Most of these properties are those that have been pledged as collateral for housing and other business loans.
A mega-auction of over a thousand open plots, commercial, residential and industrial properties will be conducted by the State Bank of India (SBI) on February 26.
The properties, all non-performing assets (NPAs), will be auctioned by the bank this month to recover its dues from those borrowers, sources told Moneycontrol.
"We at SBI are very transparent when putting immovable properties, mortgaged with the Bank/attached by Court order to auction, by furnishing all the relevant details that can make it an attractive proposition for bidders to participate in the auctions. We also incorporate all relevant details and state whether the same is freehold or leasehold, give its measurement, location etc., including other relevant details in the public notices issued for auctioning," the bank said on its website.
Most of these properties are those that have been pledged as collateral for housing and other business loans. These were then taken over by the bank under the Security and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act due to non-payment of pending dues by the borrowers.
How to register
The bank, via its official Twitter handle, provided the link where bidders can register for the auction."Mark your calendar to participate as a bidder in the SBI Mega E-Auction that will take place on 26th February 2020. Register and get a chance to purchase properties at a much lower rate. Register here: bank.sbi/web/sbi-in-the-news/auction-notices/mega-e-auction," the tweet read.
Mark your calendar to participate as a bidder in the SBI Mega E-Auction that will take place on 26th February 2020. Register and get a chance to purchase properties at a much lower rate. Register here: https://t.co/n9tHSXi1zy#SBI #SBIMegaEAuction #BeABidder #ForeclosedProperties pic.twitter.com/3LHMebRljt
— State Bank of India (@TheOfficialSBI) February 25, 2020
Requirements to participate in the e-auction
- Earnest Money Deposit (EMD) for the particular property as mentioned in the e-auction notice
- Know Your Customer (KYC) Documents - to be submitted to the concerned Branch
- Valid Digital Signature -Bidders may approach e-auctioneers or any other authorised agency to obtain a digital signature
- Login Id and Password– Will be sent to the email id of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch
- Bidders to login and bid during the auction hours on the date of e-auction as per auction rules