India’s largest lender, State Bank of India, is giving property buyers an opportunity to bid on their dream property. SBI will be conducting an electronic auction for the mortgage properties — both the commercial and residential properties — on December 30.
Under SBI mega e-auction, buyers have a chance to bid and win some home, plot, or shop at a lower price than the existing market rate. In its statement, the bank said: “Bank puts up the mortgage properties (like Residential properties / Commercial properties, etc.) of defaulters to recover the Bank dues.”
As per the e-auction of properties mortgaged to banks website, there are currently 3317 residential, 935 commercial, 513 industrial and 9 agricultural properties to be auctioned.