PNB online mega-e-auction for properties today; here is the process to participate | Popgen Tech

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India’s leading bank Punjab National Bank (PNB) is coming up with an exciting opportunity for real estate buyers as it is kicking off a mega e-auction for properties across the nation today. During the session, both residential and commercial properties will be offered at great prices. The mega auction will be held virtually on the official website of Indian Banks Auctions Mortgaged Properties Information (IBAPI) which is ibapi.in. On November 27, PNB released the news following a Tweet on its official handle. The announcement read, “PNB is conducting nationwide online e-auction of residential and commercial properties in a transparent manner under the SARFAESI Act.”

How to participate in the PNB Mega e-auction for properties?

• Individuals who wish to participate in the PNB e-auction can only submit bids online on the bidding portal.
• Before bidding in this online auction, a buyer must register with a valid email address and mobile number.
• After that, they are required to upload their KYC documents.
• Buyers will not be able to bid online until the online challan is completed and verified.

Banks often auction off any property whose loan could not be satisfied or which is in default. Through the Indian Banks Mortgaged Property Information (IBAPI) portal, banks typically put these properties up for auction. Potential buyers can use this portal to search for properties, check details, and participate in the online auction.

The IBAPI portal is a project of the Indian Banks Association (IBA), which falls under the overall policy of the Department of Financial Services (DFS), Ministry of Finance, to offer a common platform for displaying information on mortgaged properties to be auctioned online by lenders, starting with public sector banks.

According to the data currently available on the IBAPI portal, there are 98 agricultural properties, 13,083 residential properties, 2,544 commercial properties, 1,339 industrial properties and 34 properties available in India. A total of 12 banks are reported to be bidding for the properties.

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