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Published on 10/11/2017 2:04:43 PM
Bidding for property fun, fair: Australian buyer
Magicbricks will offer houses through a transparent online auction to homebuyers, for the very first time in India.

Globally, houses are sold through auction, but mostly in the off-line mode. The online bid will make projects available to a wide range of the customers across the globe. Here, one can bid sitting at their home, in consultation with family members.

Magicbricks has offered this platform to M3M, a NCR-based developer, to sell 674 units in its three projects in Gurgaon's Golf Course Extension, close to Dwarka on the Northern Peripheral Road.

In this online auction, the company will offer a reserve price over which registered buyers can bid according to their appetite.

As this is a novel process in the Indian market, Magicbricks has spoken to buyers from different markets across the world, who participated in such biddings, to share their experience with prospective Indian buyers.

Wendy Wells, from Melbourne in Australia, says that bidding is the most transparent process when it comes to selling and buying property. Wells not only started bidding for an investment property currently, she has used the process to sell her house in Melbourne four years ago.

"I sold my last home via auction four years ago and, as luck would have it, attended an auction this Saturday to bid for an apartment as an investment property. I am in Melbourne where property prices are appreciating, and most property sales are via auction," Wells said. She was later outbid at the auction by $25,000, so is still on the hunt for a property.

The Indian market is in a similar situation. Prices are at their lowest ebb in more than five years, as are home loan interest rates.

There are innumerable completed units hitting the market today and, with consumers looking to buy completed projects, this is the best time to bid!

For Wells, auctions are fun and there is an element of thrill and surprise when putting up a property for sale, or bidding for a house for self-use or investment. "The format in Australia is for auctions to be held on the street, in front of the property, where people turn up to watch and applaud the winner. Professional auctioneers also tend to be quite entertaining," Wells says.

The auction platform is online and consumers can place their bids on October 7, 2017. They have to, however, pay a registration amount and register for the bidding. The excitement will build through the day, when each bidder is notified how the bidding for a particular unit is progressing and they are then allowed to outbid the previous bidder.

In the Indian market, bidding for property, especially from a developer, will be a unique experience.