SBI holds e-auction of residential properties: How to make a bid?

SBI holds e-auction of residential properties: How to make a bid?

The state bank of India will hold an e-auction today to sell of defaulter's properties to recover bank dues

State Bank of India bank State Bank of India bank

State Bank of India will hold electronic sale or e-auction of its commercial and residential properties today.  The bank is selling properties of defaulters to recover bank dues. The bank also ran several advertisements of the sale on different social media platforms.

"We at SBI are very transparent when putting immovable properties, mortgaged with the Bank / attached by Court order to auction, by furnishing all the relevant details that can make it an attractive proposition for bidders to participate in the auctions," the SBI said in a statement.

The advertisement contains details of websites where the prospective bidders can access the location and other details of the properties. It also guides the prospective bidders on the pre-requirements for participating in the e-auction.

The SBI also said, "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 has listed the following requirements:

  • 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.

Here's how to participate:

  • Login on the portal by filling in your user ID and password. There's also password recovery option in case someone loses their password.
  • After accepting the Terms and Conditions, click on Participate button.  Next, upload of KYC Documents, EMD Details and FRQ (First Rate Quote - Quote Price) etc. in the Participation stage.
  • Click on the link "Pay / Update" And "Upload Doc" to submit all required documents. After that, submit the Quote Price. Quote Price can be equal or greater than the reserved value of the property/asset. Then click on Submit and then Final Submit.
  • Once done, no changes can be made to uploaded documents or the quote price after the final submission. Those who don't click on the Final Submit button on time won't be able to participate in the auction.

The SBI website provides several links containing more information on properties and the bidding website.

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