MUMBAI: Property advisory firm HDFC Realty has received bids worth Rs 155 crore under its multi-property online auction of ready-to-move in apartments in 8 residential projects across Bengaluru, Chennai and Kochi.
These properties by three realty developers were offered by HDFC's subsidiary in association with portal www.iBidmyHome.com in India's first online home auction a fortnight ago.
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, HDFC Realty said in a release.
Interestingly, the reserve price for each of the properties is 10% to 20% lower than the prevailing market prices. The attractive reserve price has drawn several hundreds of prospective buyers to participate in this bidding process, HDFC Realty said.
"We are extremely glad to see such level of interests from customers for the first ever sale of new homes from builders through an online bidding process. The visitors, registrations & bids are steadily gaining momentum which reiterates the belief, that there is a strong appetite for homes in major cities, as long as the pricing are pegged at attractive levels and if a transparent sale process is followed," said HDFC Realty's CEO, Vikram Goel.
According to him, the response indicates the presence of a strong demand for homes albeit the sentiment around pricing continues to be conservative. The key reason for the encouraging response is the opportunity for home buyers to be able to bid and buy homes below market prices.
While the initial launch was targeted towards the southern markets of Bengaluru, Chennai & Kochi, 72% of the visitors to the website have been from other cities, indicating a widespread interest for homes in the south India realty market.
IBidmyHome.com has received enquiries from builders from across major cities and is putting together a plan to announce the next series of auctions in the coming months. The portal will, however, host only new properties from pre-screened Grade A Developers to ensure that customers get to choose the finest of properties, at below market prices, , the release added.