Rajasthan Housing Board uploads a list of over 9,500 flats for e-auction

Rajasthan Housing Board uploads a list of flats for e-auction.

JAIPUR: Rajasthan Housing Board(RHB) has planned for the e-auction for the first time in the state, The RHB has updated the list of properties with their details on its website.

The committee has planned to sell off its more than 9,500 flats on discounted rates in an e-auction starting from September 30 2019. The bidders willing to participate in the online auction can register themselves after September 20. The uploaded list comprises a specification of the flats, including category (EWS, LIG, MIG), floor, location, colony, the reserve price and images describing the condition of the property. 

As per the proposal, the RHB has divided discount prices on those houses in two categories – 0% to 25 % and 0% to 50 %. The discounts on flats are assessed after considering the location, condition and other factors. 

The committee has also used a reverse bidding process for auctioning their houses for the first time. An official told, “Reverse bidding method means a person who has put up a bid to buy a house on minimum discount rate will win the auction. Supposedly, one person plans to buy a house at a 40% discount and another at 30% discount. The board will sell the flat to a person who is asking for less discount. Residents will be given a month’s time to submit their bid.”

The successful bidders will have to pay a 10% cost of the house within 3 days. The outstanding money can be paid within a timeframe of 60 days. After failing to sell off its houses, the RHB had initiated an exercise to sell off its unsold flats and houses on discounted prices. 

At now, the board has more than 24,000 unsold flats in Jaipur, Jodhpur, Kota, Udaipur, Alwar and Bikaner circles. The Prolonged slump in the real estate market is the reason why many buyers have not shown interest in RHB houses.

Image source Google

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