Reserve price
The floor price in the notice. Bidding cannot start below it.
Reference
Auction glossary
The terms you will meet in an Indian auction notice, in plain English.
EMD
Earnest Money Deposit — a refundable pre-bid deposit, commonly about 10% of the reserve price.
Incremental bid amount
The minimum step by which each new bid must exceed the last.
As-is-where-is
You buy the asset in its current physical and legal condition, with no warranty from the seller.
Symbolic possession
The lender has legal possession on paper, but the property may still be occupied.
Sale certificate
The document issued to the successful bidder after full payment, used for registration.
SARFAESI
The 2002 Act that lets secured lenders enforce security and auction mortgaged assets without a court decree.