Indian Overseas Bank to e-auction over 500 properties worth Rs 800 crore

The properties are spread across seven centres comprising Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad

Indian Overseas Bank (IOB) has signed up with Magicbricks to e-auction 500 plus re-possessed properties worth more than Rs 800 crore. The e-auction will be carried out in two phases in October.

The properties are spread across 7 centres - Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad. Out of the 500 plus properties, the majority are located in Chennai and Coimbatore and the rest are spread across 12 major cities like Mumbai, Pune, Nagpur, Kolkata, Ranchi, Meerut, Lucknow, Ludhiana, Hyderabad and Bhopal.  

K Swaminathan, Executive Director, Indian Overseas Bank, said, "Online platforms have emerged as a key driver for