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CHENNAI: The Economic Offences Wing of Tamil Nadu has announced the e-auction of over 10,000 DTCP-approved residential plots attached to the defaulted financial establishment Neomax Properties Pvt. Ltd. and its group entities.
The auction is being conducted under the supervision of the Madras High Court, in connection with ongoing proceedings aimed at recovering funds linked to the case.
OFFICIAL NOTICE
https://tneow.tn.gov.in/NEO_Max_Depositors_List.html
According to officials, the properties are distributed across 29 projects in multiple districts, including Virudhunagar, Madurai, Theni, Tirunelveli, and Thoothukudi.
The total number of plots is estimated at 10,158, though authorities have clarified that the figures are indicative.
Among the larger layouts are:
Virudhunagar Block B with 3,214 plots
Nellai Thunai Nagaram (Tirunelveli) with 1,925 plots
Okkur (Sivagangai district) with 1,228 plots
The e-auction will be conducted through the portal of MSTC Limited.
Inspection and document verification: March 2–13, 2026
Online registration begins: March 5, 2026
Facilitation support for bidders (Madurai): March 9–11, 2026
Auction period: March 17 to May 14, 2026
Timings: 10.30 a.m. to 5.00 p.m. on working days
No auctions will be conducted on Sundays, government holidays, or second and fourth Saturdays.
ALSO CHECK TamilNadu E-Auction Properties
Officials stated that the properties will be offered on an “as is where is” basis, and bidders are expected to satisfy themselves regarding title and physical characteristics prior to participation.
Earnest Money Deposit (EMD) is required in advance, except for eligible depositors
Around 300 plots are expected to be auctioned per day
Minimum bid increment: ₹10,000
The highest bids will be subject to confirmation by the Court. In cases where bids are not approved, the EMD will be refunded.
Successful bidders will be required to remit the full amount within 10 days of confirmation, failing which the deposit may be forfeited.
The EOW has advised prospective participants to:
Undertake independent verification of land titles
Make use of the inspection window prior to bidding
Check eligibility criteria for EMD exemptions, where applicable
The proposed auction is among the more extensive exercises undertaken by the State in recent years to dispose of attached properties in financial fraud cases. Officials indicated that the process is intended to ensure transparent recovery and redistribution of assets under judicial oversight, while also opening up opportunities for public participation in the acquisition of residential plots.
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