Buying property through a live auction is becoming increasingly popular in India. Organized mainly by banks and financial institutions, live auctions give buyers a chance to own properties that are put up for sale after loan defaults or non-performing assets (NPAs). For genuine buyers, this is a golden opportunity to purchase homes, plots, or commercial spaces at prices lower than the market rate.
How Live Auctions Work
A live property auction is a scheduled event where bidders compete in real time. The process usually starts with the publication of an auction notice that mentions details like the property location, reserve price (minimum bidding amount), date, and participation process. Interested buyers need to deposit an Earnest Money Deposit (EMD) before they can take part in the auction. During the live session, bidders raise their offers, and the highest bidder gets the property.
Benefits of Live Auctions
- Affordable Pricing: Buyers often get properties at 10–30% lower than market value.
- Transparency: The bidding process is open, ensuring fairness.
- Speed: Unlike traditional real estate deals, auctions are quick and hassle-free.
Tips for Buyers
- Read the auction notice carefully.
- Always inspect the property before bidding.
- Set a budget and stick to it.
- Consult a legal expert for document verification.
Conclusion
Live property auctions are a smart way for buyers to secure valuable real estate at competitive prices. Whether you’re looking for a dream home or an investment opportunity, keeping an eye on live auctions can help you make the right move.