IOB to e-auction 500 plus re-possessed properties worth more than Rs.800 crore on Magicbricks

E-auction will be held in two phases on Oct 21 & Oct 30

– Properties spread across 12 cities like Chennai, Coimbatore, Mumbai and etc.

Noida, Oct 16, 2019: India’s leading public sector bank, Indian Overseas Bank (IOB) has signed up with Magicbricks, India’s No.1 property site, for the e-auction of 500 plus re-possessed properties worth more than Rs.800 crore. The mega e-auction will be carried out in two phases on Oct 21, 2019 and Oct 30, 2019.

The properties are spread across seven zones comprising Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad. Out of the 500 plus properties, majority are from Chennai and Coimbatore, rest are spread across 12 major cities like Mumbai, Pune, Nagpur, Kolkata, Ranchi, Meerut, Lucknow, Ludhiana, Hyderabad and Bhopal.

Property seekers need to log onto auctions.magicbricks.com/bank/event/IOB to register for the e-auction and can participate by depositing the earnest money in their nearest IOB branch. The properties put up for e-auction are on “as in, where in” basis.

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Commenting on the association, Mr. Sudhir Pai, CEO, Magicbricks, said: “Over the last couple of years, we have witnessed significant success on our e-auction platform. Ever since the launch, more than 1300 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 wide range properties in tier-2 and 3 cities.”

Mr. K. Swaminathan, Indian Overseas Bank’s Executive Director, 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 great partnership with Magicbricks and look forward to the success of the mega e-auction.”