SBI mega e-auction of properties on December 30

India’s largest lender State Bank of India (SBI) will soon conduct a mega e-auction for mortgaged properties. The said properties that will be sold via the e-auction will include both commercial and residential properties. The auction will be held on December 30.This is good news for people who have been looking to buy a house or invest in a new property.

As per the details on the bank’s website, there are 3,317 residential properties, 935 commercial properties, 513 industrial properties and nine agricultural properties that will be put up for the e-auction.

“The details of such properties put up for e-auctions may be accessed through the links provided in the advertisement. There is designated contact person also for auction at the Branches whom prospective Buyers may approach to for any clarification regarding the auction process and the property he /she is interested in and may inspect the properties of their interest,” said SBI.

According to the bank, 758 residential properties, 251 commercial properties and 98 industrial properties will go on sale within the next seven days. Within the next 30 days, 3035 (residential), 844 (commercial) and 410 (industrial) properties will go on sale.

During the mega e-auction, individuals will have the opportunity to bid for residential, commercial and industrial properties. The bidding price will be lower than the actual market value as all the properties belong to people who defaulted on loans taken from SBI. The bank is now trying to get its money back by auctioning these mortgaged properties.