SBI mega e-auction on 10 Dec: 1,000 residential, commercial properties on sale; key things to know

By: | Published: December 3, 2018 5:12 PM

For those looking to buy affordable residential or commercial property having the least chances of fraud and without any legal hassle, a good opportunity has cropped with SBI’s mega e-auction sale.

SBI said that they are very transparent when putting immovable properties, mortgaged with the Bank / attached by Court order to auction.

For those looking to buy affordable residential or commercial property having the least chances of fraud and without any legal hassle, a good opportunity has cropped with SBI’s mega e-auction sale. The State Bank of India’s much-awaited Mega e-Auction is slated to be held on December 10th,wherein the firm is inviting bids will be opened for close to 1000 pieces of property from both commercial and residential spaces.

Interested persons can visit www.sbi.auctiontiger.net, www.bankeauctions.com/sbi, for registration and participating in SBI’s Mega e-Auction drive. Notably, these properties are being put on sale to recover dues from defaulters. “Our Bank puts up the mortgage properties (like Residential properties / Commercial properties etc.) of defaulters to recover the Bank dues,” said the firm on its website.

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While dealing in real estate can be opaque, SBI said that they 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. “We also incorporate all relevant details and state whether the same is freehold or leasehold, give its measurement, location etc., including other relevant details in the public notices issued for auctioning,” said the firm.

Requirements for participating in the Mega e-Auction

# EMD (Earnest Money Deposit) for the particular property as mentioned in the e-Auction notice.

# KYC Documents: to be submitted to the concerned bank branch.

# Valid Digital Signature: Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.

# Login ID and Password: Will be sent to the email ID of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch.

# Bidders to log in and bid during the auction hours on the date of e-Auction as per auction rules.

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