HDFC Realty announces India’s first Online Home Auctions
Mumbai, November 3, 2015: HDFC Realty, India’s leading Real Estate advisory firm in association with www.iBidmyHome.com has launched India’s first multi-property online home auctions, a pioneering concept that will empower home buyers to bid for their dream home from India’s top notch developers, at below market prices. The initial launch of this initiative will see projects in Bangalore,Chennai & Kochi.
Auctions across the world are considered as one of the most transparent methods for buyers and sellers to transact in Real Estate and is specifically favoured by buyers, as it gives them an opportunity to buy prime, pre-screened real estate at off-market prices.The online home auctions hosted on www.iBidmyHome.com, and marketed in association with HDFC Realty have thoughtful features like pre-screening of projects / developers, real time auction statistics, online bid submissions, pricing insights etc are all assigned to further help buyers take more informed decisions.
The empowering feeling of “Choosing a Price to Bid & Buy’, will enable aggregation of buyers and propel transactions. The business motive however is driven by an unwavering commitment to offer buyers only Prime, High Quality Real Estate Properties.
HDFC Realty, the only real estate advisory firm with a residential foot-print in 23 cities and commercial reach in 50 cities across India, through this initiative will empower home buyers to bid for their dream home from India’s top and Grade-A developers. Home buyers can now hope to buy their dream home at premium location at prices better than those currently prevailing in the market, on ibidmyhome.com.
Commenting on HDFC Realty’s new unique initiative company’s CEO Vikram Goel, said, “Home buying is mainly driven by two critical factors, ’Affordability’ and ‘Market Sentiments’. With recent lowering of interest rate by RBI has resulted in lowering of home loan interest rates. We in association with www.ibidmyhome.com, multi-property online property auction portal, are proud to announce a pioneering effort that has been launched to aggregate home buying demand online and help customers bid & buy homes at a price decided by them in a pre defined price band.”
HDFC Realty has chosen to go ahead for this initiative with select few developers in South India to market eight projects based at well-established locations of Bangalore, Chennai and Kochi. All these eight projects are Ready-to-Occupy, eliminating the worries related to possession. Home loan option will also be provided to the home buyers from HDFC Ltd. However, only a limited number of apartments in each of these projects will be sold through value auctions.
This sets in motion a process where buyers aggregate collectively towards a single price point within that broad price band. The process will then enable 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.
