PSBs told to speed up sale of defaulters’ properties, Real Estate News, ET RealEstate

October 26, 2023

<p>Representative Image</p>
Representative Image

About half a million properties in the possession of state-owned lenders will be up for sale soon on an advanced property auction platform that can be accessed through a mobile app. The finance ministry has asked state-owned banks to speed up the creation of the proposed platform and app, according to officials.

State-owned banks regularly issue advertisements listing properties for sale, typically those that have been seized because loans went bad. But the ads usually fly well below the radar of the public. That’s set to change.

Bidders will be able to look at the ownership type, photographs and videos of the property besides other details.

The existing database shows more than 300 properties – commercial and residential – available in National Capital Territory (NCT) region. Maharashtra has about 1,800 such properties. The all-India list includes residential, commercial and industrial properties as well as agricultural land.

At a meeting held last month, the ministry told banks to fast-track the process of completing the eBKray listing and auction portal, said an official aware of the deliberations.

“Banks were told to coordinate and ensure that all technical and business issues were resolved,” he said. “We expect the app and the new eBkray version to go live by the end of this year.”

The eBkray project was launched in 2019 by the IBA as an e-auction platform to enable the online auction of attached assets by banks. It was to act as a single-window access to information on properties up for e-auction and comparisons of similar properties besides videos and photographs. But it is yet to take off.

  • Published On Oct 26, 2023 at 09:25 AM IST

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