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PNB Housing Finance partners with India’s Magicbricks to auction properties

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PNB Housing Finance has tied up with realty portal Magicbricks to e-auction re-possessed properties. The first e-auction comprising 45 properties will be held on November 27, Magicbricks said in a statement.

The properties are spread across NCR (35), Bhiwadi (2), Mohali (2), Indore (1), Jagadhri (1), Ludhiana (1), Sonipat (1), Yamuna Nagar (1) and Zirakpur (1) and will be offered at a price lower than the prevailing market rates.

Magicbricks said it has partnered PNB Housing Finance Ltd "to e-auction its re-possessed properties on its online auction platform."

These properties will be available for quick possession.

Customers can log-on to to register by November 24.

Prasanna Singh, National Head - Collections, PNB Housing Finance said, "With growing penetration of online transaction the trend towards e-auctions of properties has picked up speed in India. We foresee it as a viable ground and hence have partnered with Magicbricks to offer our re-possessed property to customers at attractive rates."

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