Worthwhile E-Auctions: The Karnataka Housing Board (KHB) has executed excellent fulfillment in its current e-auction of plots, generating a profit of Rs 47.8 crore from the sale of 108 plots. This windfall highlights the strong demand for housing, particularly in Bengaluru city, wherein plots have witnessed extreme bidding, with some fetching 4 times their beginning price.
Bengaluru Takes the Lead: Plots in Bengaluru have emerged as the stars of the KHB e-auction, attracting significant interest from buyers. Both corner and intermediate plots within the city limits have seen vigorous bidding, indicating robust demand for residential plots in the state capital. This trend is further emphasized by the case of a plot near the Kengeri Bande Math, which received a bid four times higher than its starting price.
Highlights of the E-public sale:
*108 plots had been positioned up for auction throughout diverse districts, such as Belgaum, Bidar, Bellary, Davangere, Gadag, Haveri, Mandya, Shimoga, and Bengaluru city.
* The plots had been divided into agencies of 51 and 57, respectively.
* While 42 bidders participated for the fifty-one plots within the first organization, 6 plots did not attract any bids.
* In the second group of 57 plots, 47 bidders participated, with 45 emerging as successful winners.
* Bengaluru witnessed intense competition, with 36 plots available for auction. The minimum bidding requirement of twice the opening price ensured healthy competition and prevented under-valuation.
* A plot near the Kengeri Bande Math garnered the highest bid, fetching Rs 2.19 lakh per square meter, four times its initial price.
* In another instance, a lucky bidder managed to secure a 169-square-meter plot by a mere Rs 600 increment over the starting price.
* Plots in Surya City's 1st and 2nd phases saw bids exceeding the fixed rates by 2 to 6 times, highlighting the strong demand for plots in this popular locality.
Transparency and Convenience Drive E-Auction Popularity: The KHB e-auction process offers several advantages to buyers, including complete transparency, elimination of third-party involvement, and the convenience of online bidding. This hassle-free experience, coupled with the avoidance of commissions and hidden fees, has made KHB e-auctions a popular choice for property seekers in Karnataka.
looking beforehand: Buoyed using the success of this e-auction, the KHB plans to behavior extra such activities in the future. "The sale of plots in e-auction has received a good response, and the Board has also benefited from this. When there is a need for grants, we do auctions like this. We will auction more plots," stated Kavitha S. Mannikeri, Commissioner of the Karnataka Housing Board.
The KHB's e-public sale initiative has now not only generated giant sales but additionally shed mild on the strong demand for housing, specifically in Bengaluru. With plans for greater such auctions inside the pipeline, the KHB is poised to play a key function in enjoying the housing aspirations of humans across Karnataka.
