SBI auctions 300 properties online

State Bank of India (SBI) tied up with online real estate portal Magicbricks, for an online auction to sell repossessed flats, warehouses and offices, which includes 300 commercial and residential properties from 24 cities worth $200 mn approximately. These properties were put as collateral and were taken over by the bank under the Security and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act due to non-payment of pending dues by the borrowers. Contact: State Bank of India. Website: www.sbi.co.in