IOB to e-auction 500 plus re-possessed properties

New Delhi, Oct 16 (IANS) Public sector Indian Overseas Bank (IOB) will e-auction 500 plus re-possessed properties worth more than Rs 800 crore next week.The mega e-auction will be carried out in two phases - on October 21 and October 30.The bank has signed up with Magicbricks, a property site, for the e-auction of these re-possessed properties. The properties are spread across seven zones comprising Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad. Out of the 500 plus properties, majority are from Chennai and Coimbatore, and rest are spread across 12 major cities like Mumbai, Pune, Nagpur, Kolkata, Ranchi, Meerut, Lucknow, Ludhiana, Hyderabad and Bhopal. IOB's Executive Director K. Swaminathan said: "The units are priced up to 25 per cent lower than the market value and have been eliciting a huge interest from prospective property seekers."
--IANS
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