Opportunity to buy affordable homes from government Banks: All auction details now on new platform e-Bikray

Previously, buyers had to go through individual bank websites or monitor newspaper notices to find auction listings. However, this system is about to change by the end of this year, as all government banks will soon be listing auctioned properties on a unified digital platform, providing all necessary information in one place. 

This new platform, called e-Bikray, is designed to be more user-friendly and technologically advanced than previous systems and aims to make the auction process completely transparent and accessible. Developed by PSB Alliance Private Limited, it is a collaboration of 12 government banks.

This platform will not only be limited to providing property information but will also make the auction process completely digital and transparent.

The Indian Banks Association (IBA) and the Insolvency and Bankruptcy Board of India (IBBI) have also contributed to the development of this platform to ensure a streamlined and user-friendly auction experience.

One of the key benefits of the e-Bikray platform is its ability to access comprehensive information about auction-listed properties on a single website or app. Now, buyers can view crucial details like property conditions, geographic information, and tentative auction dates without navigating multiple websites.

This centralised information gives buyers adequate time to assess property values and make informed decisions. The platform will also feature property videos, photographs, and a comparison option, allowing buyers to evaluate properties more effectively.

With a single-window interface, buyers can access all public sector banks’ e-auction sites from one place, making the entire process more convenient. The e-Bikray app will go beyond just providing information, as it’s designed to fully digitise the auction process.

It will include automated KYC verification, a secure payment gateway, and an auction engine to make bidding straightforward and accessible. Prospective buyers will be able to log in, browse listed properties, and participate in auctions directly from the app, creating a hassle-free, one-stop experience.

Over the next five years, public sector banks plan to auction about 5 lakh properties through this platform. This initiative will increase transparency in the auction process, aiding debt recovery and opening new opportunities for the general public to participate in bank auctions.