Property auctions become transparent but with riders

Otherwise, you could be saddled with dues left unpaid by previous owner

The country’s largest bank State Bank of India (SBI) will auction around 1,000 properties online on Tuesday. These include both residential and commercial units. 

Many buyers chase such properties as there’s a good possibility of getting one at a discount to the prevailing market prices in the area. But buying a foreclosed property comes with its own set of challenges.

For example, Kapil Mahajan purchased a property in an auction conducted by a leading public-sector bank in Vasai, part of the Mumbai Metropolitan Region. He got the Rs 6.5 million property at a 10 per cent discount to the market