Hyderabad: India’s one and only internet portal exclusively listing auction properties of the banks and financial institutions, has made great progress in serving both the banks and public. The vision to provide a wider base of prospective buyers for their assets under sale has been well appreciated by the bankers across the country. Banks like Union Bank of India, State bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, Indian Overseas Bank, Vijaya Bank, Andhra Bank and others are using the service of foreclosureindia.com. The website is also prompt in helping the visitors, through its telephonic service, with any other information they need to proceed for the auction. Thousands of visitors have benefited from the website and many have successfully participated in the auctions. While the website is a major hunting ground for investors and traders, many visitors were made conversant with the auction property market in India and the procedure followed by banks in India to dispose off their NPAs.

The bankers can generate more interest by listing the property details on foreclosureindia.com. Its pro active marketing and positioning as a property website exclusively for bank auction properties streamlines the prospective buyers effectively. Additionally, photographs of the property, route maps etc can also be displayed to provide the prospective buyers with a good preview before they approach the bankers. With more than one lakh hits to the website everyday and increasing exponentially the website provides a huge set of new target audience to the bankers for their properties under sale. The wide publicity and greater visibility helps the bankers break the cartels and syndicates and bring fair value to the distressed properties.

With more than 35,000 property details on the website, the visitors have a wide choice including flats, independent houses, plots, agricultural, industrial lands and commercial property etc. The website has a list of 12663 properties for auction and 23248 properties under possession. A total of 14418, 7797 and 9824 properties were listed in the first, second and third quarters of this calendar year respectively. Considering that the net Non Performing Assets (NPA’s) of the banks in India have increased by 23.96 % from 31564 cr in 2008-09 to 39129 cr in 2009-10, there is a very good chance the number of auction properties going up in the future. With so much money lying unproductively in the economy, the website comes across as a major helping hand for the banks in the quick and better realization of its non-performing assets.

The website is on its way to fulfill its mission of creating a market for auction properties in India by educating more and more people who were oblivious to the auction property market and giving them an alternative to the conventional properties.