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Canara Bank to auction 2,000 borrower properties this week

Sometimes, a financial institution takes possession of a property which is saved as a safety whereas borrowing within the occasion of non-payment.

PTI, Mumbai

UPDATED ON MAR 24, 2021 09:17 PM IST

State-run lender Canara Financial institution on Wednesday stated it’s organising an public sale of two,000 borrower properties in its possession on Friday.

The properties, which embody residential flats, residences, unbiased homes, industrial lands, business complexes, workplace areas and vacant lands, will probably be offered by way of an e-auction underneath the provisions of the Sarfaesi Act, an official assertion stated.

Sometimes, a financial institution takes possession of a property which is saved as a safety whereas borrowing within the occasion of non-payment. Below the Sarfaesi Act, the financial institution has the power to get well its dues by promoting the securities.

The properties being put up for public sale are unfold throughout cities, together with Delhi, Mumbai, Kolkata, Bengaluru and Chennai, and in addition different semi-urban pockets, the assertion stated.

The assertion stated the financial institution has to date offered 1,450 properties valued at 886 crore in the course of the present monetary yr underneath provisions of the identical Sarfaesi Act.

Bidders can take part from wherever and may contact the closest baranch of the financial institution for added details about a property put up on the market, it stated, including that the best bid will bag a property.

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