How To Buy a BDA Approved Site through Online Auction?
BDA (Bangalore Development Authority) has been aggressively offering plots for sale through e-auction. These are residential sites in well developed localities of Bangalore.
It is a well-known fact that in India , property transactions involve a considerable amount of black money , that is the difference between the registered value and agreed market value. These auctions are great news for people who want to avoid such transactions involving black money.
Advantages of buying a BDA Plot/site through auction:
The bidding process is completely online (it is like stock market trading)
The process is transparent. You can view the bid prices quoted by the other bidders on the screen
Most of the properties offered are corner plots
BDA layouts are comparatively well developed with good infrastructure
BDA Layouts have drinking water supply facility
You can easily fund the property deal through home loan
You are the first owner of the property
No issue of black money. The entire property deal amount should be paid through Demand Drafts (DDs) or money transfers.
No Agent or mediator involved in the process. The entire decision making process is in your hands
Anyone in India (citizen of India) can invest in these properties
Different plot measurements are available ( from 400 square feet to 4000 sq ft and above)
You may win the auction at less than the current prevailing market price
Auction notification has location and site map details. Hence it is easy to locate the property
Difference between BDA Allotment and Auction:
BDA has so far formed about 62 layouts in Bangalore. Bangalore BDA maintains a seniority list of applicants who has applied for sites in BDA layouts. After forming a layout, BDA generally allots the plots based on certain criteria and lottery system. The e-auction process is different to this. Any citizen of India can apply for auction. There is no lottery system. The highest price bidder of a particular plot will win the auction.
Terms & Conditions:
Applicant should be a Citizen of India
NRIs & Partnership firms also can participate in the auction
Applicant has to pay Rs 4 Lakh per site as Earnest Money Deposit (Deposit amount is refundable )
Successful bidder has to remit 25% of auction amount in 3 days
Key points on E-auction process (how to create login id and participate in e-auction):