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.
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.
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