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Bank of Baroda mega e-auction of properties on October 22; all you need to know

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BoB will auction 526 properties starting from October 22. While real estate may be available at discounted rates in these e-auctions, buyers are best advised to do a good bit of due diligence before sealing a deal.

Bank of Baroda mega e-auction of properties on October 22; all you need to know
Bank of Baroda (BoB) has announced that it will be hosting a mega e-auction of properties on October 22. The state-run bank tweeted, “Here’s your chance to buy a property you like! #BankofBaroda presents Mega e-Auction on 22nd October 2021.”
Prospective buyers can purchase land for commercial, industrial, residential or other use, with houses, flats, office space, land and plots up for grabs. Banks auction the mortgaged properties of loan defaulters to recover their dues. In order to recoup their losses, banks auction such properties using the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal.
The auction will be held on October 22, according to the rules of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002. A total of 526 properties will be open for bidding.
Interested individuals can visit the BoB website for additional details regarding the properties available for auction. They can also visit the eBkray portal of Indian Banks Auctions Mortgaged Properties Information (IBAPI) without needing to register or log in. Through the portals and websites, individuals will be able to search and filter properties based on their own preferences and price ranges.
Bank auctions often provide a way for potential buyers to grab property at lower rates than they would get otherwise, but such online auctions have their own drawbacks as well. Since auctions can often convey only symbolic rights and there is very little recourse for a buyer in case of trouble, potential buyers are advised to carefully do due diligence before purchasing a property in a bank auction.
Bank of Baroda is not the only one that has announced a mega e-auction of properties. India’s largest public sector lender, State Bank of India (SBI), has also announced that it will be opening up its own mega e-auction of properties from October 25. The bank will auction plots, residential, industrial and commercial properties.
The individual branches of the SBI will publish details of the properties and criteria for participation in the e-auction through advertisements in local newspapers and social media.
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