Realty Auction Portal Set To Launch By Central Government
The government is all set to launch a portal of its own for bidding of the residential properties online. This will include land, plots, layouts, apartments, flats and all sorts of residential properties. Initially there will be 50, 000 properties that will be on the portal for the public to bid. These properties have been allowed by the Debt Recovery Tribunal (DRT) to sell through the online auction as their owners defaulted on the loan repayment on the land or property bought by them. The government sources said that the portal which is yet to go live will provide all the details of the properties such as floor area and the pictures of the properties too. This portal under construction will allow anyone to bid directly and also allow them to electronically deposit the earnest money as well. The officials further stated that such properties will be enlisted which has no encumbrances and the auction will be held on the portal on an ongoing basis. He also reiterated that at present there are 50000 properties that are on the website for bidding. The purpose of the portal is to make the process of bidding more transparent and fair, the officials remarked.
The government officials remarked that the earlier auctions conducted by the DRT are being controlled and monitored by certain groups and they often restrict the general public to participate in the auctions. The auction will be monitored and managed by MSTC a public sector firm for trading that is engaged in to auctioning commodities and assets, be it human hair of the temple town of Tirupati, house plots and anything like agricultural commodities as well. MSTC also manages government’s auctions of coal blocks as well.
At present the banks and the financial institutions advertises the auction of the properties whose repayment has not been made after the recovery officers of the bank issues the notice for sale of such properties. The new online portal is said to remove the banks from this process but the sale proceeds of the property will eventually flow into the respective bank accounts. In order for the public to participate in the auction process one has to submit the form that collects the KYC (Know Your Customer) information which includes the Aadhar number, PAN number among other details. Once the registration is done, a one-time Pin Number will be sent to the registered mobile number of the bidders. All the registered users will be able to see the auction related information on the website. The official sources said that the government is planning to make arrangements on the portal to auction commercial properties as well at a second stage.
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