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Magicbricks.com, property portal, has added real-time price discovery and sales facilitation through its recently launched e-auction platform.
In its maiden offering, it has tied up with Apple Spire and Birla Homes to pre-launch their project in Bengaluru called Birla Apple Aroma.
“As part of the auction, buyers get a chance to bid for properties of Birla Apple Aroma thereby facilitating a demand driven price discovery. Only 48 properties are available for auctions, so only the highest bidders for these units will get to own the property,” said Sudhir Pai, CEO, Magicbricks.com.
“The market trend has been that buyers look to book the properties during the pre-launch phase. Buying in pre-launch phase is usually lucrative as the price is expected to go up as soon as the project moves from pre-launch to launch,” he added.
Birla Apple Aroma has put up just 48 units for auctions. Post the pre-launch, the intent is to re-price the balance units.
Sudhir Pai said: “Auctions as a process brings in much needed transparency into the Pre-launch sales process. It aids not just the price-discovery process but would also throw up successful allottees in a very transparent manner. This should therefore be a win-win platform for the builder as well as for the consumer.”
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