: Public sector Indian Overseas Bank on Wednesday said it has tied up with property site Magicbricks.com to e-auction of 500 re-possessed properties worth over Rs 800 crore.
The city-headquartered bank has said the move to tap online source was it emerged as a key driver for the real estate industry.
Accordingly, properties re-possessed by the bank that are located in Chennai, Coimbatore, Mumbai, Kolkata, New Delhi, Bengaluru and Hyderabad would be auctioned through the digital platform.
Out of the 500 plus properties, majority of the properties are in Chennai and Coimbatore while rest in Mumbai, Pune, Nagpur, Kolkata, Ranchi, Meerut, Lucknow, Ludhiana, Hyderabad and Bhopal.
"Online platforms have emerged as key driver for the real estate industry. The property buying process is now significantly impacted by digital engagement," Indian Overseas Bank Executive Director K Swaminathan said in a statement.
"With growing internet penetration, trend towards e-auctions of ...
