During the first quarter of 2008, recession started in USA and it took 6 months to have its pulsating effects in India. We have observed the situation in Foreclosures in USA and the foreclosure services available in USA. The Gap is identified. Indian conditions and internet availability, payment systems in India are researched. A business model is developed to suit Indian conditions and presented to almost all Banks in India at their Head offices. This is the right time & right place for this services. The inspiration behind it is ” MAKING A DIFFERENCE TO THIS NATION AT NATIONAL LEVEL”.
In 2009, We declared to create an Internet portal for “ foreclosure properties / Bank Auction Properties “ for India with the following vision .
- Property owners: Committed to help getting fair deal for their property in the market by giving wide publicity on the mostly used internet media, guide them about their rights, the procedures involved and assist them in getting their grievances, if any settled through appropriate channels.
- Buyers of the Property : Committed to provide on their computer a wide range of foreclosure properties to choose, make them aware of the procedures followed by financial institutions, enhance their knowledge on related acts, rules and latest news, furnish information about specified choice through mail, inspect the properties and participating in auctions on their behalf and assist them in getting their grievances, if any settled through appropriate channels.
- Financial institutions : Committed to help getting more response for their advertisement, provide assistance for inspection of the properties by prospective buyers, conducting auctions on their behalf in the manner directed with utmost transparency, within the framework of relevant laws, acts and rules, thereby making their valuable time free for their core banking activity.
- People : To enhance their knowledge on foreclosure properties, related acts, procedures involved, latest developments, and dispel myths about foreclosure properties.
We launched our Web portal on 1st November 2009.
|We have approached all Public sector Banks, Private sector Banks, Asset Reconstruction companies, Housing Financial Institutions, Co – Operative Banks, Different state Industrial Finance institutions across the county from Kanyakumari to Patiala and from Mumbai to Kolkata and requested them to utilize our service. The following Banks / Institutions have accorded their approvals and placing their Sale / Auction notices on our Internet Portal. The following Banks have accorded approval & utilizing our services.Details of 28 Bank Approvals|
|Date||Name of the bank||Approval from||Jurisdistion|
|26.06.2010||Union Bank of India||Central Office,Mumbai||All India|
|06.5.2010||Union Bank of India||Asset Recovery Branch, Hyderabad||Hyderabad Zone|
|02.09.2010||State Bank Of Travancore||Head Office,Thiruvananthapuram||All India|
|3.9.2010||India Overseas Bank||Central Office, Chennai||Chennai – I, II & Hyderabad|
|22.10.2010||Andhra Bank||Zonal Office, Hyderabad||Their Zone|
|23.10.2010||State Bank Of Hyderabad||Recovery Dept.,Hyderabad||All India|
|15.11.2010||State Bank Of Mysore||Head Office,Bangalore||All India|
|27.11.2010||The Shamrao Vithal Co-op Bank Ltd.||Corporatre Office,Mumbai||All India|
|3.12.2010||Punjab National Bank||Head Office, NewDelhi||All India|
|07.01.2011||The Karnataka State Co-op Apex Bank Ltd||Scheduled Bank,Bangalore||Entire Karnataka State|
|8.1.2011||Bank of India||Head Office, Bandra Kurla Complex, Mumbai||Mumbai N&S & Hyderabad zones|
|20.1.2011||Andhra Bank||Head Office, Saifabad, Hyderabad||All India|
|28.01.2011||Allahabad Bank||Recovery Office, Hyderabad||Hyderabad Zone|
|03.02.2011||City Union Bank Ltd||Central Office,Kombakonam||Their Zone|
|03.02.2011||State Bank Of Patiala||Head Office,Patiala||All India|
|24.02.2011||Sundaram BNP Paribas||Registered Office,Chennai||All India|
|6.6.2011||State Bank of Bikaner & Jaipur||Region III, Mumbai Zone||Their Zone|
|15.06.2011||The Sind Co-op Urban Bank Ltd||Secunderabad||AP|
|3.9.2011||State Bank of India||SAM Branch, Hyderabad||Their Zone|
|7.9.2011||Central Bank of India||Head Office, Chander Mukhi, Nariman Point, Mumbai||All India|
|12.9.2011||South Indian Bank||Head Office,Thrissur,Kerala|
|10.10.2011||Alchemist ARC||New Delhi||All India|
