SBI conducts e-auction for Rs 1,200 cr distressed property assets
State Bank of India on Saturday received good response for its first mega e-auction of distressed assets with the heavy traffic slowing the website and delaying the process.
The country’s largest bank put on block around 300 properties worth Rs 1,200 crore across the country. The bank had to extend the time of the auction — which was supposed to end at 5 pm — by one hour due to heavy traffic on its website.
“Due to heavy traffic, the site has become slow and we don’t want anyone to miss the chance. Earlier, the bidding time was till 5 pm and we extended it by an hour,” said PK Malhotra, deputy managing director — Stressed Assets Group, SBI. The bank is selling these properties through the realty portal Magicbricks.com and is conducted by e-procurement solutions providers C1 India and Auction Tiger.
More than 300 properties, which include warehouses, offices, residential complexes and shops, were offered to potential buyers through e-auction. The seized properties of loan defaulters are spread over Delhi, Mumbai, Kolkata, Chennai, Secunderabad, Pune, Bangalore, Ahmedabad, Lucknow, Aurangabad, Bhubaneswar, Indore, Kochi, Nagpur, Patna, Cuttack, Hyderabad, Vadodara, Varanasi, Siliguri, Raipur, Allahabad, Burdwan, Kanpur and Ludhiana.
Though the bank regularly conducts auctions, it’s for the first time it was conducting such a large e-auction at the national level.