Ongole Factory Auction: Shed with Plant and Machinery – Reserve ₹12.03 Lakh (14 Oct 2026)

Canara Bank has put a factory up for sale through the Ongole factory auction, open to all registered bidders on BAANKNET. On offer is a shed with plant and machinery in Ongole, Prakasam (PIN 523001). The online auction runs on 14 October 2026 (10:30 AM to 11:30 AM) with a reserve price of ₹12,03,000.

The property is being sold under SARFAESI on an “as is where is, as is what is and whatever there is” basis. Below are the reserve price, EMD, key dates, location details, bidding steps and a due diligence checklist for this auction.

Ongole Factory Auction: Key Highlights

• Reserve price: ₹12,03,000 (₹12.03 Lakh)
• EMD: ₹1,20,300
• Bid increment: ₹50,000
• Auction: 14 October 2026, 10:30 AM to 11:30 AM
• Last date for EMD: 13 October 2026, 4:00 PM
• Location: Ongole, Prakasam, Andhra Pradesh
• Possession: Symbolic

Ongole Factory Auction – Complete Details

Auction ID	364623
Bank property ID	CNRBSCHOLASTIC1
Bank	Canara Bank
Branch	Specialized Arm Branch, Tirupati
Property type	Industrial – Shed with Plant and Machinery
City / District	Ongole, Prakasam
State	Andhra Pradesh
PIN code	523001
Type of possession	Symbolic
Type of action	Under SARFAESI
Reserve price	₹12,03,000
EMD	₹1,20,300
Bid increment	₹50,000
Auto-extension	5 minutes per late bid

About the Location – Ongole

The property is located in Ongole, Prakasam district, Andhra Pradesh (PIN 523001). Andhra Pradesh’s property market is led by Visakhapatnam, Vijayawada, Guntur and Tirupati, with port-led and highway-led growth across the coastal districts. The handling branch is Specialized Arm Branch, Tirupati, which is usually the best contact for site visits and local queries.

Is the Ongole Factory Auction Worth It?

The EMD of ₹1,20,300 is 10% of the reserve price and is refunded to unsuccessful bidders. The real saving in a bank auction comes after you add stamp duty, registration, pending dues and repair costs to the bid, so set a firm ceiling before the auction starts. Note that the bank holds only symbolic possession, so taking physical possession may need extra time and legal steps.

Important Dates for the Ongole Factory Auction

• Inspection window: 2 October 2026, 11:00 AM to 2 October 2026, 4:00 PM
• EMD submission opens: 24 September 2026
• Last date for EMD: 13 October 2026, 4:00 PM
• E-auction: 14 October 2026, 10:30 AM to 11:30 AM
• Auto-extension: 5 minutes for every bid in the last minutes

How to Bid on BAANKNET

1. Register as a bidder on BAANKNET and complete e-KYC with PAN and Aadhaar.
2. Search for Auction ID 364623 and download the sale notice and terms.
3. Inspect the property during the inspection window by calling the branch contact on 9994376626.
4. Pay the EMD of ₹1,20,300 through the BAANKNET wallet before 13 October 2026, 4:00 PM.
5. Log in on 14 October 2026 and bid above the reserve in steps of ₹50,000; each late bid extends the auction by 5 minutes.

The successful bidder usually pays 25% of the bid amount (including EMD) immediately and the balance 75% within 15 days, unless the bank states otherwise. Stamp duty, registration charges, GST/TDS where applicable and any statutory dues are borne by the buyer.

Due Diligence Checklist Before Bidding

• Check whether the plot is freehold or leasehold (MIDC/SIDCO/KIADB etc.) and the transfer charges.
• Inspect machinery, if included, and confirm the inventory.
• Verify pollution, fire and factory licence requirements.
• Check pending electricity, water and statutory dues.
• Read our warehouse and godown buying guide before you bid.

Ongole Factory Auction: FAQs

More Canara Bank and Andhra Pradesh Auctions

• All Canara Bank auction listings
• More factory auctions
• Bank auctions in Andhra Pradesh
• Guide: finance options for commercial auctions

Source: Auction ID 364623 on BAANKNET (PSB Alliance). eBankAuctions is an information platform and does not conduct auctions; details may change, so verify with Canara Bank before bidding.