Unique business approach aims at addressing buyer and seller pain points through the
globally-adopted auctions model for real-estate sales
New Delhi, July 13, 2016: Buying or selling a property is counted amongst the most important decisions you make in your life. It can also be one of the most stressful, especially in the fragmented Indian real-estate market. While buyers face problems with low transparency in pricing and a lack of relevant information, sellers often have to deal with time-consuming legal aspects such as transfer of title. It is these inherent complications and frustrations that Auction House India (AHI), a first-of-its-kind property auctions service in the country, is seeking to address with its operational launch.
A joint venture between the UK’s largest property auctioneer, Auction House UK Ltd. (AHUK) and NU Dimension Advisory LLP, a part of a four-decade old business, AHI seeks to disrupt the Indian property services industry by making buying and selling of property easy, convenient, efficient and hassle-free for the end-user by introducing an auctions model.
The launch is being heralded as a paradigm shift that really could alter the dynamics of the country’s real-estate sector. This is thanks to the unique auctions concept and the benefits that it brings for both buyers and sellers. Potential buyers have access to complete visibility of details such as the condition and the market rate of the property. They can also visit the property before the auction on a designated viewing day. AHI has also tied up with banks and financial partners in order to facilitate easier loans, adding greater convenience to the buying experience of the user.
Sellers benefit from unrivalled exposure through advertisements and marketing campaigns, and have the option to decide upon a ‘Guide Price’ which is indicative of their minimum requirement. Once a seller sends in a request to list a property for auction, AHI deals with all legal issues and publication of the property in the auctions catalogue. Within six weeks, the property is put up for sale in the auction. As soon as the highest price has been reached through competitive bidding in the auction room, the hammer falls and the property is announced as ‘sold’ which signals the exchange of contracts. 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.
Speaking on the launch, Mr. Saif Nawaz, Founder & Director AHI, said, “Auctions are the proven and popular way of buying and selling properties in several countries such as Australia and New Zealand, the UK, and the US owing to their speed, certainty and simplicity. This is what makes the launch of Auction House India such an exciting development in the country. By streamlining the entire process from listing to exchange of contracts, we can complete the process within as little as six to eight weeks. We are confident that the efficiency that our auctions process brings will find great acceptance within the Indian market.”
Mr. Bryan Baxter, Director, Auction House UK, added, “Real-estate auctions are already a popular trend in the US and the UK, with several sellers and buyers attesting the benefits of this model. Auction House India has been launched because we understand the need of the Indian consumer for swift, convenient and assured property buying and selling solutions. With AHI being a first-of-its-kind player in the Indian market, we are confident that we can set up a trend for real-estate auctions in the country.”
With a proven track record in residential and commercial property transactions, the team at AHI also has a rich legacy and international brand acceptance behind it. AHUK is the market leader and the pioneer in the property auctions space and has a strong grip in the property auctions sector in the UK, accounting for more than 12% of all property auction sales (residential and commercial) in the country. Initially launching in Delhi-NCR, AHI will be looking to extend its service offerings to other Tier-1 cities and replicate the international success achieved by its parent company.