IOB in pact with Magicbricks to e-auction over 500 properties in 14 cities

Indian Overseas Bank (IOB) has entered into an agreement with Magicbricks, an online property marketplace, for the e-auction of more than 500 re-possessed properties worth more than ₹800 crore.

The e-auction will be carried out in two phases - on October 21 and October 30.

Of the 500 plus properties, the majority are located in Chennai and Coimbatore and the rest are spread across 12 major cities — Mumbai, Kolkata, New Delhi, Bengaluru, Hyderabad, Pune, Nagpur, Ranchi, Meerut, Lucknow, Ludhiana and Bhopal.

“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 new partnership with Magicbricks,” said K Swaminathan, Executive Director, Indian Overseas Bank.

Success of e-auction platform

Over the last couple of years, the company is reported to have witnessed a significant success on its e-auction platform. Ever since the launch, more than 1,300 re-possessed assets owned by the banks have been auctioned through its platform.

“Our e-auction 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 a wide range of property in tier-2 and 3 cities,” said Sudhir Pai, CEO, Magicbricks.