 "HDFC Realty online home auctions receives bids worth Rs 155 crore")
HDFC Realty and www.iBidmyHome.com had recently launched multi-property online home auctions that would 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 company said in a statement.
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These non-binding bids have been 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 release stated.
The reserve price set for each of the properties are in the range of 10-20 per cent lower than the 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," the company's 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 anew 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," Goel said.