Money & Banking

Canara Bank to sell 2,000 properties via e-auction on March 26

Our Bureau. Bengaluru | Updated on March 24, 2021

Canara Bank will conduct a mega e-auction on March 26 to sell around 2,000 properties under its possession under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act.

The bank has successfully sold 1,450 properties, valued at ₹886 crore, in the current financial year.

For the auction, the bank has included different properties – residential flats, apartments, independent houses, industrial lands, commercial complexes, office spaces and vacant land sites. The properties are located in various cities such as Delhi, Mumbai, Kolkata, Bengaluru, Chennai, and also in other smaller towns and and semi-urban areas.

SARFAESI Act, which is proved to be an effective tool of recovery of non-performing assets (NPAs), provides for sale of mortgaged property by the bank’s /financial institutions giving prior notice to the defaulting borrowers.

The property sale is conducted through online e-auction, where the prospective bidders can participate in the bidding process from anywhere. “The interested bidders can also approach the respective branches to have detailed information about the properties put for sale. The sale process is totally transparent and the bidder offering the highest price for the property will be declared as successful bidders,” the bank said in a release.

Published on March 24, 2021

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