PNB to conduct mega-auction online for properties: check date and other details | Photo credit: PTI
Highlights
- Potential bidders can select data segmented by database and location
- Notified properties are those that are notified by banks for auction with the date and time of the auction
- In addition to the notified properties, the banks are also uploading information about the properties that will be up for auction in the near future.
New Delhi: The state-run Punjab National Bank (PNB) announced Friday that it will conduct an electronic auction (e-auction) for residential and commercial properties starting June 4. If you are looking to buy a home at a price much lower than the existing market rate, you have a chance now with this auction.
Tweeting about the mega-auction, PNB said, “Any plans? Large. Prices ? Low! Those interested can visit the e-Bikray portal to find out all the details of the auction.
For the uninitiated, the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal or e-Bikray portal is an initiative of the Indian Banks Association (IBA) under the overall policy of the Department of Financial Services (DFS) , Ministry of Finance to provide a common platform to view details of mortgaged properties for auction online by banks, starting with public sector banks.
Potential buyers can use this portal to search and view property details and participate in the auction process. Potential bidders can select data segmented by database and location (states and districts) across all banks. Notified properties are those that are notified by banks for auction with the date and time of the auction.
Besides the notified properties, the banks are also uploading information about the properties that will be up for auction in the near future, but the date and time have yet to be notified. The type of property, location, number of rooms (in residential real estate) and type of property (freehold, leasehold, cooperative society and others) and the reserve price range are details shared by banks.
This will allow bidders to compare similar properties and choose properties of interest from the list displayed by clicking to view the bank auction date, reserve price, and property address and description. Photographs and videos of the properties that have been uploaded can also be viewed.
Guidelines for the online auction platform:
The tenderer must complete certain formalities well in advance. They are:
- Registration of the bidder / buyer: The bidder must register on the auction platform using their mobile phone number and email id
- KYC Verification: The bidder must upload the required KYC documents. KYC documents must be verified by the electronic auction service provider (it may take 2 business days).
- Transfer of the EMD amount to Bidder Global EMD Wallet: Online / offline fund transfer using NEFT / Transfer, using challan generated on the online auction platform.
- Bidding process and auction results: Interested registered bidders can bid online on the online auction platform after completing steps 1, 2 and 3.
It should be added that users can search the property details by state, district and bank. Information on the nature of ownership in the categories full ownership, emphyteusis, cooperative society and others is available on the portal. The property is searchable in the residential, commercial, industrial, agricultural and other sectors.
