IOB ties up with Magicbricks to e-auction 500 properties worth Rs 500 crore

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Chennai | Published: October 17, 2019 2:43:12 AM

The properties are located in Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad, with a majority of them being in Chennai and Coimbatore.

Indian Overseas Bank, IOB, property sites in india, Magicbricks, e auction, re possessed properties, e auction, IOB, property in Chennai , property in Coimbatore, property in Mumbai, property in Kolkata, property in Delhi, property in Bengaluru, property in Hyderabad, property in Coimbatore, K Swaminathan, executive director, IOB, Magicbricks, Magicbricks, mega e auction, Magicbricks“The property buying process is now significantly impacted by digital engagement,” said K Swaminathan, executive director of IOB,

Indian Overseas Bank (IOB) has tied up with property site Magicbricks for e-auction of more than 500 re-possessed properties worth more than Rs 800 crore. The e-auction will be carried out in two phases on October 21 and October 30, said a release by IOB. The properties are located in Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad, with a majority of them being in Chennai and Coimbatore.

K Swaminathan, executive director of IOB, said: “Online platforms have emerged as a key driver for the real estate industry. The property buying process is now significantly impacted by digital engagement. With growing internet penetration, the trend towards e-auctions of properties has picked up speed in India. We are excited to share a new partnership with Magicbricks and look forward to the success of this mega e-auction.”

Property seekers need to log on to 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 the ‘as is, where is basis’, the release said.

Commenting on the association, Sudhir Pai, CEO of Magicbricks, said: “Over the last couple of years, we have witnessed significant success on our e-auction platform. 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-II and III cities.”

Meanwhile, IOB has informed the stock exchanges that it has received a communication regarding capital infusion of `3,857 crore towards contribution of the Centre in the preferential allotment of equity shares of the bank during 2019-2020 as the government’s investment.

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