When a property becomes available at a low price, informed individuals should buy it immediately. However, many people are unaware of where such properties can be found and when they will be available for sale.
To address this, the Indian government has introduced a new facility for purchasing properties at reduced prices nationwide. A portal called Baanknet (Bank Asset Auction Network) was launched for this purpose.
The Baanknet portal facilitates the sale of properties seized by public sector banks (PSBs) or other government agencies through e-auction. The types of properties listed include agricultural land, residential properties, commercial properties, shops, industrial plots, and more.
Traditionally, banks or government agencies only displayed the properties they had seized on their websites, requiring people to check multiple sites to find available properties. This process was often tedious and time-consuming.
To streamline this, the central government has launched the Baanknet portal, making it a one-stop destination that consolidates all properties to be e-auctioned by public sector banks and institutions onto a single platform. Buyers and investors can view a diverse array of properties on this portal.
Banks and government institutions sell properties seized due to non-payment of loans or other reasons at discounted prices via auctions. Currently, there are 122,000 properties available on the Baanknet portal, offering an opportunity to purchase at a lower cost.
How to Buy a Property on the Baanknet Portal:
- Visit the official Baanknet portal: https://baanknet.com/
- Select the city where you wish to purchase the property.
- Choose the type of property you want (commercial, residential, flat, house, shop, etc.).
- Specify your preferred price range for the property.
- After filling in all the mandatory fields, a comprehensive list of properties, including names/addresses and detailed information, will appear on your screen.
- High-quality photos of each property will be available to help you assess your options.
- If you find a property you like, click the ‘Interested’ button next to it.
- A registration form will appear; fill in all the required information.
- After completing the registration form, you must pay a small fee. The schedule for the property e-auction will then be provided.
- The e-auction schedule will be transparent, ensuring all information is publicly accessible.
Additional Features of the Baanknet Portal:
The Baanknet portal features advanced options such as an integrated payment gateway, and various Management Information System (MIS) reports that are accessible with a single click. It also includes a dashboard service with KYC instruments, a callback request service, an exceptional help desk, and call center support.