According to Ministry of Finance, Government of India directives, All NPA’s shall be sold through E Auction only. Free foreclosure listing service provider, Foreclosureindia.com has started secured portal BankAuctions.IN for providing E auction services to all Banks, DRT’s to sell NPA’s online.
Foreclosureindia.com is the one and only website in India listing the auction properties of all the banks and financial institutions across India since Nov 2009. It’s the first of its kind internet portal that helps the buyers of property in getting the free access to all auction property details / free foreclosure listings information of banks and financial institutions happening in and around 34 major cities of the country. During the last one year it has achieved its mile stone about visitors and page views. The details are reported as detailed below.
No of total visits to the site – 1,343,374
No of unique visitors – 652,724
Total number of page views -10,458,830
Returning visitors – 52.05 %
Visitors came from – 45554 cities & from 212 countries.
Average viewer ship of each auction property listed is 485. Foreclosureindia.com has set a target of 100 % growth during the present financial year.
The advantages of “e – publicity” through it are explained as detailed below.
- Free access to all visitors, unlike some portals is charging Rs 1050 to 2500 per month to show the auction property details.
- E mail alerts are being sent to 49000 plus registered users on daily basis.
- It is displaying the Auction properties details in two other real estate websites also, along with displaying in their portal.
According to Ministry of Finance, Government ofIndia directives Allauctions of immovable properties, under ‘The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, shall be carried out through E Auction only to ensure a free, fair and transparent process.
E – Auctions may eliminate cartelization and facilitates NRI’s to buy properties online. Foreclosureindia.com’s spokesperson informed that “they have developed a fully secured online portal for E-Auctions as https://www.BankAuctions.IN. The complete process from Creation of Events, submission of first round quotes by bidders, evaluation and final auction will be done online to enable transparency in transactions, strictly adhering to all the requirements of Ministry of Finance. https://www.BankAuctions.IN has easy interface to enable all the investors / bidders with little knowledge of Computer and internet to participate in these property auctions. It maintains complete confidentiality & privacy for the bidders and Banks.
All the Debt recovery tribunals are conducting E Auctions to sell secured assets. A good number of Banks have adapted to E auctions for selling of some of the NPA’s. Foreclosureindia.com has started secured portal BankAuctions.IN for providing E auction services to all Banks, DRT’s to sell NPA’s online to Indian Public and non resident Indians working in different countries.
The State Bank of Hyderabad, ChaitanyaGodavari Grameena Bank, Guntur and Andhra Pradesh Grameena Vikas Bank, Warangal has empaneled BankAuctions.IN for conducting E Auctions. More than 10 public sector Banks & private sector Banks are processing their empanelment requests for conducting E auctions. It targets to conduct 6000 E Auctions of NPA’s during this year.
The advantages of conducting E auctions through BankAuction.IN are explained as detailed below.
- Success rate of selling of properties will be more, as BankAuctions.IN is providing wide publicity to NPA properties. Others are only conducting E auction.
- Price for conducting E auction is lowest when compared to all other service providers.
- Non performing assets disposal is the only exclusive activity for BankAuctions.IN, where as it is non core activity for other E Auction service providers.
ForeclosureIndia.com requests the Banks, DRT’s , Housing finance companies, State Finance corporations, all other Organizations disposing of non performing assets under SARFAESI Act & DRT acts to utilize their e publicity and also their E auction facilities.