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Watabid aims to disrupt home buying with reverse-bidding model
Watabid.com, a next generation price discovery and technology-driven home buying online platform, has introduced a disruptive method of home buying for customers.
By
migrator
migrator
Chennai
The portal has launched a robust Reverse-Bidding model which hopes to address both sides of the equation, the housing crunch as well as the large inventory problems. It also focuses on making the process of choosing and buying a home informed and convenient – with technology being the main catalyst.
The company would be holding its first reverse bidding and auction in Chennai. In its maiden pilot two residential projects of Puravankara Ltd and Provident Housing Ltd respectively – Purva Swanlake and Freedom by Provident will be available for bidding. The bidding process opens on September 12, 2018 and the results would be announced on September 29, 2018. Keeping in mind convenience of the customers, bidding closure will happen in both the online and offline formats.
R Sundar, Chief Mentor and Advisor, Watabid.com said, “Today there is an inherent housing paradox in India. On one hand, the unsold inventory pan-India is increasing every day. On the other hand, there is a shortage of homes especially in the urban areas. Chennai housing market also faces this problem. The city experienced a decline in sales of home in 2017 though there was strong underlying demand for home. We are trying to bridge the gap between demand and supply through our technology -driven reverse-bidding model.”
“As the real estate market evolves, technology is playing a pivotal role here. Technology is aiding both buyers and builders in making processes more transparent, real and convenient. Reverse bidding is a proven business model in the developed economies. The Chennai launch aims at proving our processes and the product and displaying our prowess in online home purchase spheres. We strongly believe this technology will become the benchmark for buying homes in the country going forward,” added Arun Sanjay, VP, Watabid.com.
How reverse bidding and purchase work?
- Register and create an account to make an offer on the chosen property
- The moment you register, a consultant will immediately be assigned to guide you through everything that you require
- Schedule a site visit to the property that interests you
- Deposit a nominal fee of Rs 500 to start the process
- Make your desired offer on the property of your choice. Once you have made an offer, you can revise your initial offer up to a maximum of 2 times
- You can place as many separate offers on different properties, as you want. For each property a fee of Rs 500 needs to be deposited
- The offered price will be placed on cost per square feet against the market price
- The price closest to the original cost will have a higher chance of winning the selected property
- The bonus: If you win the bid at a cost higher than the lowest offer at which the auction closes, you win the property of your choice at the lowest price that the property closed on
- Once you win the bid you will be required to pay a booking amount of only Rs 50,000 and the house is yours
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