Portal for Enhanced NPA’s Disposal

Tuesday, 09 October 2012 08:07 administrator
Hyderabad, Andhra Pradesh, India : Foreclosureindia.com is the one and only website in India listing all the auction properties of all the banks and financial institutions across India since Nov 2009. It’s the first of its kind internet portal that helps the buyers of property in getting the free access to all Auction property details / free foreclosure listings information of banks and financial institutions happening in and around 34 major cities of the country. Foreclosureindia.com bridges the gap between the potential buyers of auction property and the banks that sell them by displaying the information at one place and also making the public conversant with the process of buying auction properties in India. It is creating a vibrant market for Bank auction properties / foreclosure properties in India. 

Visitors will freely get access to all bank auction property details / free foreclosure listings information of banks and financial institution of India. Total of 96,400 properties, i.e 36,400 auction properties and 60,000 possession properties, details are available. The visitors have a wide choice of properties including flats, independent houses, plots, agricultural, industrial lands and commercial property etc. It has 42,000 registered investors, comprising of individuals, employees from Government and private sector, etc including 13 % NRI’s. Daily free e mail alerts are being sent to registered investors. 

All the Banks, Housing Financial institutions, asset reconstruction companies , Debt recovery tribunals can utilize the services of Foreclosureindia.com for providing 25 times more publicity to their Auction properties at nominal charges of Rs 1000/- per property, i.e around 4% cost of Newspaper advertisements. It is exclusively listing Bank Auction property details/ free foreclosure listings only. It also provides greater longevity to their auction notifications compared to the newspapers, increasing their visibility to the investors across the globe. The properties are listed on the site till they are sold off. The success rate of selling NPA’s will increase to 60 % from the present success rate of around 40%. 

As of now 29 Banks / Asset reconstruction companies are using the service of foreclosureindia.com and it acknowledges the continues support of the Banks, specially, Punjab National Bank , Central Bank of India , Union Bank of India , SBI-SARB-Nampally , State Bank of Hyderabad , Andhra Bank , South Indian Bank , Shamrao Vithal Bank , Bank of India , Bank of Baroda , Canara Bank etc & other ARC ’s. All other banks are being requested for utilizing their services for enhanced success rate in disposal of NPA’s.