Srinagar, March 2: State Bank of India (SBI) has announced a ‘mega e-auction’ of commercial and residential properties spread across the country on March 5, 2021 under the SARFEASI law.
The properties, having been mortgaged to the bank, are being offered to people with a chance to buy them at a much lower rate than the market prices via e-auction on March 5, SBI announced in a statement issued to media. It also said customers can buy “cheaper residential and commercial properties, land, plant & machinery, vehicles and many more”.
According to information accessed by Ziraat Times, several commercial and residential properties belonging to firms and individuals that have seriously defaulted on their repayments in Jammu & Kashmir, are planned to be e-auctioned as well.
While at this stage specific and confirmed details of SBI’s sale of the mortgaged properties in J&K planned to be put on e-auction are not available, the documents accessed by Ziraat Times indicate that as many as 43 properties in Jammu & Kashmir are up for sale during March 2021, mostly having secured loans from Punjab National Bank, Union Bank of India and UCO Bank. Informed sources indicate that the value of SBI’s mortgaged properties to be put on sale in both Kashmir and Jammu regions, part of the bank’s countrywide drive, is estimated to be in the range of Rs 650-Rs 700 crore. However, no specific details are available about these properties by the time this report was being filed on March 2, 2021.
The general details of the properties (along with their reserve price/EMD) to be put on e-auction by Punjab National Bank, Union Bank of India and UCO Bank in March 2021 are as follows:
BBF Industries, Samba (Rs 8.34 crore): All part parcel of lease hold property factory land and building measuring 50 Kanal 30250 sq. Yards serial no.642 dated 27.12.2005, along with Plant and Machinery and other Fixed Assets.
The SBI has said it has put immovable properties, mortgaged with the bank or attached by court order to auction, on e-auction by furnishing all the relevant details that can make it an attractive proposition for bidders to participate in the auctions. “We also incorporate all relevant details and state whether the same is freehold or leasehold, give its measurement, location etc., including other relevant details in the public notices issued for auctioning,” SBI’s statement said.
Requirements for participating in e-Auction
- EMD for the particular property as mentioned in the e-Auction notice.
- KYC Documents – to be submitted to the concerned Branch.
- Valid Digital Signature -Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.
- Login Id and Password– Will be sent to the email id of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch
- Bidders to login and bid during the auction hours on the date of e-Auction as per auction rules.