Buying a home is usually a painful process as it involves excessive research on locality and pricing, high knowledge of rules, regulations, technicalities and operational challenges.
But MagicBricks is attempting to shake things up in this sector, and the transformation is starting with Bengaluru. It is launching a unique e-auction platform through which serious property seekers will be able to bid an amount which is guaranteed lower than the launch price while purchasing a home.
Magicbricks, A Times Group company, has tied up with Bengaluru’s Birla Apple Aroma and put up 48 properties in JP Nagar for auction. While post auction, rates of the properties are expected to be around Rs. 4750 per sq. ft., this auction platform will enable the buyers to bid for these properties starting at Rs. 4050 per sq. ft.
In order to participate in the auction, which will be held on 21st March from 8am to 2pm, potential buyers will need to pay a fully refundable participation fees of Rs. 5000. The registrations are open from 10th to 20th March.
Buyers can then bid online on the properties of their choice. They can track their bids in real time, and also view the highest bids for each property. The buyer with the highest bid on each property at the end of the allotted time will be able to lay claim to it.
The auction process is expected to help home buyers as it shall enable them to determine the fair price for the property they buy.
“Auctions as a process brings in much needed transparency into the pre-launch sales process. It aids not just the price-discovery process but would also throw up successful allottees in a very transparent manner. This should therefore be a win-win platform for the builder as well as for the consumer.”, said Sudhir Pai, CEO of MagicBricks.
“This will also help us to understand the consumer needs and demand better in different localities and specific price range.”, said Mr.Jayaram Chairman Birla, Apple Spire India LLP.
Home buying is a sector that has remained virtually untouched by technology so far. The introduction of this e-auction by MagicBricks is expected to reap benefits to both consumers and builders alike. The auction platform secure and is ISO 27001 certified.
From an all-around real estate portal that has features like legal advice, property price trends, home loan applications to now a futuristic offering in the form online auctions that will help home buyers in Bangalore scoop up a property at the best price, Magicbricks aims to be with the buyer at each step of property buying.