The State Bank of India (SBI) is conducting a mega e-auction of mortgaged commercial and residential properties of defaulters to recover bank dues on October 25. The bank will auction open plots, residential, industrial and commercial properties.
“Your next big investment opportunity is here! Join us during the e-auction and place your best bid," the SBI said on Twitter.
Respective branches of the SBI will publish advertisements in both English and vernacular newspapers as well as on social media about the auction. The advertisements will provide links of websites containing details of the properties to be auctioned. It will also list the pre-requisites for participating in e-auction.
The public notices will inform the prospective buyers if the property is freehold or leasehold, its size and location.
The SBI will also assign a designated contact person for the auction at the branches. Buyers can approach this person for questions related to the process and the properties. The bank will also allow the buyer to inspect the properties of their interest.
“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,” the SBI said.
The website has listed requirements for participating in the e-auction. Participants will have to provide a pre-bid amount or earnest money deposit (EMD) for the particular property as mentioned in the e-auction notice. They will also have to submit KYC documents with the concerned branch. Bidders will have to approach e-auctioneers or authorised agencies for a digital signature which is a must for the e-auction.
After the EMD is deposited and KYC documents are submitted, the concerned branch will send the bidders the login id and password for the auction through email. Bidders can then log in and bid during the auction hours on October 25.
(Edited by : Anshul)
First Published: IST