SBI’s Mega e-Auction of Residential & Commercial Properties – Bid & Buy

In the months of March, June 2015, Feb & Sep 2020 State Bank of India (SBI) had successfully conducted its Mega e-Auction of residential and commercial properties located at various cities in India. SBI was able to sell around 40% of the 350 properties which were up for sale.

SBI’s Mega e-Auction of Properties

SBI’s Mega e-Auction (online bidding of properties) is back again with more than 4000 properties for e-auction. The last date to participate in this mega auction is 30th Dec, 2020. As per the e-auction of properties mortgaged to banks website, there are currently 3317 residential, 935 commercial, 513 industrial and 9 agricultural properties to be auctioned.

The properties offered by the SBI e-auction will include all kinds of properties like housing, residential, commercial, industrial, etc. The properties which are auctioned  in this online event are mortgaged properties.

I believe that for those willing to do some groundwork, buying a resale property in an online auction like this can be quite profitable. Most of the properties listed in the auction are generally available at lower than the market prices. Of-course, the final price is dependent on the winning bid amount. Also the entire electronic auction process is more transparent and quicker.

Since the bank is conducting the auction, the legal issues and documentation are taken care of. Buyers can take help from experts, such as the local real estate broker, to get an idea of the prices in that area before a bid.

Where are these properties located? – The properties that are listed for the auction are located at : Ahmedabad, Allahabad, Aurangabad, Bengaluru, Bhavnagar, Bhopal, Bhubaneshwar, Burdwan, Chennai, Coimbatore, Cuttack, Delhi, Ernakulam, Gondhia, Hyderabad, Indore, Jaipur, Jalandhar, Kanpur, Kokhapur, Kolkata, Kalna, Lucknow, Ludhiana, Madurai, Mumbai, Nagpur, Navi Mumbai, Patna, Pune, Raipur, Rajkot, Ranchi, Salem, Secunderabad, Thane, Thiruvananthapuram, Tirupur, Vadodara, Valsad, Varanasi and Vizag.

Mega e-Auction : Details, Procedure & Important points

• Visit SBI’ website – Click here
• Click on Bank e-Auctions and then click on the websites where you can bid. SBI is providing two options – i) e-procurement Technologies Ltd (Auctiontiger.net)  and ii) C1 India Pvt Ltd. You may select either of the two.
• If you select e-procurement Tech Ltd option, auctiontiger.net website will be opened in a new browser window.
• You can enter your preferred location details (city) and search for the properties.For example – I have given ‘Secunderabad’ as the search criteria and got the below details. Click on “More details” to get information about property address, concerned bank branch details, Auction start / end date, Reserve Price & Earnest Money Deposit details etc., Here, you can check if ‘digital certificate’ is mandatory or not to bid for a property. For some properties, it is not mandatory. In case, if it is required then you have to get ‘digital certificate’ done through agencies like e-mudra.
• You can also download Auction notice document by clicking on “Download document”.

• You can contact the concerned bank officer and request for property inspection and for a copy of property documents. It is advisable to apply for EC (Encumbrance Certificate) for the shortlisted property and also consult an expert property lawyer.
• Once you are satisfied with your due-diligence, you can pay refundable Earnest Money Deposit (10% of reserve price). Do note that only Demand Draft / NEFT / RTGS modes are allowed .
• Along with the EMD amount, you need to submit self-attested copies of  KYC documents (ID proof, Address proof, PAN card details etc.,), email-id, contact numbers, to the authorized officer of SBI. Scanned copies of the original of these documents can also be submitted to e-mail id of Authorized officer.
• e-Procurement Technologies Ltd will provide User ID & Password after due verification of PAN of the Eligible Bidders.
• You can use these credential to login as registered user on auctiontiger website.
• The e-Auction/bidding of above properties would be conducted exactly on the scheduled Date & Time as mentioned against each property. You can participate in online bidding from the comfort of your home. The bidder shall improve their offer in multiple of the amount mentioned under the column “Bid Increment Amount” against each property. In case bid is placed in the last 5 minutes of the closing time of the e-Auction, the closing time will automatically get extended for 5 minutes. The bidder who submits the highest bid amount (not below the Reserve Price) on closure of e-Auction process shall be declared as Successful Bidder and a communication to that effect will be issued through electronic mode which shall be subject to approval by the Authorized Officer.
• The Earnest Money Deposit (EMD) of the successful bidder shall be retained towards part sale consideration and the EMD of unsuccessful bidders shall be refunded. The Earnest Money Deposit shall not bear any interest. The successful bidder shall have to deposit 25% of the sale price, immediately on acceptance of bid price by the Authorized Officer and the balance of the sale price on or before 15th day of sale or within such extended period as agreed upon in writing and solely at the discretion of the Authorized Officer. Default in deposit of amount by the successful bidder would entail forfeiture of the whole money, already deposited and property shall be put to re-auction and the defaulting bidder shall have no claim/ right in respect of property/ amount.
• The purchaser shall bear the applicable stamp duties/ additional stamp duty/ transfer charges, fee etc. and also all the statutory/ non-statutory dues, taxes, rates, assessment charges, fees etc.
• The Sale Certificate will be issued in the name of the purchaser(s) / applicant (s) only and will not be issued in any other name(s).
• For more details on the Bidding process, dial helpline numbers : 079-40005400/34/04 or 0124-4302020.

Did you ever participate in any of these auctions? Do you think it is prudent to buy properties through bank e-auctions? What are your views on SBI’s Mega e-auction? Kindly share your comments 🙂

Continue reading :

1. Checklist of Important Property Documents in India | Legal Checklist for Property Purchase
2. Latest Bengaluru BDA Plots E-auction 2020 | Details & Online Procedure
3. Property Sale Agreement Vs Sale Deed Vs Property Mutation | Differences & Importance

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