Indian Overseas Bank plans to recover dues worth over Rs 800 crore by e-auctioning re-possessed properties through a tie-up with realty portal Magicbricks.
The auction will take place in two phases beginning October 21 and on October 30.
The properties spread across 12 cities are to be auctioned.
"Indian Overseas Bank (IOB)has signed up withMagicbricks forthee-auction of500 plus re-possessed properties worth more than Rs 800 crore," the bank said in a release.
Indian Overseas Bank said that out ofthe 500 plus properties, majorityare in Chennai and Coimbatore, rest are located across Mumbai, Pune, Nagpur, Kolkata, Ranchi, Meerut, Lucknow, Ludhiana, Hyderabad and Bhopal.
Property seekers need to log ontoauctions.magicbricks.com/bank/event/IOBto register for the e-auction and can participate by depositing the earnest money with their nearest IOB branch.
"Online platforms have emerged as key driver for the real estate industry. The property buying process is now significantly impacted by .
