AHI comes up with auction model of buying, selling properties in country

To address the various complications and frustrations involved in in buying and selling a property, Auction House India, a first-of its kind property auctions service, was launched in New Delhi on July 25.

A joint venture between Auction House UK Ltd and NU Dimension Advisory LLP, AHI will make buying and selling of property easy, convenient, efficient and hassle-free by introducing an auctions model, said a press release issued by the company.

It added the AHI launch could alter the dynamics of the country’s real-estate sector with its unique auctions concept and the benefits that it brings for both buyers and sellers. Potential buyers will 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, according to the release, will benefit from 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, 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 at the launch, Saif Nawaz, Founder and Director of AHI, said, 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.”

Bryan Baxter, Director Auction House UK, said, “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.”