PNB Mega e-auction for properties starts tomorrow, November 29–Check documents, property details | Real Estate News | Popgen Tech

New Delhi: The Punjab National Bank (PNB) is kicking off the e-auction of Property Property on Tuesday (November 29) during which buyers can look forward to buying property — both commercial as well as residential — at great prices.

The Punjab National Bank had also informed through a tweet that the bank will auction different types of property. According to PNB’s tweet, the properties offered by PNB’s e-auction include residential and commercial properties. (Also Read: Warning to PNB customers! Your PNB account may be closed after December 12, check this notification)

“Mega E Auction offers mega opportunities! Get to bid for residential and commercial properties at https://ibapi.in,” said a PNB tweet.

Mega E Auction offer mega opportunities!

Get ready to bid on residential and commercial properties at https://t.co/N1l10rJGGS#MegaRakant # Auction pic.twitter.com/gqosZxfClW— Punjab National Bank (@pnbindia) November 27, 2022

How to participate in Punjab National Bank’s Mega e-auction of Properties?

The PNB e-auction offer as the name suggests will be completely online. If you also want to bid in this digital auction, then for that you need to register first through your mobile number and email ID. After that you have to upload papers for KYC. Once the verification is complete, the online challan will be filled, after which you will be able to bid online.

Generally, those properties whose loans could not be repaid ie properties that are unable to, are put up for auction by the banks. Such properties are auctioned from time to time by the banks through the Indian Banks Mortgaged Property Information (IBAPI) portal.

“The Indian Banks (IBA) Mortgaged Property Information portal is an initiative of the Indian Banks Association (IBA) under the overall policy of the Department of Financial Services (DFS), the Ministry of Finance to provide a common platform to display details of mortgaged properties to be auctioned online by Banks, starting with Public Sector Banks.Prospective buyers can use this portal to search and see the details of the properties and participate in the auction process,” reads the Ibapi website.

According to the information available on the IBAPI portal, 13083 residential properties, 2544 commercial properties, 1339 industrial properties, 98 agricultural properties, 34 properties on the state are available. Auction of these properties was conducted by 12 banks.