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SBI plans to conduct mega e-auctions of 1,000 properties

India’s largest lender, State Bank of India is set to conduct a mega e- auction on March 5.

SBI will auction a super specialty hospital in Andhra Pradesh and 1.46 acres of commercial land in Tamil Nadu.

Besides this, it will further auction 51,160 square feet of hotel building among other properties.

This will enable customers to buy cheaper residential and commercial properties, land, plant & machinery and vehicles.

The bank has put immovable properties, mortgaged with it or attached by court order to auction on e-auction.

It has furnished all the relevant details to make it an attractive proposition for bidders to participate in the auctions.

Moreover, the bank has also placed ads in leading dailies and social media platforms.

It has given details of such properties put up for e-auctions through the links provided in the advertisement.

In the month of March, SBI has reported a total of 522 properties for auction.

Out of these, 316 are residential properties whereas 109 are commercial properties.

Meanwhile, there are 70 industrial properties along with 27 other entries including tourist vehicles.

These comprise of houses, land plots, factory units and motor vehicles among others.

Further, SBI has fixed a reserve price of Rs 91.3 crore for the auction of properties. .

The bank will take over these properties under Security and Reconstruction of Financial Assets and Enforcement of Security Interest Act.

Moving forward, interested bidders must deposit 10 percent of the reserve money in advance to participate in the auction.

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