Mysore Maharaja's Rolls Royce - Up For Auction!

The era when the Maharaja’s galloped on chariots and horses, the Great Maharaja of Mysore, Krishna Raja Wadiyar IV was vrooming in the gorgeous Rolls Royce which even the animals envied.

16^th September, Bonhams London, will hold an exclusive auction where this beautiful machine, which just grows younger by the years will be auctioned. It is estimated to fetch about 4 Lakh pounds. A justified number for this blue blooded machine whose owner was one of the wealthiest man who died with a personal fortune of over $400 million in his time.

They have priced the quality and its ability to endure the road conditions of India. This was displayed at the Delhi Durbar celebrations of King George V in 1911 which included many cars for sale that could be used for the honoured guests and the Maharajas themselves at that time.

The beautiful RR Silver Ghost was passed to the maharaja of Mysore and was decorated by the coat of arms of the Maharaja himself.

Along with this, the second Silver Ghost which will be auctioned by Bonhams is recognized from 1908 and is one of the four models from that very year. Another car restored from the 1990’s by an Irish man is a three row seated RR built by Labourdette, a illustrious coach maker.

Another master piece which was used at Brooklands as a test vehicle for the International Touring Car Trial and is estimated to be auctioned to an amount upto 4 Lakh 25 Thousand Pounds.

Source Link- http://www.rediff.com/business/slide-show

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Do you know it all about – The Sarfaesi Act?

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, allows banks and financial institutions to auction properties (residential and commercial) when borrowers fail to repay their loans.

It enables banks to reduce their non-performing assets (NPAs) by adopting measures for recovery or reconstruction.

Where can buyers get information about the auctions?
Banks advertise such sales in at least one English and one regional newspaper, 30 days prior to the auction. Alternatively, you can look at websites like foreclosure.com

How is the auction price decided?
It depends on the market value of the property. Professional valuers determine the property value based on which banks fix a reserve or minimum bid price. The valuations tend to be on the conservative side as it is a distress sale. If the price fetched exceeds the bank's dues, the excess amount is given to the borrower.

How can you bid?
Interested bidders must submit their bids in a sealed envelope to the bank. Along with the bid, they must also deposit a certain percentage of the reserve price as earnest money deposit. This amount differs across banks and is refundable if one withdraws from the process or does not win.

What are the pros and cons of such buys?
Typically, these properties are 20-30 %cheaper than the market price. Also, since the bank had previously lent against the property, there is clarity on property title.
However, these properties are sold on an 'as-is' basis. There may be pending dues or even litigations. These liabilities, unless checked carefully, can get transferred to you automatically.

Source: http://www.rediff.com/business
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