Previously, the State Bank of India had also informed via a tweet that the bank is going to auction different types of property. According to the SBI tweet, the auction will be done on December 30. The bank has informed regarding the same through advertisements in different newspapers as well. The properties offered by SBI e-auction includes all types of properties, housing, residential, commercial, industrial.
The bid for e-auction as the name suggests will be completely online. If you also want to bid in this digital auction, then for this you have to register first through your mobile number and email ID. After that you will have to upload papers for KYC. Once the verification is complete, online challan will be filled, only after which you will be able to bid online.
Usually, those properties whose loans could not be repaid i.e. properties on default, are placed in the auction by banks. Such properties are auctioned from time to time by banks through Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal.
“Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal is an initiative of Indian Banks Association (IBA) under the overarching policy of the Department of Financial Services (DFS), Ministry of Finance to provide a common platform to display details of mortgaged properties to be auctioned online by Banks, starting with Public Sector Banks. Prospective buyers may use this portal to search and view details of properties and participate in the auction process,” the Ibapi website reads.
According to the information available on the IBAPI portal, 3747 residential properties, 958 commercial properties, 532 industrial properties, 8 agricultural properties, 30 properties over state are available. Auction of these properties has been conducted by 12 banks.