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Updated August 12th, 2021 at 09:07 IST

PNB's Residential & Commercial Property e-Auction begins today; Know how to participate

The PNB will be going ahead with its mega e-Auction event on August 12. The interested bidders can register on the bank’s official website.

Reported by: Aayush Anandan
PNB
Image: PTI | Image:self
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The Punjab National Bank (PNB) will be going ahead with its mega e-Auction event on August 12. The bank said that this is a golden chance for interested investors who are looking for quality options in real estate and want to invest in a house, shop or land at reasonable rates. Various types of real estate properties will be listed for auction like housing, residential, commercial and industrial. Anyone who wants to own a new house, a shop or a plot can do so by participating in the e-Auction and engaging themselves in a bidding war.

Announcing the auction date, PNB took to its official Twitter handle and wrote: “Looking for residential and commercial properties at reasonable rates? PNB Mega e-Auction is giving you the right opportunity. Date: August 12 Portal: ibapi.in’’. The interested bidders can register for the mega e-Auction on the bank’s official website. All the other updates regarding the e-Auction will be available on the Indian Banks Auction Mortgage Properties Information (IBAPI) website ibapi.in. The portal was created by the Indian Banks Association.

Some more details regarding the auction

PNB’s senior officials have maintained that the interested investors and buyers will be given several options to purchase the properties in any part of the country. A number of buyers have shown interest in the process as the day has finally arrived. This auction was announced last month. The properties will be put for auction at very competitive prices and even though the recent trend portrays that people are investing in the stock market instead of real estate, PNB wants to reverse this trend of the economy. The interest in the stock market has only increased further after the second wave of the COVID-19 pandemic. 

The properties being put out on auction will be at competitive prices but are expected to be lower than the market price. Not only cheaper rates but there will also be no brokerage or commission charges on the finalised deal. All these complex transactions will be done through the e-Bkray portal and PNB is adamant about being fully transparent. Interested buyers, after registration on portal https://ibapi.in and depositing the bid money, may participate in the process.  

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Published August 12th, 2021 at 09:07 IST

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