Real Estate

State Bank of India to e-auction residential and commercial properties

Prashasti Awasthi Mumbai | Updated on February 25, 2020 Published on February 25, 2020

State Bank of India (SBI) is all set to conduct a mega electronic auction of commercial and residential properties. The e-auction will take place on February 26, Wednesday. SBI took to Twitter to announce this mega drive and tweeted: "Mark your calendar to participate as a bidder in the SBI Mega E-Auction that will take place on February 26, 2020. Register and get a chance to purchase properties at a much lower rate."

According to the company’s official site, SBI is going to sell the mortgage properties of defaulters to recover the bank dues.

The statement in its official website read: We, at SBI, are very transparent when putting immovable properties, mortgaged with the Bank / attached by Court order to auction, by furnishing all the relevant details that can make it an attractive proposition for bidders to participate in the auctions.”

The bank further stated that it had furnished all relevant details regarding -- freehold or leasehold properties, measurement of the properties, and location among others.

Requirements for participating in e-Auction

* EMD for the particular property as mentioned in the e-Auction notice.

* KYC Documents - to be submitted to the concerned branch.

* Valid Digital Signature - bidders may approach e-auctioneers or any other authorized agency to obtain a digital signature.

* Login Id and Password– Will be sent to the email id of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch.

* Bidders to login and bid during the auction hours on the date of e-Auction as per auction rules.

How to participate in bidding?

Fill in the user ID (registered email) and Password to login on the portal.

After the acceptance of ‘terms and conditions’, bidders have to click on the ‘Participate’ button. Once the bidders click on the Participate button, the application will navigate users to the participation stage (Uploading of KYC Documents, EMD Details, and FRQ (First Rate Quote – Quote Price), etc.)

Bidders are required to upload the KYC / Annexures and proof of EMD by clicking on the link “Pay / Update " And “Upload Doc". After uploading all the required details, bidders have to submit the ‘Quote Price’. Quote Price can be equal to or greater than the reserved value of the property/asset. After furnishing the quoted price, bidders have to click on the ‘Submit’ and ‘Final Submit’ buttons to submit their quotation online.

The bidders cannot make any changes to the uploaded documents or the quoted price after the final submission. If the bidders fail to click on the Final Submit button within the stipulated date and time; they won’t be able to participate in the auction.

Published on February 25, 2020
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