Magicbricks ties-up with PNB Housing Finance to e-auction re-possessed assets

Magicbricks, a realty portal, has tied up with PNB Housing Finance to e-auction its re-possessed properties on company’s online auction platform. The first e-auction comprising of 45 properties will be held on Nov 27, 2017. Prasanna Singh, national head (Collections), PNB Housing Finance said, "With growing penetration of online transaction the trend towards e-auctions of properties has picked up speed in India. We foresee it as a viable ground and hence have partnered with Magicbricks to offer our re-possessed property to customers at attractive rates.” The properties are spread across NCR (35), Bhiwadi (2), Mohali (2), Indore (1), Jagadhri (1), Ludhiana (1), Sonipat (1), Yamunagar (1) and Zirakpur (1). Customers can log-on to auctions.magicbricks.com to register by November 24. Ritesh Mohan, Sales Head-Strategic Accounts, Magicbricks, said, “After the astounding success of 'My Bid, My Home' during which we generated sales in excess of Rs 200 crore, we are now thrilled to announce yet another endeavour for our auction platform with PNB Housing Finance.” With monthly traffic exceeding 12 million visits and with an active base of over 14 lakh+ property listings, Magicbricks provides platform for buyers and sellers of property.