CHENNAI: The Indian Overseas Bank (IOB) has signed up with Magicbricks, India’s popular property site, for the e-auction of 500 plus re-possessed properties, most of them in Chennai and Coimbatore, worth more than Rs 800 crore.
The mega e-auction will be carried out in two phases on October 21 and 30, 2019. The properties are spread across seven centres comprising Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad. Property seekers need to log onto auctions.magicbricks.com/bank/event/IOB to register for the e-auction and can participate by depositing the earnest money with their nearest IOB branch. K Swaminathan, Indian Overseas Bank’s Executive Director, stated,
“The buying process is significantly impacted by digital engagement. With growing internet penetration, a trend towards e-auctions of properties has picked up speed in India. We are excited to share new partnership with Magicbricks.”