection, name of contact official with their contact details are as mentioned above.
13.4. The buyer has to satisfy himself about the quality, quantity, duration (old or new) and conditions of the property before participating in the auction.
13.5. The auctioned premises are being sub leased on as is where is basis through e-auction.
PHOTOS OF PROPERTIES(IF ANY) MENTIONED IN ANNEXURE OF AUCTION IS STRICTLY FOR REFERENCE PURPOSE ONLY. BUYERS HAVE TO INSPECT THE PREMISES THOROUGHLY AND SATISFY THEMSELVES ABOUT THE NATURE ,AND CONDITION OF THE STRUCTURE,SERVICES ETC. OTHER PROPERTIES, IF ANY, BEFORE SUBMITTING THE BID. MSTC/PRINCIPAL WILL NOT BE RESPONSIBLE FOR ANY COMPLAINT IN THIS REGARD
14. MSTC/Seller reserves right to stop/postpone/cancel the e-auction at any stage without assigning any reason there for.
15. MSTC/Seller reserves right to modify/alter/cancel any of the above-mentioned Terms and Conditions pertaining to the e-auctions as and when required.
16. PAYMENT OF PRE BID EMD (if Applicable):
16.1.In order to participate in bidding for properties which require pre bid EMD( Rs. 2.0 lacs), the bidder is required to have sufficient balance in the EMD wallet provided to the bidder for the purpose. A bidder can add money to its EMD wallet anytime through RTGS/NEFT mode only and by following the link Pay Pre Bid EMD link provided in the dashboard. Bidders in their own interest are advised to keep sufficient balance in their EMD wallet to bid in any auction and avoid any last minute hiccup. MSTC/Seller shall not be responsible for any delay in crediting of the money in MSTC s bank account due to any reason resulting in delay in updating the EMD wallet of the bidder.
16.2. After closing of e-auction, unsuccessful bidders can raise a request for refund of Pre Bid EMD using EMD Refund Request link and they can also check the EMD refund status under EMD LEDGER link available in bidder's login home page.
16.3. For successful bidders the pre-bid EMD will be adjusted while making the post EMD deposit.. H1 bidder has to deposit the differential amount of the Security Deposit within 15 days from the date of closing of E auction. The pre bid EMD amount will be forfeited in case the bidder fails to deposit the post EMD deposit as per Sale intimation letter & as per terms and condition of E auction. The other unsuccessful bidders will take back the pre-bid EMD. No interest will be given on pre-bid amount.
17. BIDDING PROCESS:
(i) The bid value shall be the basic price of the material exclusive of all applicable levies, Duties etc., quoted as per the Unit Of Measurement (UOM) in INR.
(ii) Each e-auction lot is a separate entity for bidding. Bidders have to bid separately for each e- auction lot.
(iii) Auto Extension: E-Auction period will normally be of 4(four) hours duration subject to automatic extension. If any bid is received during the last 8 (eight) minutes before scheduled close of auction for any lot, its close time will get automatically extended by 8 minutes from the time of last bid in order to give equal opportunity to all bidders. Bidding will close for a particular lot either at the scheduled close time or a period of 8 (eight) minutes during which no bid has been recorded, whichever happens later.
(iv) Bid Increment: During normal and in the extended period of e-auction, bidders can increase bid minimum by Rs.25000/-(Twenty five thousand)/UOM or in multiple of Rs.25000/-(Twenty five thousand)/UOM or according to the minimum bid increment amount specified in STC.
(v) Auto bid facility: In the e-auction, a bidder may give instruction to the computer to increase his bid by a fixed amount by clicking on the Auto bid button. Once the bidder clicks on the Auto bid button, the computer will ask for incremental value and maximum amount he is willing to bid. The bidder has to fill up these values and submit.
18. SELLER/MSTC will not provide any computer terminal to bidders to submit their bids.
19. The buyer(s) should not transfer the offer awarded to him/her/them to others and also no sub-lease is allowed. In case of deviation of any of the e-auction conditions, the offers shall be cancelled besides forfeiting the deposit amount and imposing penalty as decided by SELLER or its authorities.
20. E-AUCTION RESULT/STATUS:
It must be personally seen by the Bidders online through the link Auction Lot Status immediately after closing of e-Auction which will be displayed up to 7 (Seven) days from the date of Closing of e-Auction (excluding the date of closing of e-Auction) and payment of Post-Bid EMD must be made accordingly. Immediately after closing of e-Auction, a system generated automatic Sale Intimation Letter will be issued by e-mail to the Successful Bidder. The bidders must always keep their registered email account valid, failing which bidders will be liable for non-compliance of payment/delivery instructions if issued by MSTC/SELLER from time to time.
21. It is the responsibility of the bidder to verify the status of his bids and pay the post bid EMD accordingly.
22. PAYMENT OF post bid EMD:
Successful Bidders/Buyers, for accepted lots, have to deposit the post bid EMD, within 15 days from the date excluding the closing of e-auction. The buyer has to deposit POST BID EMD equivalent to 30% of quoted Basic value of the accepted lots & for the lots accepted from STA directly to account of the seller.
Account details of the seller are given below :
Beneficiary Name: LIFE INSURANCE CORPORATION OF INDIA
Bank Details
Bank Name :UNION BANK OF INDIA
Branch :ANNA SALAI
A/c No : 510101001138234
IFS Code :UBIN0906751
If the last date of payment happens to be the Bank/MSTC Holiday, the payment will be accepted on the next working day without late payment charge.
