E-Auctioning of the 500 plus re-possessed properties in Chennai by IOB
Posted on: 17/Oct/2019 10:11:09 AM
There are more than 500 re-possessed properties in Chennai, Coimbatore plus in other places in India. It is now said that Indian Overseas bank or IOB along with Magic Bricks (India’s popular property site) would be involved in the e-auctioning of these 500 plus re-possessed properties in these places. It must be mentioned that these properties are worth more than Rs 800 crores.
On 21st October and on 30th October 2019, a mega e-auction would take place in 2 phases. Point to be noted is the properties are spread across 7 centers such as Chennai, Coimbatore, Mumbai plus in other centers like Delhi, Bengaluru, Kolkata, Hyderabad, etc.
To register for the e-auctions, the property buyers must log onto auctions. magicbricks.cpm/bank/event/IOB. They could take part in the auctions by depositing earnest money with their nearest IOPB branch.
It was revealed by Mr. Swaminathan, Executive Director, Indian Overseas Bank, that the buying process has been impacted significantly by digital engagement. He added that a trend towards e-auction of the properties has picked up speed in India with the popularity of the internet. It was in 2006 Magic Bricks was founded with headquarters in Noida. Information is in the year 2011 Magic Bricks launched a mobile website with features such as mobile searches for agent, property etc.
