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BankAuctions.IN- E Auction service provider to Banks, chosen as a winner at Hot 100 Technology Awards 2014

By: PRLog
BankAuctions.In is providing e-Auction services to 13 Public sector Banks, i.e. Central Bank of India, State Bank of Hyderabad, IDBI Bank, Corporation Bank, Indian Overseas Bank, Karnataka Bank, ING Vysya Bank, City Union Bank, Religare ARC, etc. for selling non performing assets. BankAuctions.In has its presence in Hyderabad, Chennai, Bangalore, Thiruvananthapuram, Mumbai & Kolkata. It won "HOT 100 Technology startups award for 2014" & "Company of the year 2014" award from Siliconindia.
PRLog - Dec. 15, 2014 - HYDERABAD, India -- E- Auctions startup 4Closure was named as a winner at the Hot100 Technology Awards 2014 held at Hotel Orchid in Mumbai.

Hot100 Technology Awards program uniquely recognizes outstanding start-up achievements by Indian entrepreneurs.

Speaking about the award, Yerneni Bhargav, Co-Founder and Managing Partner of  BankAuctions.IN said, "Thank you Hot100 for the recognition. This is inspiring our entire team.We acknowledge Center of Recognition & Excellence Pvt. Ltd, and their  whole hearted efforts."

He shares about his journey as a startup.

Foreclosureindia.com is a market place for BankAuction properties in India since Nov 2009. It is 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.
It also gives people a cheaper alternative to the conventional properties from builders and individuals.
Services:
1. Online digital pubblicity to Non-Performing Assets (NPA's) for sale.
2. E-Auction Service Provider for Banks and DRTs.
3. Open ended E-Auctions for sale of technically written off NPA's.

Time line of the company:

Aug 2009 - Inception of Company

Nov 2009 -  Launch of Foreclosureindia.com

Dec 2009 - Registration of M/s.4Closure
March 2011 - Reached 50,000 Listings
Oct 2012 - Reached 100,000 Listings
Feb 2013 - Launch of BankAuctions.IN
Mar 2013 - First Empanelment with a Public Sector Bank to conduct E-Auctions.
Feb 2014 - ISO 9001: 2008
Sept 2014 - Company of the year 2014 Award from SiliconIndia Magazine.
Nov 2014- Crossed  E- Auctioning of  1000 properties for 13 Banks & Financial Institutions.
Dec 2014 - Top 100 Technology Startups in India award.
Achievements:
1. India's only internet portal exclusively listing auction properties of the banks and financial institutions
2. Third in conducting e - Auctions of NPAs within the country
3. World's No. 1 free foreclosure listing service provider
4. Pioneer in open-ended e-Auctions
5. Listed over 79,600 auctions and 100,800 possession notices in 34 major cities across India
6. Conducted over 1000 e-Auctions for a value of over Rs.800 crore for various Banks and DRTs.


Foreclosureindia.com & BankAuctions.IN has expanded to 6 major cities in India including  Mumbai, Bangalore,Tiruvananthapuram, Hyderabad, Chennai and Kolkata.
According to Ministry of Finance, Government of India directives, All auctions of immovable properties, under SARFAESI Act, 2002,  may be carried out through E Auction to ensure a free, fair and transparent process. All DRT's are conducting E Auctions to sell NPA's.
Foreclosureindia.com  has started secured portal BankAuctions.IN for providing E auction services.

4Closure is one among the seven e-auctioneers in India. So far, thirteen Banks / Financial Institutions, i.e State Bank of Hyderabad, Central Bank of India, IDBI bank, City Union Bank, Indian Overseas Bank, ING Vysya Bank, Corporation Bank, Karataka Bank, RELIGARE,  CGG Bank and APGVB are conducting e auctions with BankAuctions.IN. “E-publicity“ is being done through foreclosureindia.com for selling properties with 40 % success rate.

Several Banks have given testimonials as Commandable, Excellent & Good for our E-Auction services.

Ours is a ISO 9001: 2008 certified firm.

Silliconindia magazine has given " Company of the year 2014 award" .

ADVANTAGES OF BUYING PROPERTIES THROUGH BANK AUCTION ARE,

1.PRICE ADVANTAGE: At least 25 % cheaper than market price.
2.LEGALLY SAFE: Since Banks / Financial Institutions have given loan after verification of all the legal aspects only, these are 95 % legally safe.
3.CREDIBILITY OF SELLER: You are buying from a Bank / Financial institution, which is authorized by Govt. of India to sell such properties.
4.FIXED TIME FRAME: Entire transaction will be over in less than two months period.
5.TRANSPARENCY: 100 % transparent transaction. Any one can participate in e – auctions from anywhere in the world.
6.PROBABILITY: 90% chances of winning in the Bank Auction.

