In a first, as many as 49 industrial, commercial and residential properties in Jammu and Kashmir mortgaged with banks against loans that have gone bad, have been thrown open for auctioning for bidders across the country. The Mega E-Auction is piloted by the State Bank of India (SBI) on behalf of other PSU banks.
The e-auction of these properties being held under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, (SARFEASI Act)—2002, is underway. The outcome will only explain if it would somehow dilute the land ownership rights enjoyed by the state subjects of the erstwhile state of Jammu and Kashmir.
The 49 properties up for grabs till the end of March are all in the Jammu region and include the properties mortgaged to Punjab National Bank, UCO Bank, and Union Bank of India. Among the 49 properties, 15 are Residential mortgaged to Union Bank of India, UCO Bank and Punjab National Bank. The rest of the properties include 13 commercial properties and 21 industrial properties which are all mortgaged to Punjab National Bank. The net worth of these properties is Rs 70 crore.
As per the State Bank of India (SBI), these properties are being offered to people at a much lower rate than the market prices.
“Customers can buy cheaper residential and commercial properties, land, plant & machinery and vehicles,” the SBI’s statement on Mega E-Auction reads.
This story is from the March 21, 2021 edition of Kashmir Life.
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This story is from the March 21, 2021 edition of Kashmir Life.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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