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HT Media launches online property bidding site Bidnbid

bidnbid (1)

Publisher of Hindustan Times and Mint, HT Media, has launched a property auction website bidnbid.com for buyers and sellers of properties. The platform charges a service fee for every transaction.

As of now, bidnbid seems available only across the Delhi-NCR region. It sources properties through a broker-free model and claims to have over 200-250 verified property listings. Users can bid for properties and once a bid is finalised, the listing is taken offline. The company told Medianama that it currently has around 500 sellers and 100-120 buyers which it sees use the platform on a regular basis.

How it works:

It offers residential apartments and floors from independent owners or builders. It states that it does not visit the property for verification but instead relies on the documents uploaded by the seller to confirm that he has the authority to sell the property. It also asks bidders to verify the property and papers independently. Once the property goes live, it stays live for 60 days, after which the seller can re-list if his does not find the bids satisfactory.

Buyers can revise their offer every 8 hours until the seller offers a counter offer. Strangely, bidnbid charges a portion of the user’s credit for a “visit charge” if the buyer schedules a visit to the property. In case the auction process gets over and the minimum price (set by seller) has not been met, the seller is given 2 days to accept a lower bid or place a counter offer. In case the deal does not close in these 2 days, buyer and seller credit is refunded into their accounts.

Competition:

– Delhi-based GenXDeals, owned by GenX i Media, offers property auctions across Delhi-NCR, Lucknow, Bangalore, Chandigarh, Chennai, Pune and Nainital among others. It claims to have over 100 verified listings, over 1,000 projects and 50 agent listings. GenXDeals also offers group buying and property renting along with home loans.

– IndiaProperties claims to have properties across 200 cities in India and over 180,000 visitors from 145 countries or so every month.

Corrigendum: A previous version of this article said 20-25 verified property listings. It had been edited to reflect the correct number.

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