SBI properties' mega e-auction today, here's how to register

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.