22.1. This pre and post bid EMD in any case shall not carry any interest and the same shall be adjusted towards the balance sale value OR in the final installment if installment payment is acceptable and is mentioned in the STC.
22.2. For Lots under STA, Post Bid EMD is to be submitted within 15 days (excluding the date of acceptance) after the lot is approved by the seller.
22.3. Non-payment will result in automatic deactivation of Bidders login.
22.4. Although immediately after closing of e-Auction, a system generated automatic Sale Intimation Letter will be issued by e-mail to the Successful bidder. It must be noted by the Bidders that such Sale Intimation Letter will be issued by MSTC only for the purpose of record and payment of Post-Bid EMD will have to be made within the stipulated time. Buyers must, therefore keep a watch on their incoming e-mail. No hard copy of the Sale Intimation Letter (for Confirmed or STA) will be issued by MSTC.
22.5. DEFAULT IN PAYMENT OF POST BID EMD:
In case the successful Bidder fails to pay post bid EMD, the buyers login will be de-activated from participating in all e-Auctions conducted through MSTC Ltd across India irrespective of sellers for a minimum period of 6 (six) months. After expiry of this deactivation period and due considering their request for reactivation which will be at the sole discretion of MSTC Ltd, all facts including the number of PRINCIPALS / e-Auctions / Lots for which he had failed will be taken into account. The unsold Lot may be put up for re-Auction after receipt of confirmation from seller.
22.6. Acceptance letter will be issued by MSTC on receipt of Post Bid EMD. Acceptance letter will have details about payment of the balance sale value and applicable taxes/duties(If any).It may be noted that Acceptance Letter will be issued by MSTC only for the purpose of record and payment of balance sale value along with taxes and duties must be made within the specified time. If the last date of payment happens to be the Bank/MSTC Holiday, the payment will be accepted on the next working day without late payment charge.
23. PAYMENT OF SALE VALUE WITH TAXES AND DUTIES:
The allottees shall deposit the sale price as per the stages mentioned below:
Successful bidders/buyers, for accepted lots, have to deposit the balance accepted sale value (after adjusting pre-bid EMD amount) within 30 days from the date of issue of allotment letter.
(OR)
STAGE I: First Installment 15 days from the date of e-auction/ STA approval date @ 30% of sale value.
STAGE II: Second Installment 40 days from the date of issue of allotment letter @ 30% of sale value.
STAGE III: Third & Final Installment 60 days from the date of issue of allotment letter (Balance amount after adjusting the EMD amount, Stage I & Stage II)
If the above payments are not paid in time, 9% interest will be charged for the late period.
However, Extension of this time may be considered by Chief Engineer, LIC of India, SZO, Chennai at his discretion based on the request of the applicant for any genuine reasons. Please note that the flat shall be handed over only if entire dues to the Life Insurance Corporation of India and other statutory charges if any are paid to LIC, failing which the allotment stands cancelled including the forfeiture of EMD amount as stated in the brochure. The amount is payable by crossed Demand Draft drawn in favour of LIFE INSURANCE CORPORATION OF INDIA payable at Chennai (or) through NEFT payment. This amount will not carry any interest.
IF the buyer fails to deposit the balance sale value as mentioned in the allotment letter within the specified and extended period, then the allotment of the buyer will be cancelled along with forfeiture of the Pre bid EMD amount of the buyer i.e Rs. 2,00,000/-.
The sale value will be deposited to seller account as per the details mentioned in the sale order. Account details of seller where balance payment is to be remitted are given in clause no. 22.
24. ARBITRATION/ LEGAL JURISDICTION Only the Courts in CHENNAI shall have the exclusive jurisdiction to entertain any dispute connected with the arbitration proceedings or any other matter or claim arising out of or in connection with the e-auction.
(i) The Bidder(s)shall have no right to issue any addendum to these Special Terms and Conditions or Buyer Specific Terms and Conditions to clarify, amend, supplement or delete any of the conditions, clauses or items stated therein.
(ii) Seller reserves the right to accept / reject any offer / bid, withdraw from sale, the materials offered for sale in full or part thereof prior to or after the acceptance of the without specifying any reason thereof.
(iii) MSTC Ltd is mere an e-Auction Service Provider for the seller who has the ownership and physical possession of the material. Any dispute regarding quantity, quality and delivery of the materials are to be represented to the Seller and not to MSTC LTD. Applicable Taxes and Other charges at the time of Delivery to be borne by the buyer.
(iv) In case of any dispute regarding payment/delivery or any other matter relating to this E-AUCTION, the decision of MSTC/SELLER shall be final.
(v) MSTC payment as per the sale order has to be remitted directly to MSTC Chennai account through e-payment gateway by generating a new challan for each transaction.
NOTE: GST rates as indicated in this e-auction catalogue are only indicative. Actual GST rates as applicable on the last date of delivery order shall be applicable. Bidders are required to satisfy themselves about GST rate through their own sources/means before bidding in this e-auction and any discrepancy should be intimated to MSTC / Seller at least one working day prior to the e-auction. No complaint from any bidder thereafter, regarding any variation will be entertained after the e-auction goes on live floor. Nonpayment of sale proceeds on the ground of any discrepancy of GST rate will be treated as default and action as deemed fit including but not limited to forfeiture of EMD/SD will be taken against the bidder.
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