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Canara Bank has announced a major e-auction of 66 unfinished residential flats located in Eswarasankalp Homes at V.L. Puram, Rajahmundry (Rajamahendravaram), Andhra Pradesh . The auction is being conducted under the provisions of the SARFAESI Act, 2002 for the recovery of outstanding dues from the borrower.
The online auction is scheduled for July 31, 2026 , offering homebuyers and real estate investors an opportunity to purchase apartments at competitive reserve prices through a transparent bidding process.
| Particular | Details |
|---|---|
| Auction Date | July 31, 2026 |
| Auction Time | 2:00 PM to 4:00 PM (5-minute auto extensions until bidding concludes) |
| Last Date for EMD Submission | July 31, 2026 before 12:00 Noon |
| Property Inspection | July 28, 2026 (11:30 AM to 5:00 PM) |
| Auction Mode | Online through MSTC E-Auction Portal |
The auction has been initiated against M/s Eswarasankalp Developers , represented by its Managing Partner Sri Anisetti Durga Rama Krishna Reddy , along with guarantors and legal heirs mentioned in the sale notice.
According to the bank, the total outstanding liability stands at ₹28.15 crore (approximately) as on July 10, 2026 , excluding applicable interest, legal expenses and other recovery charges.
The properties form part of the Eswarasankalp Homes residential project situated at V.L. Puram, Rajahmundry Municipal Corporation .
The mortgaged asset includes:
The project is constructed on a large residential development where 66 builder-share flats have been mortgaged to Canara Bank.
The reserve prices vary according to the size and location of each apartment.
Reserve price range:
Most apartments are available between ₹23 lakh and ₹29.5 lakh , making the auction attractive for both end-users and investment buyers.
The auction includes multiple apartment configurations with super built-up areas such as:
The apartments are located in V.L. Puram, Rajahmundry , one of the rapidly developing residential areas of East Godavari district .
The project offers:
Interested bidders must deposit an Earnest Money Deposit (EMD) equal to 10% of the reserve price before the prescribed deadline.
The EMD can be deposited through the MSTC e-wallet or via RTGS/NEFT as per the auction instructions.
Bid increments are:
Prospective buyers can physically inspect the flats before participating in the auction.
Inspection Schedule
Interested participants should carefully review the detailed terms and conditions before bidding.
The online bidding process will be conducted through the MSTC e-auction platform , while detailed auction notices and property information are available on the Canara Bank website.
With reserve prices beginning at ₹23.11 lakh , the Canara Bank e-auction provides an opportunity for buyers to acquire residential flats in Rajahmundry below prevailing market values, subject to competitive bidding. Investors looking for ready-to-complete residential units and homebuyers seeking affordable apartments may find this auction particularly attractive.
