How to bid for SBI e-Auction of properties in India September 2015
Want to buy property in in India? Learn from this article how to participate in the upcoming SBI mega e-auction of residential and commercial properties in India. The SBI e-auction of property is 11th September, 2015.
It is not just Indian residents abut also non-resident Indians (NRIs) who are increasingly looking for affordable property in the country. It could be a flat or residential plot or plot for a warehouse or factory. Coming up this month is a superb opportunity for those looking to buy and invest in real estate in India: the State Bank of India (SBI) is organizing a mega e-auction of prime residential and commercial properties on 11th September, 2015. It is at such e-auctions that you can get a home or a commercial space at rates which would otherwise be a load on your finances. It may not be as inexpensive as a government lottery, but nevertheless the rates will be lesser than the existing market rates. What's more, loans will be made available for successful bidders, subject to eligibility requirements.
Offices, shops, residential apartments, factory buildings and other types of property in India will be up for auction. Bids have to be placed by buyers online on the specified date only.What are the SBI e-auction benefits?
The full form of e-auction is electronic auction. People will put forth their proposals on the online platform, thereby bidding for the various properties on offer. If you are wondering why a bank will auction properties, well, the reason is generally foreclosure, meaning the property owner could not pay up the home loan availed of from the bank.
The SBI e-auction is a huge time saving process since a larger group of people can participate at one time directly in the auction process. The properties can also be sold quicker. Another benefit is that participants will get real-time information. All in all, the SBI e-auction will be a transparent process. The biggest beneficiaries are the buyers themselves as they can get property at a much lesser rate that that which prevails in the expensive real estate markets.
What to consider before bidding
It is always better to be safe than sorry is an oft-heard advice. This would apply too to bidding in the SBI e-auction! Sure, you know SBI is a reputed bank and you can expect it to have done a thorough job of checking the requisite documents. Nevertheless, here are some useful tips:Locations of properties available for bidding
The properties which will be offered to bidders at the SBI e-auction are located in the following cities of India:Bidding requirements
How to participate in the bid process
Those interested in participating in the SBI e-auction process can do so only at the official website.
Bid at https://sbi.auctiontiger.net on 11th September, 2015 and you can check also at: https://www.bankeauctions.com/NAuthentication/SBIEventList.aspx
Bidding process details and the helpline contact number is: 079-40230801-34 or 0120-4888888
Important Websites for details of the properties for the e-auction:E-auction app for Android phones
For Android smartphone users, the AuctionTiger mobile app will be very useful. You can instantly check out the auction notice, download the requisite document & submit your bid in the auctions listed at AuctionTiger.net. Subsequently, you can know the results of the auction. You simply need to install the app and register.
You can install the e-auction App from: https://play.google.com/store/apps/details?id=com.etl.eprocmobapp.auctiontiger&hl=en
Details of the app
[Image source: https://play.google.com/store/]
e-Procurement Technologies Limited
B 704-705, Wall Street 2,
Near Orient Club, Opp. Gujarat College,
Ellisbridge, Ahmedabad-380006,
Gujarat,
India
For any help with installing the app contact: app@auctiontiger.net
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Details of properties at Coimbatore for eauction may please be furnished