SBI’s Mega e-Auction Of Residential, Commercial Properties On Dec 30: Eligibility, Dates, T&C

As per new reports, the State Bank of India (SBI) will be conducting an electronic auction of residential, commercial properties on December 30.

Read on to find out all about the eligibility and other details of this auction.

SBI To Auction Mortgaged Housing, Residential, Commercial, Industrial Properties

Mortgaged properties will be auctioned under a ‘mega auction’ by the SBI on December 30, wherein you will be able to invest in any property if you are interested. 

The properties that will be auctioned contain housing, residential, commercial, industrial, etc. These properties belong to bank loan defaulters who haven’t repaid their loans to the leading lendor of the country. Naturally, SBI will be regaining its money by selling these properties.

As per reports, 3317 residential , 935 commercial, 513 industrial and 9 agricultural properties will be auctioned.

The bank explained, “We at SBI 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.” 

The bidder will be required to register on the e-Auction Platform through a valid mobile number and email-id. A KYC verification process will be also be completed, wherein the bidder will be required to upload the requisite KYC documents which will be verified by the e-auction service provider.

Requirements For SBI Mega e-Auction

In order to participate in the SBI mega e-auction, you need to fulfill the following requirements:

• EMD for the property as mentioned in the e-auction notice.
• KYC documents will need to be submitted to the concerned SBI branch.
• Bidders will be able to approach the e-auctioneers or any other authorized agency in order to obtain digital signatures. 
• After the EMD is deposited and KYC documents are submitted by the bidder to the concerned branch, the bidder will be sent a registered login ID and password on the email by the e-auctioneers.
• As per the auction rules, bidders will need to login and bid during the auction hours on the date of the e-auction.

List of Upcoming Auctions

Within Next 7 Days – 758 (Residential) 251 (Commercial) 98 (Industrial)

Within Next 30 Days – 3035 (Residential) 844 (Commercial) 410 (Industrial)

Here are the links which you can follow for the complete details about the auction:

-bankeauctions.com/Sbi;

-sbi.auctiontiger.net/EPROC/;

-ibapi.in; and

-mstcecommerce.com/auctionhome/ibapi/index.jsp.