Indian Overseas Bank Auction Land in India

How a Indian Overseas Bank auction works

Indian Overseas Bank publishes each sale notice with the asset description, reserve price, EMD, bid deadline and the e-auction platform where bidding takes place.

The EMD is refundable if you do not win. The notice also states the bid increment and how quickly the balance amount must be paid after the sale is confirmed.

• Register on the e-auction platform named in the notice
• Deposit the EMD before the last date stated
• Inspect the asset during the inspection window
• Keep your ceiling price decided before bidding opens

What to check on land lots

Land carries title and land-use risk a built property does not, so revenue records deserve close reading.

• Survey number, extent and boundary verification
• Land use classification and conversion status
• Access road, encroachment and cultivation status
• Encumbrance certificate and revenue records