IOB to e-auction properties worth over Rs 800 crore through

: Public sector Indian Overseas Bank on Wednesday said it has tied up with property site Magicbricks.com to e-auction of 500 re-possessed properties worth over Rs 800 crore.

The city-headquartered bank has said the move to tap online source was it emerged as a key driver for the real estate industry.

Accordingly, properties re-possessed by the bank that are located in Chennai, Coimbatore, Mumbai, Kolkata, New Delhi, Bengaluru and Hyderabad would be auctioned through the digital platform.

Out of the 500 plus properties, majority of the properties are in Chennai and Coimbatore while rest in Mumbai, Pune, Nagpur, Kolkata, Ranchi, Meerut, Lucknow, Ludhiana, Hyderabad and Bhopal.

"Online platforms have emerged as key driver for the real estate industry. The property buying process is now significantly impacted by digital engagement," Indian Overseas Bank Executive Director K Swaminathan said in a statement.

"With growing internet penetration, 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," he said.

The auction for the properties would be held in two phases on October 21 and 30.

Magicbricks CEO Sudhir Pai said the portal has witnessed significant success on e-auction platforms over the last couple of years.

"Ever since the launch, more than 1,300 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," he said.

The online platform has helped public sector undertaking banks liquidate their re-possessed assets in an effective manner thereby reducing physical infrastructure or manpower and lessening their financial burder, he said.

Property buyers need to access "www.auctions. magicbricks.com/bank/event/IOB" to register for the e-auction and can participate by depositing the earnest money with a branch of Indian Overseas Bank.

In May, Indian Overseas Bank said it plans to raise about Rs 850 crore during the current financial year through sale of non-core assets to augment capital.