Golden opportunity to buy property at great prices? PNB Mega e-auction for properties begins today: Here is how to participate


New Delhi: Property buyers can look forward to buying property at great prices during the ongoing e-auction of properties by Punjab National Bank (PNB).

Punjab National Bank has also informed via a tweet that the bank is going to auction different types of property. According to the PNB tweet, the auction will be done on Monday (March 15). The bank has informed regarding the same through advertisements in different newspapers as well. The properties offered by PNB e-auction includes all types of properties, housing, residential, commercial, industrial.

How to participate for the PNB Mega e-auction of Properties?

The bid for PNB e-auction as the name suggests will be completely online. If you also want to bid in this digital auction, then for this you have to register first through your mobile number and email ID. After that you will have to upload papers for KYC. Once the verification is complete, online challan will be filled, only after which you will be able to bid online.

Usually, those properties whose loans could not be repaid i.e. properties on default, are placed in the auction by banks. Such properties are auctioned from time to time by banks through Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal.

“Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal is an initiative of Indian Banks Association (IBA) under the overarching policy of the Department of Financial Services (DFS), Ministry of Finance to provide a common platform to display details of mortgaged properties to be auctioned online by Banks, starting with Public Sector Banks. Prospective buyers may use this portal to search and view details of properties and participate in the auction process,” the Ibapi website reads.

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According to the information available on the IBAPI portal, 6,449 residential properties, 1734 commercial properties, 932 industrial properties, 18 agricultural properties, 30 properties over state are available. Auction of these properties has been conducted by 12 banks.

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Sagar Biswas

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