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HDFC Realty Online Home Auction Gets Rs 155-Crore Bids

Mumbai: HDFC Realty has received bids worth around Rs 155 crore from prospective buyers through an online home auction process.

HDFC Realty and iBidmyHome.com had recently launched a multi-property online home auction that will empower home buyers to bid for their home at below market prices.

“HDFC Realty has received an encouraging response within a fortnight of the launch of the first ever sale of new homes from builders through an online bidding process. Since its launch, the portal has received bids from prospective home buyers worth around Rs 155 crore,” the real estate advisory services firm said in a statement.

These non-binding bids have received for new, ready-to occupy-homes in eight residential projects belonging to three leading real estate developers, in the cities of Bengaluru, Chennai and Kochi, it said.

The final cut-off price and the actual number of apartments that the participating developers choose to sell through this process is expected to be announced on December 7, the statement noted stated.

The reserve price set for each of the properties is in the range of 10-20 per cent lower than prevailing market prices.

“These attractive reserve prices have drawn several hundreds of prospective buyers to participate in this bidding process. This indicates the presence of a strong demand for homes albeit the sentiment around pricing continues to be conservative,” chief executive officer Vikram Goel said.

The fundamental reason for the encouraging response arises from the opportunity for home buyers to be able to bid and buy homes below market prices and that too new and ready to move in homes from some leading developers, he added.

“The strong response from the market has now encouraged us to go back to the participating developers and request them to release adequate inventory of homes to meet the demand,” Mr Goel said.