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  1. SBI Mega real estate e-auction begins today! How to bid online for 1000 commercial, residential properties

SBI Mega real estate e-auction begins today! How to bid online for 1000 commercial, residential properties

For those planning to buy commercial and residential properties, State Bank of India (SBI) is coming up with online auction of 1,000 commercial and residential properties starting today.

By: | Updated: May 29, 2018 9:12 AM
SBI mega auction is back The SBI Mega e-Auction, to be held on 29th May, 2018, will be held across the country.

For those planning to buy commercial and residential properties, State Bank of India (SBI) is coming up with online auction of 1,000 commercial and residential properties starting today. The prospective buyers can register themselves for the e-auction with the bank but KYC (Know Your Customer) documents are mandatory to be submitted to the concerned branch in order to avail SBI’s mega e-auction scheme, according to the SBI’s official website. “The SBI Mega E-Auction is here! Register and on 29th May, 2018, bid for a chance to own any of the 1000 properties being auctioned”: SBI’s twitter handle said. However, prospective buyers must properly review the ownership clauses before going for a purchase.

The SBI Mega e-Auction, to be held on 29th May, 2018, will be held across the country. Interested persons can visit www.sbi.auctiontiger.net, www.bankeauctions.com/sbi, www.bankeauctionwizard.com or www.tenderwizard.com/sbieauction for registration and participating in SBI’s Mega e-Auction of prime residential and commercial properties.

Requirements:

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.

Subject to eligibility, loans will also be available to the successful bidders, the website said. Generally, these pieces of properties are usually those types of properties which are pledged as collateral for business and housing loans.  However, these are taken over by the bank under the Security and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act owing to non-payment of dues by the borrowers.

SBI Q4 Results 2018

India’s largest bank by assets and third-largest by market capitalisation State Bank of India (SBI) reported a standalone net loss of Rs 7,718.17 crore for the quarter ended 31 March 2018 as bad loan provisions doubled as compared to same quarter last year.

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