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Published on 10/4/2017 2:56:33 PM
What you should know before you bid for your home?
For the first time ever in the Indian real estate market, housing units will be sold through online bidding. Magicbricks is organising this bid and will auction units of M3M's projects in Gurgaon.

With My Bid, My Home, Magicbricks brings yet another industry first value proposition for homebuyers. Consumers will get a wide choice of properties to be owned through online bidding. -Sudhir Pai, CEO of Magicbricks.

The bidding will be held between 11 am and 4 pm on October 7, 2017. Every bidder can start bidding for the two units that he or she has identified. You can bid at the reserve price or higher by multiples of Rs 25.

As soon as a bid is placed, all those bidding for a certain unit get an SMS, alerting them about the price. They are now free to outbid that price. This can be done till 4 pm on the bidding date. Deloitte will then validate all the bids and the process before the winners are announced.

Pankaj Bansal, director of M3M, said: "M3M is pleased to bring to homebuyers this innovative campaign. It has the potential to become a defining moment for the way real estate space operates in the country. We have understood from our consumers that they are looking for more transparency in terms of pricing of each unit-the base price and what they have to pay for each of these units."

Each unit has been allocated a reserve price by the developer, which is the lowest primary market rate. All secondary sales will halt in this period. The channel partners or brokers will be facilitating the bidding.

Bidders have to pay a participation fee of Rs 10,000 for two units. Once a potential bidder comes to the platform and registers for the process, and the registration is approved, they have to deposit KYC (know your customer) documents and a post-dated cheque of Rs 5 lakh (for Merlin in Sector 67 and Woodshire in Sector 107, Gurgaon) and Rs 10 lakh (for Golfestate project, Sector 65, Gurgaon).

On the successful payment of Rs 10,000 online, as a bidding fee, submission of KYC documents and the cheque, the bidder can await for the bidding to begin.

At the same time, bidders should ascertain the average price of similar property in the locality, so that they can take informed decisions. If possible, they should also check the property at the actual site, or on the website.