Finding 'dream home' an easy task soon! Modi Govt to auction 50,000 properties

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New Delhi, Oct 1: There is good news in the offing for all those people who find buying properties in Delhi, NCR an onerous task. It is being said that people think twice before taking any property and the reason is that they believe the whole process of this 'buy and sale' is not at all fair and transparent.

Understanding this problem, the Centre is planning to launch its own realty portal. Initially government will make available details of all those properties on which their owners defaulted on loan repayment. Later, commercial properties will also be auctioned through the website.

Buying property to become easy soon!

The general public can bid for around 50,000 such residential properties in Delhi, NCR. According to an ET report, the debt recovery tribunals (DRTs) have allowed various banks to sell these properties through auction.

All the details, i.e. pictures and floor area of these properties will be available on the soon to be launched realty website of the Government. After login to website one can get all the information about how to bid for the same.

Talking about the move, a government official was quoted by the newspaper saying, "We will list all such properties where there are no encumbrances and hold auction for them on an ongoing basis". He acknowledged the report that around 50,000 residential properties are ready to be auctioned.

On asking about why this move is being cotemplated, an official said, "We have earlier received reports that in some cases auctions conducted by DRTs are controlled by certain groups and general public is not able participate in these auctions".

Presently, banks auction the defaulted properties after the recovery officers informs them. Now Government will do the same through fair and transparent process.

How one can bid for the auction

  • One have to register first by filling all the know-your-customer (KYC) information.
  • One have to fill their PAN , Aadhaar number and mobile phone details.
  • After filling these details, a one time pin will be generated and it will be sent to registered mobile number.
  • After that the users will be granted registered status and they will be able to see all the auction related information on the portal.

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