SBI Mega e-Auction of Residential and Commercial properties – How to participate?
SBI has conducted Mega e-Auction of residential and commercial properties in Mar-2015 and sold 40% properties online. With such success story, SBI Mega –Auction of properties is again scheduled on 12th June, 2015. SBI would do online bidding of properties for the properties across India. What is this SBI Mega e-Auction of residential and commercial properties is all about? Where do you get such details? How to participate in this SBI Mega e-Auction of residential and commercial properties? This article would help you with step-by-step guide on how you can bid for online properties through this SBI e-Auction
SBI Mega e-Auction of residential and commercial properties on 12th June, 2015
- These properties pertains to defaulters of loans who pledged properties for collateral security to take business loan or home loans.
- Bank has right to sell them as per Sarfesia Act in case of non payment of EMI’s regularly.
- SBI Mega e-auction is online bidding for residential and commercial properties for such defaulted cases across various cities in India.
- Date of bidding is 12th June, 2015. Time is given in the property details.
- Generally online bidding on properties can come with lesser cost compared to market cost.
- Since it is electronic process, we expect the process to be transparent.
How to view details of properties being listed in SBI Mega e-Auction?
- You need to visit an SBI Home page, select auction notices page and bank mega e-auction link. You can directly click this link.
- Enter location (e.g. Hyderabad)
- All properties which would be e-auctioned are listed here. You can click on view document or more details. You can also download the document.
- You can request a bank officer for inspection of the property and ask for property documents for verification.
How to participate in online bidding of SBI Mega e-Auction of properties?
- First, you need to do due diligence on the property's value by inquiring with local real estate agents or brokers.
- While the property could be clean, it is advisable to get latest Encumbrance Certificate so that we know property is clean.
- You need to submit KYC documents like ID proof, Photos, Address Proof, PAN card details.
- Valid Digital Signature -Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.
- You need to submit DD / NEFT for EMD amount of 10% of reserve value (indicated along with property details).
- Submit all these documents to the authorising officer of SBI indicated in the e-auction page of the property. You can also send a scanned copy of these documents to them in case transfer of funds is done through NEFT. You can submit these documents even to nearest SBI branch.
- You would get a user ID and password from SBI e-auction agent, e-Procurement Technologies Limited.
- e-Auction of SBI Mega properties would be done on specific date indicated on the property page. You need to bid on that date and time. Currently it is 12th June, 2015.
- While doing online bidding, you need to add incremental value above reserve value as this would determine what premium you are paying compared to reserved price. E.g. reserve value is Rs 85 Lakhs and it indicates that incremental value should be Rs 10,000, you need to bid incremental amount in multiples like Rs 10,000 or Rs 20,000 or Rs 110,000 or Rs 570,000 etc., This would become the premium what you are paying over and above listed price.
- Once the bidding time is completed, SBI officer would verify and confirm to the successful bidder.
- EMD (10% of reserve value paid) amount would be adjusted for successful bidder against sale value and balance sale value need to be paid within 2 weeks from e-auction or any other date agreed between the successful bidder and SBI.
- Non successful bidders, the EMD amount would be returned. There is nothing mentioned on SBI website, hence I am assuming it would be returned immediately.
- Registration of property would happen on payment of balance amount and it would be registered in the name of the person who has done bidding. No name change is allowed. Successful bidder need to bear registration, stamp duty, etc. during the registration process.
Whom you can contact for any further questions on SBI e-Auction bidding?
You can contact SBI e-Auction helpline nos. 079-40230801 or 0120-4888888
I feel real estate is one of the best investments for long term. Investing in such real estate for lower prices would be a bonus.
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SBI Mega e-Auction of properties – How to participate?