Auction House India to put properties worth Rs 135 cr for sale

Auction House India today said it will conduct its first auction of 35 commercial and housing properties worth Rs 135 crore on August 27, in the national capital.
Auction House India is a joint venture between the UK's largest property auctioneer Auction House UK Ltd and NU Dimension Advisory LLP. The JV intends to make buying and selling of property easy, convenient, efficient and hassle-free for the end-user.
The company said it has listed 35 high-end commercial and residential properties to be auctioned on August 27.
"With properties across Dwarka, Hauz Khas, Green Park, Vasundhara Enclave, Gurgaon and Noida worth a cumulative price of Rs 135 crore up for sale, the auction is set to be a veritable game-changer for the real estate space of India," the company said in a statement.

Auction House India's Saif Nawaz said the concept of auctions are already a proven and popular way of buying and selling properties in several countries such as Australia, New Zealand, the UK, and the US.
"With this first event, we are looking at establishing this novel and expeditious concept in the India realty space as well," he said.

Explaining the process of the auction, Auction House India said a seller can send a request to list a property for auction, post which, the company deals with all legal issues and publication of the property in the auctions catalogue.
The property is then put up for sale in the auction within six weeks. Once the highest price has been reached through competitive bidding in the auction room, the gavel falls and the property is announced as 'sold', which signals the exchange of contracts, the statement said.

The buyer signs the sale documents and pays over a deposit with the balance of the sales price being due on a pre-agreed completion date.