Bank of Baroda (BoB) has announced that it will host an online mega-auction of properties on October 22. The state bank tweeted, “Here is your chance to buy a property you love! #BankofBaroda presents Mega e-Auction on October 22, 2021.
Potential buyers can purchase land for commercial, industrial, residential or other use, with houses, apartments, offices, land and plots up for grabs. Banks auction off the mortgaged properties of defaulting debtors to collect their contributions. In order to recoup their losses, banks auction these properties using the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal.
The auction will take place on October 22, in accordance with the rules of the 2002 Law on Securitization and Reconstruction of Financial Assets and Enforcement of Collateral (Sarfaesi). A total of 526 properties will be open for auction.
Those interested can visit the BoB website for more details regarding the properties available for auction. They can also visit the Indian Banks Auctions Mortgaged Properties Information (IBAPI) eBkray portal without needing to register or log in. Through portals and websites, individuals will be able to search and filter properties based on their own preferences and price ranges.
Bank auctions often provide a way for potential buyers to acquire goods at lower rates than they would otherwise get, but these online auctions also have their own drawbacks. Since auctions can often only pass on nominal rights and there is very little recourse for a buyer if something goes wrong, potential buyers are advised to do their due diligence before purchasing a property when buying property. ‘a bank auction.
The various branches of the SBI will publish details of the properties and criteria for participating in the auction online through advertisements in local newspapers and social media.
(Edited by : Shoma bhattacharjee)