SBI to e auction distressed properties on June 12
At the auction, the bank will try to sell offices, shops, apartments and factory buildings located in about 40 cities.
Jun 05, 2015
Source : The Hindu


Country’s largest lender State Bank of India on Friday said it will be selling its distressed assets through an online auction on June 12.

This is the second e-auction which the bank will be conducting in this year after its maiden attempt in March.

SBI, in a public notice on Friday, said it will be conducting a mega e-auction of distressed residential and commercial properties on June 12.

At the auction, the bank will try to sell offices, shops, apartments and factory buildings located in about 40 cities.

In a similar auction held on March 14, the bank had put on auction 300 residential and commercial properties worth around Rs 1,200 crore.

However, the bank could sell only around 130 properties, which were largely residential, realising just about Rs 100 crore.

Last month, SBI chairman Arundhati Bhattacharya had said that the bank would continue to hold such e-auctions every quarter.

“We have decided to hold e-auction of distressed properties every quarter separately for retail properties meaning mostly residential ones and for commercial properties.

Such actions will happen in the middle of the last month of every quarter,” she had said.

For the March quarter, SBI’s gross non-performing assets improved to 4.25 per cent from 4.95 per cent in the same period last year, while net NPAs improved to 2.12 per cent from 2.57 per cent from the year-ago period.

Latest Realty News

Jun 05, 2015
The IT and ITeS companies’ capacity expansion plans, the country’s office space market seems to be regaining lost steam. With a major chunk of total absorption of Grade A office space being notched up by the technology sector, in the January-March quarter, commercial realty market is getting ready to make the most of it.
Jun 05, 2015
BENGALURU: Finally, a tender to start the process of implementing a project that claims to guarantee property owners with one common card/certificate authenticating their ownership is ready to be floated.
Jun 05, 2015
New Delhi: Property prices in Mumbai are expected to see an appreciation of 6% in 2015, according to property advisory firm JLL India.
Jun 04, 2015
Mumbai: Suspecting massive capital tax evasions in property deals, the income-tax department in Maharashtra has sought the list of all high-value property deals in the state during last four years starting 2011-12.
Jun 04, 2015
NEW DELHI: Housing sales have started showing signs of improvement but full recovery is expected only in the next financial year, realtors' apex body CREDAI said today.
Jun 03, 2015
NEW DELHI: The Reserve Bank's decision to cut key interest rates is likely to reduce borrowing cost for both home buyers as well as developers leading to increase in housing demand, realty firms and consultants said today.
Jun 02, 2015
MUMBAI: The Reserve Bank Of India (RBI) cut interest rates for a third time this year on Tuesday, taking advantage of subdued inflation to give more support to an economy that many economists doubt is doing as well as latest impressive growth numbers suggest.
Jun 02, 2015
MUMBAI: The Royal Institution of Chartered Surveyors (RICS) has joined hands with real estate industry body Naredco to promote internationally recognised standards, regulations and professionalism in the Indian realty sector.
Jun 01, 2015
VIJAYAWADA: Union Minister Venkaiah Naidu on Sunday said that the government is in the process of finalising schemes to develop 500 smart cities and towns by implementing comprehensive development plans.
Jun 01, 2015
DUBAI: An Abu Dhabi-based real estate company has formed a strategic partnership with an Indian construction firm to establish 'Smart City' projects in India.

Latest Realty News Of State

Realty Talk's