|23.11.2011||Syndicate Bank||Regional Office,Hyderabad||Their Zone|
|25.11.2011||Bank of Baroda||Chennai Zone||Their Zone|
|26.11.2011||State Bank of India||Shilong,SARB,Meghalaya||Their Zone|
|7.12.2011||State Bank of India||SAM Branch, Secunderabd||Their Zone|
|21.12.2011||ISARC||New Delhi||All India|
|21.12.2011||Bank of Baroda||Baroda Zone||Their Zone|
Yerneni Bhargav, Managing partner, Foreclosureindia.com, Ph: 8142000060,
An Engineering Student from KLU, Vijayawada and Curriculum graduate of Landmark Education, has conceived the idea of FORECLOSUREINDIA.COM during February 2009 and put his efforts to build a team and invested. He is putting his efforts to build a marketing team in Pan-India to create a vibrant FORECLOSURE market in India. His vision is to bring fair value to the distressed properties by eliminating cartels, disseminate the information of auction properties and its process at free of cost to the buyers, assist the Banks and Financial institutions to dispose of their non performing assets at marginal cost and to educate public on foreclosure related acts, procedures involved, latest developments, and dispel myths about foreclosure properties and bring them to this market.
Passed Web designing on PHP & My SQL server during 7/2010. Passed Debt Recovery Agent Examination on 28.7.2011 from Indian Institute of Banking & Finance .
Achievements: Studied the requirements of Bank Auctions in Indian context and formulated the Requirements for the website, designed the website to disseminate the information easily understandable way.
- Consistently & effectively marketing the website and awareness is already created through all the public sector Banks & private sector Banks in India.
- Revenue generation concept is modeled to suit Indian conditions and appraised the Banks and Banks has approved the concept totally. This is the greatest achievement. The Internet portals in USA are charging the visitors to see the information, whereas here we are charging the Financial institutions for display of their Auction properties. We are freely displaying the information for all visitors. Lot of planning & appraising the all the constituents has been done to establish this aspect in India.
Sri Ch Raja Durga Prasad, M.Tech, IIT Khargapur, Manager-PR Cell : 08142000067 has an experience of 5 years, worked in ABC Bearings LTD, Tata tin plate and shakthi sarvana group. He is working as a marketing manager.
Sri U Subba Rao, MBE , Manager-PR Cell : 08142000061. He is working as a marketing manager.
Mrs. P. Prathyusha, B.Tech, Assistant Manager-PR Cell : 08142000066. She is working as a Assistant manager.
Mr. Vikas Kumar, MBA, Assistant Manager-PR Cell : 08142000809. He is working as a Assistant manager at New Delhi.
Mr. Yogesh Rasal, B.E, AMIE&AIV, Assistant Manager-PR Cell : 08142000735. He is working as a Assistant manager at Mumbai. Asset Valuation, Valuation of Plant & Machinery, Valuation of Immovable Properties, Asset Recovery and Real estate Advisory.
Mr. Amaresh Kumar Samantasinghar, MBA, Assistant Manager-PR Cell : 08142000030. He is working as a Assistant manager at Bhubaneswar.
Mr. Kingshuk Ghosh, MBA, Assistant Manager-PR Cell : 08142000735. He is working as a Assistant manager at Kolkata.
Swetha Vaddadi, B Tech from JNTU. Earlier she worked with Satyam Computers and possess good experience in IT industry. She is the Chief Technical Officer and taking care of mobile app development for Foreclosureindia.com
In addition to the above, Data entry operators & supporting staff are assisting this team.
Asset E-Auction: Disposal of Non-performing assets is made simple and easy through The most popular tool currently available in the market to fetch in better prices for e-Auction. This is due to its unique feature which allows the bidders to revise their bids upwards as many times as they want within the pre-defined time to stay in competition. The buyers can revise their bids as many times by incrementing their last bid by a pre-defined value, and finally when the auction is over, the bidder quoting the highest price bags the order. www.BankAuctions.in is our e auction portal, it makes the selling process easier for the buyer giving an end to end solution – from strategies, to training the buyer community and from creating the auction event to generation of reports.