How to bid for properties on auction, so as to buy at 25 % to 30% less than market prices.

The Real Estate Investments are broadly three Types.

1. Self-occupied – To live peacefully and to pass on the property to future generations.
2. Long term Investment – Buying the properties as a long term investment and getting rental income as pension and to keep the property for future generations.
3. Short term investment – Buying the property and after attending some minor repairs / modifications etc selling for profit.

How to Identify BankAuction properties.
Foreclosureindia.com provides Free access to all Bank Auction Property Details / Free Foreclosure Listings across India.
Buying properties in Bank Auctions is an intelligent financial decision.The following are the seven steps required to buy properties in Bank Auctions / Foreclosures.

i. Read The Auction Notice Carefully,
ii. Verify Documents,
iii. Inspect property,
iv. Make Finances ready,
v. Submit tender,
vi. Participate in Auction,
vii. Get Sale certificate.

1. Read The Auction Notice / Sale Notice Carefully:
Advised to take a print out of Auction notice  and read the details mentioned in the advertisement carefully and note down the important aspects like contact details, inspection date, reserve price, earnest money deposit ( EMD), cost of auction forms, tender submission time & date, and finally auction date & time.
2. Documents verification: Enquire with the bank / financial institution about further information of the property. Visit the Bank and see all the documents such as registration documents of the present borrower, link documents,  latest encumbrance certificate pertains to the property, approved layout for plot by the competent authority, approved plan for flats / houses by competent authority etc. If required, consult with a solicitor / advocate before the auction.  Once this aspect is clear, you can proceed further.
3.  Inspection of the property :  Visit the site of the property as per inspection schedule given in Sale notice. Consult people around the property to know the price prevailing in that area. While inspecting the property  observe the present physical condition of the property,  enquire about the pending  property taxes, electricity dues, welfare associations maintenance dues.  The property comes as is, as such any pending dues should be added to your consideration price before quoting.
4. Get your finances right:-  Please make sure that  you are prepared for the price to be paid for the property. If you have ready cash, you can clinch the deal faster and possess the property fast. If you are thinking of availing Bank Loan,  you may  approach some bank for sanction of pre approval loan to complete the transaction in the specified time frame very smoothly.
5. Submission of tender: Submit the bid at the specified branch before the due date and time,  along with demand draft / Banker cheque as EMD ( earnest money deposit ), copies of purchasers PAN card, photo identity card and residence proof. In most of the cases the EMD amount is 10 % of the reserve price.
6. Participating in Auction: Based on the data & statistics of the foreclosure properties / bank auction properties in India,  around 60 % of the Bank auction properties are unsold, due to various reasons.  Around 30 % properties are getting one bid only. Around 10 % properties are getting two or more bids.   In case of E-Auction, please take training from the E Auction service provider at free of cost. You will be successful if you are the highest bidder. You need to pay another 15% on the same day of the auction.
7. Sale certificate & registration: After payment of total amount either on your own sources or through Bank loan, a sale confirmation certificate will be issued. You have to pay the stamp duty and get the property registered on purchaser name. The Authorized officer will register the property on be half of the Bank. After completion of registration, take the physical possession of the property immediately.

Bhargav says, "During the last 4 1/2 years we have created awareness about Bank Auctions and Transparency by disseminating the information of BankAuctions". During the next couple of years, we will provide Excellent Experience to sellers & Buyers in Foreclosures market / BankAuctions (https://bankauctions.in/) market.

As a business, the looming challenge in front of Foreclosureindia.com is raising funding in order to take the business to the next level. Foreclosureindia.com envisions scaling up & accelerating all of its pivotal service areas to provide more technology implementation like development of apps & additional features, improvement of the website.Apart from a team expansion to another seven cities during next one yea, the company foresees starting buyer services along with improving its e-Auction services and empanelment with another 25 banks.

We will provide the following services to buyers  in future.
1.  Map the entire marketplace.
2. Save time locating the best buys.
3. Pre-diligence information.
4. Stay informed.
5. Detailed property reports.

Yerneni Bhargav says on this occasion, "We thank all our customers for giving business, employees for dedicated & on time discharge of their duties, our investors for keeping their confidence on us".
Bhargav says, "These measure will improve disposal of non performing assets in India":
1. Providing of quick housing loans to buy these NPA's will improve the success rate of selling of NPA's and in turn will reduce technically written off of NPA's.
2. Proper policy, mechanisms and structures shall be established to deal with Technically written off NPA's.
Finally He thanked all his team members for their dedication & 100 % efforts.

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