MUMBAI, November 24, 2015 /PRNewswire/ --
- Poised to be the Next Big Game Changer for Indian Real Estate
HDFC Realty, India's leading real estate advisory firm in association with iBidMyHome.com , India's first multi-property online home auctions, received 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 homebuyers worth Rs. 155 crores approximately.
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These non-binding bids have been received for new, ready to occupy homes in 8 residential projects belonging to three leading real estate developers, in the cities of Bengaluru, Chennai and Kochi.
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 7th, 2015.
The Reserve Price (minimum price to bid) set for each of the properties are in the range of 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. This indicates the presence of a strong demand for homes albeit the sentiment around pricing continues to be conservative. While the average pricing is expected to firm up as the auction draws to a close on December 7th, prospective buyers can still be confident of an extremely attractive final cut-off price to be announced.
The fundamental reason for the encouraging response arises from the opportunity for homebuyers to be able to bid and buy homes below market prices and that too new and ready to move in homes from some of India's top developers. The transparent process, marketed by HDFC Realty and iBidMyHome.com guides prospective buyers on what prices to bid for, based on the auction statistics which reveal the appetite for each project from buyers and the prevailing average bids received on them. The bidding process is also aided through thoughtful features like pre-screening of developers/projects, real-time auction statistics, online bid submissions, pricing insights etc., which are all designed to further help buyers take more informed decisions.
The initial launch was targeted towards the southern markets of Bengaluru, Chennai and Kochi.
However, an overwhelming 72% of the visitors to the website have been from other cities, indicating a widespread interest for quality homes in the robust south Indian real estate market.
HDFC Realty's CEO, Vikram Goel, expressed, "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 and 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. The strength of the response is also attributed to the high-quality homes available from some of the most credible Grade A developers in south India. All the eight projects open for bidding are ready to occupy, eliminating any worries related to possession. 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."
Online home auctions set in motion a process where buyers aggregate collectively towards a single price point within that broad price band. This process enables the developer to sell and consummate all those transactions under a single window. The aggregation of demand lowers the cost and time to achieve specific volumes of sale, and hence helps the consumer buy homes at prices at significantly better than those prevailing in the market. iBidMyHome.com has also received a number of 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 thereby ensuring that customers get to choose only the finest of properties, at below market prices.
About HDFC Realty Ltd:
With an experience in real estate spanning more than 3 decades, HDFC Realty has grown into a leading real estate advisory brand with a 400+ team of experienced professionals with residential footprint in 23 cities and commercial reach in 50 cities across India. Being a 100% subsidiary of HDFC Limited, HDFC Realty inherits its professional expertise from the vast experience of its parent organization. We provide guidance and support, on all aspects of real estate transactions - buying, selling and leasing of commercial and residential properties, leasing of corporate and retail premises, consulting and valuations, capital markets, and land advisory services. We are also well supported in our knowledge and expertise by other divisions and group entities of HDFC Limited, which are working directly or indirectly with developers, private equity firms, investors and other major companies in the industry. At HDFC Realty, our services are market and client focused, aimed at providing real business solutions and value.
Our services include:
Residential: Primary Sales | Resale/Selling Properties | Leasing
Commercial and Retail: Market Research | Strategic Pricing | Tenant Sourcing | Managing Negotiations | Legal Assistance
Land Solutions: Outright Land Sale/Purchase | Joint Ventures | Asset Unlocking Strategies | Pricing Advisory | Landlord Representation
Consulting and Valuation Services: Development Solutions | Real Estate Market Research | Strategic Advisory | Real Estate Due Diligence | Valuation Services
Capital Market: Private Equity | Debt Syndication | Mezzanine Finance
Media Contact:
Diksha Bhardwaj
[email protected]
+91-22-61766026
Head - Communications & Digital
HDFC Realty Ltd.
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