Canara Bank to sell 2,000 properties via e-auction on March 26
Canara Bank will conduct a mega e-auction on March 26 to sell around 2,000 properties under its possession under the SARFAESI Act
Canara Bank to sell 2,000 properties via e-auction on March 26
New Delhi: Canara Bank will conduct a mega e-auction on March 26 to sell around 2,000 properties under its possession under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act. The bank had successfully sold 1,450 properties, valued at Rs 886 crore, in the current financial year.
As per reports, Canara bank has included different properties – residential flats, apartments, independent houses, industrial lands, commercial complexes, office spaces and vacant land sites for the auction. The properties are located in various cities such as Delhi, Mumbai, Kolkata, Bengaluru, Chennai, and also in other smaller towns and semi-urban areas. SARFAESI Act, which is proved to be an effective tool of recovery of non-performing assets (NPAs), provides for sale of mortgaged property by the bank’s /financial institutions giving prior notice to the defaulting borrowers.
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