Bangalore: Canara Bank is conducting Mega E-Auction on 26.03.2021 for the sale of properties under SARFAESI Act. There are about 2000 properties, which are put for sale and these properties are now in the possession of the bank. The properties include Residential Flats, Apartments, Independent Houses, Industrial Lands, Commercial Complexes, Office Spaces and Vacant Land sites. These properties are available for sale in various cities like Delhi, Mumbai, Kolkata, Bengaluru, Chennai etc. and all other cities and Semi Urban areas.
SARFAESI Act, which is proved to be an effective tool of recovery of Non-Performing Assets (NPAs), provides for sale of mortgaged property by the Bank’s /Financial Institutions giving prior notice to the defaulting borrowers. Canara Bank has successfully sold 1450 properties valued Rs. 886 Crores during current Financial Year.
The sale of the property is conducted through online E-Auction where the prospective bidders can participate in bidding process from anywhere. The interested bidders can also approach the respective branches to have detailed information about the properties put for sale. The sale process is totally transparent and the bidder offering the highest price for the property will be declared as successful bidders.