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IOB e-auction re-possessed assets of ₹800 cr.

IOB to e-auction ₹800 cr. re-possessed assets

Indian Overseas Bank (IOB) has tied up with Magicbricks for e-auction of over 500 re-possessed properties valued at more than ₹800 crore. The e-auctions will be held on October 21 and 30. Most of the properties are located in Chennai and Coimbatore and the rest in Mumbai, Pune, Nagpur, Kolkata, Ranchi, Meerut, Lucknow, Ludhiana, Hyderabad and Bhopal, said the bank. in a statement.

Property seekers need to log onto auctions.magicbricks.com/bank/event/IOB to register for the e-auction and can participate by depositing the earnest money with their nearest IOB branch. The properties put up for e-auction are on ‘as is, where is’ basis. K. Swaminathan, ED, IOB said: “Online platforms have emerged as key driver for the real estate industry. The property buying process is now significantly impacted by digital engagement. With growing Internet penetration, trend towards e-auctions of properties has picked up speed in India.”

“Ever since the launch, more than 1,300 re-possessed assets owned by banks have been auctioned through our platform. The latest association with IOB yet again validates the reach and scale of our e-auction platform. The platform has helped PSU banks liquidate their re-possessed assets in an effective manner thereby reducing physical infrastructure or manpower and lessening their financial burden. It has also made the entire process transparent. Through the platform, property seekers can now also have access to a wide range property in tier-2 and 3 cities,” said Sudhir Pai, CEO, Magicbricks.

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Printable version | Apr 3, 2020 9:26:08 PM | https://www.thehindu.com/business/iob-e-auction-re-possessed-assets-of-800-cr/article29714048.ece

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