Auction House India launches the first-of-its-kind property auction in India
Auction House India (AHI), a one-of-its-kind property auctions service in the country announces its first event in India this August. It has listed 35 high-end commercial and residential properties to be auctioned in New Delhi. 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.
A joint venture between UK’s largest property auctioneer, Auction House UK Ltd., and NU Dimension Advisory LLP, Auction House India was set up with a motive to disrupt the Indian property services industry and make buying and selling of property easy, convenient, efficient and hassle-free for the end-user. With its initial launch in the Delhi-NCR region, AHI is all set to host its first event in the city.
Commenting on this occasion, Mr. Saif Nawaz, Auction House India 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 owing to its speed, certainty, and simplicity. With this first event, we are looking at establishing this novel and expeditious concept in the India realty space as well. Thanks to the wide choice of properties that we will be auctioning and the impeccable system that we are putting in place, we are certain that Indian buyers and sellers will quickly embrace this hassle-free, transparent and reliable method of making property transactions.”
Through AHI, a seller can send a request to list a property for auction, post which, AHI 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 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.
AHI comes with a rich legacy, international brand acceptance and a proven track record in residential and commercial property transactions. AHUK, one of its parent companies, is the market leader and the pioneer in the property auctions space in the UK and strongly grasps the property auctions segment in the UK accounting for more than 12% of all property auction sales (residential and commercial) in the country. After gaining a strong foothold in the Delhi-NCR market, AHI envisions to extend its service offerings to other tier-1 cities and replicate the international success achieved by its parent company.