Apartments in Lincoln Ne, a popular residential area in central Delhi, are on the market for Rs 2.5 lakh.
The property has three bedrooms and one-and-a-half bathrooms, and has been on the block since May last year.
The owner, a former police constable, had leased it to a friend for Rs 4 lakh a month.
The property is currently worth Rs 2 lakh.
But the seller had asked for a 30 per cent deposit before bidding.
Now the house is on the auction block, with the property going for a whopping Rs 12,000.
The builder has said the project was a success.
“We had done it with no problems,” said Manish Gupta, the builder.
“The whole project was done in less than a week.”
The property was built with the help of a team of professionals, including a builder who worked for the Delhi Government.
The builder said the renovation project had taken eight months to complete.
The building was also constructed using recycled materials.
The owners, who are not being named, have been selling the property to the highest bidder for Rs 1.5 crore, and it is currently listed at Rs 2,000 each.