India’s leading bank Punjab National Bank (PNB) is coming with an exciting opportunity for real estate buyers as it is kicking off a nationwide mega e-auction for properties today. During the session, both residential and commercial properties will be offered at great prices. The mega auction will take place virtually at the official website of Indian Banks Auctions Mortgaged Properties Information (IBAPI) which is ibapi.in. On 27 November, PNB broke the news following a Tweet on its official handle. The announcement read, “PNB is holding a nationwide online mega e-auction of residential and commercial properties in a transparent manner under SARFAESI Act.”
Mega E Auction offer mega opportunities!
— Punjab National Bank (@pnbindia) November 27, 2022
How to participate in PNB Mega e-auction for properties?
- Individuals who wish to participate in the PNB e-auction can only submit the bids online on the bidding portal.
- Before making a bid in this online auction, a buyer will need to register themselves with a valid email address and mobile number.
- After that, they are required to upload their KYC documents.
- The buyers won’t be able to put in an online bid until the online challan has been completed and verified.
Banks often auction off any properties whose loans couldn’t be fulfilled or have defaulted. Through the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal, banks typically put these properties up for auction. Potential buyers can use this portal to browse properties, check details, and take part in the online auction.
The IBAPI portal is a project of the Indian Banks Association (IBA), which falls under the general policy of the Department of Financial Services (DFS), Ministry of Finance, to offer a common platform for displaying information about mortgaged properties to be sold at an online auction by lenders, beginning with public sector banks.
According to data available currently on the IBAPI portal, there are 98 agricultural properties, 13,083 residential properties, 2,544 commercial properties, 1,339 industrial properties and 34 properties available in India. A total of 12 banks are reported to conduct an auction for the properties.