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
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 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,
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.”
at the partnership. Mr Prasanna
Singh, National Head – Collections, PNB Housing Finance said
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.

Magicbricks: 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.

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