Frequently Asked Questions

Know everything about Bank auction properties

How does a property get listed on Hecta website? How frequently are the auction property lists updated

Hecta is authorized by banks and institutions to market the properties they are selling. We source our properties from authorized sources designated by banks.

How do I know the properties available for auction are genuine listing ?

Most of the properties will have a notice appended to them which is published by the bank. Details of these properties may also be available on selling bank’s website.

How do I get to know which property is available for auction?

You can find the available properties on Hecta. Financial institutions also put up these properties on their websites.

Is Investment allowed for an NRI?

Yes. Currently, there is a declaration which you need to submit along with the application. It is part of the application form

Can I buy jointly with friends and relatives

Yes. You need to mention name of all applicants in the application form. Usually up to 5 applicants are allowed.

How much can I invest

There are no limits on investments.

What are asset categories available for investment

Investment options are available for all categories of land (residential, industrial) and built up (flats, independent houses, villas, industrial complexes, warehouses) among others

Is possession with these banks

Yes. Properties are either under physical possession, i.e. with lock and key of the bank or under symbolic possession, which is legal possession.

Do the sellers have right to sell these properties

Banks auction these properties either under SARFAESI or under IBC. Both these laws are two of the most conclusive ones in India and provide the banks with full authority to sell these assets for recovering their dues. The laws specifically provide that civil courts to not have any jurisdiction over properties sold under SARFAESI and IBC.

Are the sellers bad guys here for selling assets

Actually banks or institutions selling are the exploited party here. Their money is stuck with borrowers and is affecting their financial health.