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Magicbricks Launches India's First Online Property Bidding Platform

For the first-of-its-kind certification, Magicbricks had to conform to 150 stringent parameters laid down by the Ministry of Communications and Information Technology.

PTI

Updated:October 5, 2017, 6:51 PM IST
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Magicbricks Launches India's First Online Property Bidding Platform
Representative Image.
Magicbricks today announced the launch of India's first online bidding platform for residential and commercial properties and tied-up with developer M3M for the inaugural 'My Bid, My Home' under which consumers can bid for ready-to-move-in residential properties ranging from 1355sqft-7875sqft in Gurugram on Oct 7. Magicbricks has been recently awarded the Standardisation, Testing and Quality Certification (STQC) by the Ministry of Communications and Information Technology, making it the country's only real estate portal eligible for a bidding platform for properties.

For the first-of-its-kind certification, Magicbricks had to conform to 150 stringent parameters laid down by the Ministry of Communications and Information Technology. Commenting on this industry-first initiative, Sudhir Pai, CEO, Magicbricks, said: "With My Bid, My Home, Magicbricks brings yet another industry first value proposition for home buyers. Consumers will get a wide choice of properties to be owned through online bidding. Our online bidding platform is an innovative proposition that will certainly disrupt the category by putting the price decision in the hands of the buyer."

Commenting on this initiative, Pankaj Bansal, Director, M3M Group said,"M3M is pleased to bring to you this innovative campaign. With this bidding opportunity, we have brought to the forefront an excellent option for genuine buyers who till now had been apprehensive and were waiting for the right price. Not only is it a win-win situation for the end-users but moving forward, the digital platform will become an important clog in the way people buy properties."

For 'My Bid, My Home' customers can log on to the m3mbidding portal on Magicbricks website and bid for properties in M3M Golfestate (Fairway West), M3M Merlin and M3M Woodshire The projects are located in Gurugram Sec sector 65, sector 67 and sector 107 respectively and have been recently delivered by the developer and are currently being offered for possession to the customers.

Registrations started from Sep 15 and will be open till Oct 6 (mid-night) by paying an earnest money. The size of apartments on offer range from 1355 sqft (two-bedroom apartment) to 7875 sqft (five-bedroom apartment). The projects are outside the purview of GST as occupancy certificate has already been received and buyers would have an additional benefit of 12 percent.

The properties available for bidding would have their base price lower than the market price. The developer is also offering a slew of benefits to customers ranging from PLC wavier, free car park, club membership to one-year free maintenance for some projects, completed kitchen and wardrobes.

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| Edited by: Sarthak Dogra
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