Magicbricks and Indian Overseas Bank to hold auction for repossessed properties

October 17, 2019
Share this Post: 

Property portal Magicbricks, has scored a partnership with Indian Overseas Bank (IOB), to conduct an online auction featuring over 500 repossessed properties worth more than ₹800 crore (approximately $112 million). The auction will be split into two phases at the end of this month.

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.

These properties are mostly foreclosed under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), 2002. When you buy a house with a home loan or take loan against property, you are supposed to pay back the loan with interest within a fixed tenure through equated monthly instalments (EMIs). However, SARFAESI Act allows banks and financial institutions to auction assets allocated as security against a loan, when a borrower fails to repay her loans as stipulated in the loan agreement.

Property seekers can register for the e-auction and can participate by depositing the earnest money in their nearest IOB branch. 

Read more here

Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.

Property Portal Watch Madrid Summit 2019

October 17, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Investment Roundup 14Mar
Funding and Investment Roundup: Adevinta, JustMoveIn, REA Group, Tomo Mortgage

This week's funding and investment roundup starts with the now not-so-surprising news that Adevinta is selling...   Europe: Adevinta sells...

Read More
Product Update 2025Mar14 1
Product and Services Roundup: Domclick, Samolet, Homele, Dubizzle, Jitty

This week's product roundup has some interesting news from two Russian businesses...   Europe: Domclick launches house building services and...

Read More
Rightmove Row Of New Housees 2
Rightmove Appoints Amanda James as Non-Executive Director and Audit Chair

Rightmove has appointed Amanda James as a non-executive director (NED) and chair of its Audit, Nomination, and Corporate Social Responsibility...

Read More
Redfinrocketacq 3
Rocket Agrees to Acquire Redfin for $1.75 Billion

Rocket Companies has entered an agreement with the brokerage Redfin for $1.75 billion after gaining approval from the Boards of...

Read More

Editor's Pick