Indian Overseas Bank to e-auction over 500 properties worth Rs 800 crore

The properties are spread across seven centres comprising Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad

Indian Overseas Bank (IOB) has signed up with Magicbricks to e-auction 500 plus re-possessed properties worth more than Rs 800 crore. The e-auction will be carried out in two phases in October.

The properties are spread across 7 centres - Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad. Out of the 500 plus properties, the majority are located in Chennai and Coimbatore and the rest are spread across 12 major cities like Mumbai, Pune, Nagpur, Kolkata, Ranchi, Meerut, Lucknow, Ludhiana, Hyderabad and Bhopal.  

K Swaminathan, Executive Director, Indian Overseas Bank, said, "Online platforms have emerged as a key driver for the real estate industry. The property buying process is now significantly impacted by digital engagement. With growing internet penetration, the trend towards e-auctions of properties has picked up speed in India. We are excited to share a new partnership with Magicbricks and look forward to the success of this mega e-auction.” 

Sudhir Pai, CEO, Magicbricks, added, “Over the last couple of years, we have witnessed significant success on our e-auction platform. Ever since the launch, more than 1300 re-possessed assets owned by banks have been auctioned through our platform. The latest association with IOB yet again validates the reach and scale of our e-auction platform. The platform has helped PSU banks liquidate their re-possessed assets in an effective manner thereby reducing physical infrastructure or manpower and lessening their financial burden. It has also made the entire process transparent. Through the platform, property seekers can now also have access to a wide range of property in tier-2 and 3 cities.”