In the wake of a slowdown in the market and the huge
inventory pile-up, developers are looking for innovative ways to sell
their units. One such way is through the online bidding process. A
concept that is hugely popular in the West, it is fast cathing the fancy
of developers and end-users alike in India. Developers reach out to
buyers, offering the lowest reserve price over which the registered
buyers can place their bid.
What is bidding?
Oxford Dictionary defines bidding as “the act
of offering to do something or to provide something for a particular
price”. There are two types of bidding. The first is the one which is of
the attached properties which are in the possession of banks. The other
is when a property is sold by a developer in his new residential
project. While a majority of the times, the property auctioned by a bank
is usually a resale property in a well-developed neighbourhood, the
property being put on the block by a builder is a new property which may
or may not be in a well-developed area.
The interested buyer must be mindful of the
fact that these properties are usually sold on ‘as-is-where-is’ or
“as-is-what-is” basis. If it’s a resale property which is being bought
through a bank, check for any outstanding dues such as property tax and
electricity bill.
Bidding online
Each unit is usually allocated a reserve
price by the developer, which is the lowest primary market rate. Bidders
have to pay a participation fee. Once the potential bidder comes to the
platform and registers for the process and the registration is
approved, the KYC documents and a post-dated cheque for the mentioned
amount has to be submitted. On the successful payment of the
participation fee online which acts as a bidding fee, KYC documents and
PDC, he or she now waits for the bidding process to begin.
What you should do?
It is a buyer’s duty to do the due diligence.
The bidder should ascertain the average price
of similar property in the locality, so that he can take informed
decisions. Check out the property by visiting the website or the actual
site.
Check out which unit you want to bid for.
Some of the things you should consider are Vastu compliance if you are a
believer, orientation of the flat as that impacts the sun and wind
coming into the unit, the view outside as that is something you have to
live with and the number of units per floor which determines the wait
time at the lift.
To Real Estate Projects in Thane or Know More about Builders and Developers in Thane Contact Us at 022 2580 6868
Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane
– 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane
– 400 604, Maharashtra, IndiaMobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com
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