Foreclosureindia.com bridges the gap between the potential buyers of auction property and the banks that sell them by displaying the information at one place and also making the public conversant with the process of buying auction properties in India, thereby creating a market for auction properties in India.
It provides the buyers with access to wide range of choices of auction property in the city of their choice. As of now more than 18000 properties including flats, independent houses, open plots, agricultural and industrial lands and commercial property are listed on the site eliciting interest from thousands of buyers and investors. Foreclosureindia.com also helps the investors understand the process of buying the auction property from banks in India.
It also gives people a cheaper alternative to the conventional properties from builders and individuals. Its a boon to all the buyers who want to avoid brokerage charges since the properties can be bought directly from the banks by getting the information from the site.
Banks can get access to a huge base of potential buyers by listing their properties on the website. This increases the probability of the sale of their NPAs. Since the site exclusively lists auction properties, banks and financial institutions can get access to their target audience at one place. It also provides greater longevity to their auction notifications compared to the news papers, increasing their visibility. The properties are listed on the site till they are sold off.
Foreclosureindia.com provides a win-win situation for both the buyers and banks.