PNB Housing Finance partners Magicbricks to auction properties

PNB Housing Finance has tied up with realty portal Magicbricks to e-auction re-possessed properties.
The first e-auction comprising 45 properties will be held on November 27, Magicbricks said in a statement.
The properties are spread across NCR (35), Bhiwadi (2), Mohali (2), Indore (1), Jagadhri (1), Ludhiana (1), Sonipat (1), Yamuna Nagar (1) and Zirakpur (1) and will be offered at a price lower than the prevailing market rates.
Magicbricks said it has partnered PNB Housing Finance Ltd "to e-auction its re-possessed properties on its online auction platform."
These properties will be available for quick possession.
Customers can log-on to auctions.magicbricks.com to register by November 24.

Prasanna Singh, National Head - Collections, PNB Housing Finance said, "With growing penetration of online transaction the trend towards e-auctions of properties has picked up speed in India. We foresee it as a viable ground and hence have partnered with Magicbricks to offer our re-possessed property to customers at attractive rates."
Ritesh Mohan, Sales Head-Strategic Accounts, Magicbricks, said: "After the astounding success of 'My Bid, My Home' during which we generated sales in excess of Rs 200 crore, we are now thrilled to announce yet another endeavour for our auction platform with PNB Housing Finance."
With monthly traffic exceeding 12 million visits and with an active base of over 14 lakh+ property listings, Magicbricks provides platform for buyers and sellers of property.