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Matching the massive scale of business driven by India's ecommerce giants, Magicbricks, India's No.1 property site, generated sales in excess of Rs. 200 crore for leading developer M3M during the first-of-its-kind online property bidding campaign 'My Bid My Home'on Oct 7.
Hundreds of bids were placed for properties in M3M Golf Estate (Sec 65), M3M Merlin (Sector 67) and for M3M Woodshire (Sector 107) in Gurugram. The size of apartments that were sold ranges from 1355 sq. ft. to 5486 sq. ft. The projects are outside the purview of the Goods and Services Tax (GST) as occupancy certificate has already been received and buyers would have an additional benefit of 12 percent. Registrations for 'My Bid My Home'were open from Sep 15-Oct 6.
"We are absolutely thrilled to be driving this defining moment in the industry. Sales in excess of Rs. 200 crore were generated during the campaign and it signifies a watershed event for the industry. The success of 'My Bid My Home' signifies the coming of age of online property portal business and we are proud that Magicbricks, being India's No.1 property site, is leading this from the forefront. M3M has been a great partnership and we look forward to many more such events as we go ahead," said Sudhir Pai, CEO, Magicbricks.
"Right from the start we believed in the process as it was designed from the point of view of the end customer. Very soon, we will be coming out with the next version of 'My Bid My Home' with a new set of projects," added Pankaj Bansal, Director, M3M Group.
Reserve price for Golf Estate was Rs.9, 550psft, Rs.7, 500 psft for Merlin and Rs.4, 399 for Woodshire. The bidders had to pay a (refundable) registration fee of Rs. 10,000 for two units and Rs. 25,000 for five units along with the KYC documents and pre-booking amount of Rs. 5 lakhs (for Merlin/Woodshire) and Rs. 10 lakhs (for Golf Estate).
Magicbricks is India's only property site with 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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)