Magicbricks, PNB Housing partner for e-auction of re-possessed assets

In an industry-first move, online property manager Magicbricks announced its strategic partnership with PNB Housing Finance Limited to e-auction its re-possessed properties on its online auction platform.

The first e-auction comprising 45 properties will be held on Nov 27, 2017.

With the culmination of the 'My Bid, My Home' campaign, Magicbricks will now be offering its customers re-possessed properties of PNB Housing Finance Limited at prices lower than the prevailing market rates. Further, properties would be available for quick possession.

"Consumers will get a wide choice of properties to be owned through online auction at attractive rates. Through our auction platform we are able to provide innovative offerings to our customers and it certainly signifies the defining moment for online real estate industry," said Ritesh Mohan, Sales Head-Strategic Accounts, Magicbricks.

Customers can log-on to auctions.magicbricks.com to register by Nov 24, 2017. The properties are spread across the national capital region (NCR), Bhiwadi, Mohali, Indore, Jagadhri, Ludhiana, Sonipat, Yamunagar and Zirakpur.

"With growing penetration of online transaction the trend towards e-auctions of properties has picked up speed in India.. Participation in the e-auction will expand our reach, without investing much in physical infrastructure or manpower and will make the recovery process much more efficient and transparent," said Prasanna Singh, National Head - Collections, PNB Housing Finance.