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:
  1. The first and most obvious thing to do is read the details of the property and the bid document. Why this is necessary is that you do need to know what where the property owner's unpaid dues to the bank. This could range from basics like the utility bill to the more important property tax. Remember that as the buyer, you are the one who will have to pay the unpaid dues.

  2. Next, note how much you will need to pay as down payment right after a successful bid. 20% of the selling price? 25% of the selling price?

  3. It is a good idea to keep ready all the requisite details (valid email ID, contact numbers and bank details for example) along with the requisite documents, such as photo ID proof, address proof, any requisite receipts (e.g. for EMD if required), etc.

  4. It is not at all a bad idea to consult an expert property lawyer before you actually bid, especially if you are a first-timer at e-auctions.

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:
  • Ahmedabad

  • Aurangabad

  • Bengaluru

  • Bharuch

  • Bhavnagar

  • Bhilai

  • Bhopal

  • Bhuj

  • Burdwan

  • Chandigarh

  • Chandrapur

  • Chennai

  • Coimbatore

  • Delhi

  • Dhanbad

  • Hyderabad

  • Himachal Pradesh

  • Hoshiarpur

  • Indore

  • Jalandhar

  • Kannur

  • Kanpur

  • Karaikal

  • Kolkata

  • Kolhapur

  • Kollam

  • Kottayam

  • Lucknow

  • Ludhiana

  • Mumbai

  • Madurai

  • Mysore

  • Nagpur

  • Navi Mumbai

  • Patna

  • Pune

  • Pallakad

  • Pallayamkottai

  • Puddukottai

  • Pune

  • Raigad

  • Raipur

  • Rajkot

  • Salem

  • Thane

  • Thiruvananthapuram

  • Tiruchirappalli

  • Tiruppur

  • Vadodara

  • Visakhapatnam

Bidding requirements

  1. Net connectivity: Minimum 256kbps internet connection.

  2. Browser: IE 9 (32-bit Browser only) and above, Firefox (13+), Chrome (20+).

  3. OS: Windows XP SP3/Vista/Windows 7 and above, with administrative rights.

  4. You must have a valid digital certificate with e-auction login ID and password.

  5. You must communicate from your registered email ID when corresponding with SBI.

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:
  1. https://sbi.auctiontiger.net/EPROC/

  2. www.sbiauctions.magicbricks.com

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

AuctionTiger app logo
[Image source: https://play.google.com/store/]

  • Size: 980k

  • Current Version: 1.2

  • Requires: Android 2.2 and up

  • Developer: Procurement Tiger,
    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


Article by Vandana
Vandana is based in India with over 15 years experience as a freelance writer. Writing, no doubt, is her primary passion! Having learned the art of blogging from ISC, Vandana is enjoying the thrills of blogging, taking pleasure in sharing information & getting good pageviews at her various blogs.

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More articles: Buy property E auctions SBI India How to

Comments

Guest Author: Viswanathan Venkates04 Mar 2015

Details of properties at Coimbatore for eauction may please be furnished

Guest Author: Lekhraj Raghwani05 Mar 2015

I want to participate in e-auctions.

Guest Author: Kannan05 Mar 2015

Details of properties at Coimbatore for e-auction may please be furnished.

Guest Author: M.K. SAHA06 Mar 2015

details of properties of varanasi of e-aution may please be furnished.

Guest Author: SHIVASHANKAR REDDY11 Mar 2015

Hydrabad properties details may be provided

Guest Author: shirish s mokashi11 Mar 2015

Please send me list of all properties situated in Mumbai Maharashtra.

Guest Author: S Hoque12 Mar 2015

Please send me details of properties (list of properties) in Kolkata and Siliguri.

Guest Author: MR. SUDAY HALDER13 Mar 2015

Details of properties of Kolkata of e-auction may please be furnished.

Guest Author: Dr Masood pasha13 Mar 2015

Let me know the properties at Hyderabad and Secunderabad.

Author: Vandana13 Mar 2015 Member Level: Platinum   Points : 2

Readers should note that the author cannot provide specific details of the various properties which are up for the e-auction. You need to visit the website mentioned in the article to know the list of properties of each city & their specific details.

Guest Author: anant14 Mar 2015

Please send me the list of properties to be auctioned of sbi flats in mumbai



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