The country's largest lender, State Bank of India, has announced a huge property e-auction on March 5, 2021. These properties simply defaulted mortgage assets that the bank is auctioning off to recoup the debt.
On its Twitter post, the bank wrote "Bid for the best! Here's your chance to buy cheaper Residential & Commercial Properties, Land, Plant & Machinery, Vehicles and many more. Attend SBI Mega E-Auction and place your best bid."
The information of such properties that have been placed up for e-auction can be found by clicking on the links given in the advertising. Prospective Buyers may approach a designated contact person for auction at the Branches for any clarifications on the auction process and the property they are interested in, as well as to inspect the properties of their preference.
Prospective buyers can online register under any one of the categories - Individual, Group of Individuals, Firm, Company, Cooperative Society/Trust, Government Department/PSU, Any other Legal Entity.
Bid for the best! Here’s your chance to buy cheaper Residential & Commercial Properties, Land, Plant & Machinery, Vehicles and many more. Attend SBI Mega E-Auction and place your best bid.— State Bank of India (@TheOfficialSBI) March 1, 2021
Know more: https://t.co/vqhLcagoFF #Auction #MegaEAuction #Properties #DreamHome #Land pic.twitter.com/80CNZueg6k
What are the requirements for participating in e-Auction?
- EMD for the particular property as mentioned in the e-Auction notice.
- KYC Documents must be sent to the branch in-charge.
- Bidders may obtain digital signatures from e-auctioneers or any other approved entity.
- E-auctioneers will send login ids and passwords to bidders' email addresses after they deposit EMDs and upload KYC documents to the relevant branch.
- Bidders must log in and bid during the auction hours on the e-Auction date, as stated in the auction rules.
Experts in the real estate industry say that auctions can also include significant discounts that are not available anywhere else. It is frequently 10-20% less costly than the current market cost. However, there could be land disputes, and if you get into trouble, the bank will not be responsible.