Property Auction: Banks to auction 5 lakh houses, offering buyers chance to acquire property at discounted rates

E-Auction: Public sector banks in India are set to launch an e-auction app that will allow users to access information related to properties from the comfort of their homes. The app will include details such as the property's location and starting auction amount, allowing buyers to access complete information simultaneously. The move is expected to reduce instances of property fraud while simplifying the buying process.

The app will feature up to five lakh properties available for auction, which have been confiscated by banks from borrowers who were unable to repay their loans. The government banks hope to recover these loan amounts by auctioning these properties through the app. Economic Times reports that senior bank officials estimate they will complete 6 lakh transactions in the next five years, with one lakh auctions included.

By logging onto the app or web portal, users can access property-related data, documents, and information. When the app is launched, individuals will be able to get information on homes right on their smartphones, making the process of buying real estate easier.

This initiative will improve the efficiency of real estate transactions for both buyers and sellers by reducing property fraud and speeding up the transaction process. It is anticipated that the app would contribute to increasing process transparency and facilitate simple access to details on properties up for sale. In terms of using technology to streamline the process of purchasing and selling properties in India, this action by public sector banks represents a considerable advancement.

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