For the first time, mjunction services limited, India’s largest B2B e-commerce company, conducted e-auctions in the housing and real estate sector, for the Uttar Pradesh Awas Vikas Parishad (UPAVP).
For the UPAVP, which is also known as the Uttar Pradesh Housing and Development Board, this helped bring in transparency and aided in discovery of market-determined price for its various properties. UPAVP was following an offline process till now. mjunction’s customised e-auction platform makes it convenient for potential buyers, by getting them direct access to the UPAVP properties, besides being assured of market-driven price discovery.
Commercial plots for group housing, schools, nursing homes and hospitals were among those up for e-auction across six zones of the UPAVP – Lucknow, Meerut, Bareily, Agra, Varanasi and Kanpur. A total of 17 plots have been sold from these zones.
MD & CEO of mjunction, Mr Vinaya Varma said: “mjunction has provided a customised platform to Uttar Pradesh Awas Vikas Parishad for selling their properties through e-auction. Creating a transparent and convenient channel for purchasers has also led to significant price appreciation for UPAVP. This is just the beginning and we expect to extend this to other states in the near future.”
A large number of buyers participated in the e-auctions, and the total price arrived at for the properties was significantly above the price estimated by UPAVP.
According to an official from UPAVP, “This is our maiden effort in moving towards an online process for e-auctioning our properties. mjunction provided a customized and transparent mechanism that is convenient to our buyers and provides them assurance for market-determined price discovery.”