Auction Bazaar

For a good financial system, a sound banking system is a prerequisite. But, the existence of non-performing assets creates hurdles affecting the country's economic growth. An elevated NPA status level of NPAs indicates an elevated credit default possibility, thereby lowering the comprehensive efficiency and efficacy of the lending system. Banks tend to conduct different property auctions to recover their lost finances. These properties include agricultural, commercial, and residential properties. They sell off ‘bad properties’ those who have defaulted on loan payments. Citizens from all over the country are invited to participate in auctions and make bids based on their financial aspects and preferences.  “NPAs pose a challenge to banks because they reduce the profitability as well as the liquidity of banks.” “As per Statista , Indian public sector banks collectively owed approximately 6.17 trillion Indian rupees in non-performing assets in fiscal year 2021. This value was much...

Selling and buying a residential property via auction is generally quicker than the more conventional open market route. Compilation of the contract takes place before the auction date. Once the hammer drops, the contract gets wrapped on the successful seller or a buyer, and no negotiation on the price can occur. "As per  India Residential Real Estate Market Size, Statistics | 2022 - 27 | Forecast Report (mordorintelligence.com) , The residential real estate market in India is expected to register a CAGR of more than 5% during the forecast period 2022-2027. The loan crunch reduced residential sales in India's top seven cities from four lakh units in 2019-20 to 2.8 lakh units in 2020-21.    During the April-June 2021 period, average property values in India's eight key residential markets increased slightly. While certain cities, like Hyderabad and Ahmedabad, witnessed a 5% increase in new apartment pricing compared to the same period in 2020, other cities saw far le...