The Indian finance ministry has instructed state-owned banks to accelerate the development of an advanced property auction platform and mobile app. This move aims to enhance transparency in the sale of approximately 500,000 properties seized due to loan defaults. Prospective bidders will have access to property details, ownership type, photos, and videos. The new platform, an upgrade to the existing Indian Banks Auctions Mortgaged Properties Information (IBAPD) portal, is expected to go live by the end of the year. PSB Alliance Ltd. will oversee the upgrade of the IBAPD portal, further promoting transparency in property auctions.
In a move set to transform the property market landscape, state-owned lenders are poised to unveil a cutting-edge property auction platform accessible through a mobile app. With the finance ministry urging these banks to accelerate the development of this innovative platform and app, an exciting era in property auctions is about to dawn.
State-owned banks have traditionally advertised properties for sale, primarily those repossessed due to loan defaults, but these listings have often eluded the public's attention. However, this is all set to change as a major wave of change sweeps the industry.
Prospective bidders will enjoy an array of features on this platform, allowing them to inspect property ownership details, view high-resolution images, and watch property videos, along with comprehensive property information.
A preliminary database reveals a staggering number of properties available for auction across the country. The National Capital Territory (NCT) region boasts more than 300 properties, while Maharashtra features around 1,800 such properties. The list spans various property types, including residential, commercial, industrial, and agricultural land.
During a recent meeting held by the finance ministry, state-owned banks were directed to expedite the development of the eBKray listing and auction portal. An official familiar with the discussions confirmed to the press that banks were told to collaborate and ensure the resolution of all technical and business matters. They anticipate the app and the new eBkray version to go live by the end of this year.
The eBkray project, initiated in 2019 by the Indian Banks Association (IBA), was designed as an e-auction platform to facilitate online auctions of assets seized by banks. It was intended to serve as a one-stop hub for information on properties available for e-auction, enabling comparisons, and offering videos and photographs. However, its full potential has yet to be realized.
The finance ministry is eager for the lenders to expedite the creation of this app and the updated platform to introduce increased transparency into the auction processes conducted by banks.
This platform and app are conceived as an enhancement of the Indian Banks Auctions Mortgaged Properties Information (IBAPD) portal managed by the Indian Banks Association (IBA) under the aegis of the Department of Financial Services (DFS). The IBAPD portal currently lists 13,945 residential and 2,607 commercial properties.
A senior bank executive disclosed that it had been decided that the IBAPD portal would be upgraded by PSB Alliance Ltd, which serves as an intermediary for all public sector banks, creating shared applications and platforms.
The new app is poised to serve as a comprehensive repository for all information, data, and documents, ushering in a new era of transparency and accessibility in the property auction market.
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