Magicbricks Partners with PNB Housing Finance Ltd. to E-Auction Re-Possessed Assets.

Magicbricks Partners with PNB Housing Finance Ltd. to E-Auction Re-Possessed Assets
- 45 properties will be put up for e-auction on Nov 27 on Magicbricks
- Properties available at attractive rates, cheaper than the prevailing market rate; quick and easy possession

November 2017: In an industry-first move, Magicbricks, India’s No.1 property site, today announced its strategic partnership with India’s leading housing finance body PNB Housing Finance Limited to e-auction its re-possessed properties on Magicbricks’ online auction platform. The first e-auction comprising 45 properties will be held on Nov 27, 2017. 
Coming close on the heels of the successful first-of-its-kind online property bidding campaign ‘My Bid, My Home’ on Oct 7, Magicbricks will now be offering its customers re-possessed properties of  PNB Housing Finance Limited at attractive rates and priced at  lower than the prevailing market rates.  Further, properties would be available for quick possession.
Customers can log-on to auctions.magicbricks.com to register by Nov 24, 2017. The properties are spread across NCR (35), Bhiwadi (2), Mohali (2), Indore (1), Jagadhri (1), Ludhiana (1), Sonipat (1), Yamunagar (1) and Zirakpur (1).
Commenting on the partnership, Mr. 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 Limited. Consumers will get a wide choice of properties to be owned through online auction at attractive rates. Through our auction platform we are able to provide innovative offerings to our customers and it certainly signifies the defining moment for online real estate industry. We are looking forward to a great partnership with PNB Housing Finance Limited.”
Speaking at the partnership. Mr 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. Participation in the e-auction will expand our reach, without investing much in physical infrastructure or manpower and will make the recovery process much more efficient and transparent. We are excited to share a great partnership with Magicbricks and look forward to the success of the mega event."
Magicbricks is India’s only property site with Standardisation, Testing and Quality Certification (STQC) by the Ministry of Communications and Information Technology, making it the country’s only real estate portal eligible for a bidding platform for properties. For the first-of-its-kind certification, Magicbricks had to conform to 150 stringent parameters laid down by the Ministry of Communications and Information Technology.
About Magicbricks:
Magicbricks.com is India’s No.1 property site. With monthly traffic exceeding 12 million visits and with an active base of over 14 lakh+ property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other in a clear, transparent manner. With this in mind, Magicbricks has innovated several product features, content and research services, which have helped us, build the largest audience pool.
About PNB Housing Finance Limited:
PNB Housing Finance Limited (NSE: PNBHOUSING, BSE: 540173) is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The Company got listed on the Indian stock exchanges on 7th November, 2016. The Company offer its retail customers “housing and non-housing loans”. The Company is also into construction finance loans to real estate developers for residential housing. PNB Housing Finance is a deposit taking Housing Finance Company.