BDA Auction Procedure

[bdasites]

Hi,

I am thinking of trying for a BDA site through auction. However, I am not aware of the procedure much. Can you please answer some of my questions:
1. How do we bid? Is it online like eBay (login every day and increase bid till the auction end date) or by going to the location on a particular day (like they show in movies)?
2. I see there are 2 fees mentioned on the site: Rs. 100 as auction fees, Rs. 1 lakh as caution deposit (or something similar). If I don't win the auction, will I get the caution deposit? How will I get the money back? Are there are any terms here?
3. I have read that 25% of the auction amount should be deposited within 72 hours of the auction closure. Should this be paid on BDA's e-procurement website or throgh cheque? Will BDA sign a sale agreement upon payment?
4. What about the rest 75% of the auction amount? By when should this be paid?
5. What if I want to apply for a plot+construction loan? Will I have to arrange for the 25% amount by myself (within 3 days), and apply for the loan later? Will BDA give enough time for the loan processing?

Thanks a lot in advance,
Sunil

[kumarrobi]

I have exactly the same questions, if someone can share his/her experience?

[syed khalid]

To participate you need to pay 4 lakhs, only than they will provide username & password. If you don't win they will immediately return the amount. if you win than it will be included in 25% payment.

You need to have money to bid, BDA will not wait for any Bank Loan.

After winning if you don't pay in time 4 lakhs will never be returned

I have not bid online but we purchased land during Manual auction process.

[kumarrobi]

Thanks for help. How much time do they provide after winning the bid for payment of rest 75% of amount. Also is bank loan available for such plots? If yes, can we apply for bank loan for plot and construction together?

[Prakash]

Sunil/Kumar

1. How do we bid? Is it online like eBay (login every day and increase bid till the auction end date) or by going to the location on a particular day (like they show in movies)?
==> It's entirely online.

2. I see there are 2 fees mentioned on the site: Rs. 100 as auction fees, Rs. 1 lakh as caution deposit (or something similar). If I don't win the auction, will I get the caution deposit? How will I get the money back? Are there are any terms here?
==> The caution deposit (EMD) can be paid online (credit/debit card) or offline (Bangalore One or at few Axis Bank branches). I did it online as it's very convenient. This should be done while submitting "Interest of Participation" for a particular site. You can choose to bid for more than one site (but make sure you don't end up as a highest bidder (unintentionally) for more than one site ) - in that case you need to pay the EMD separately for each site that you want to bid.
==> I think BDA has increased the EMD to 4 Lacs now.
==> All unsuccessful bidders will get their EMD back once the e-auction is complete. I got my EMD back via NEFT after a week.

3. I have read that 25% of the auction amount should be deposited within 72 hours of the auction closure. Should this be paid on BDA's e-procurement website or throgh cheque? Will BDA sign a sale agreement upon payment?
==> If you are the successful bidder, then you will have to pay 25% - EMD within 72 hours to the specified Account no. - this can be done either via RTGS/NEFT. I think you can also pay it via Demand draft (but I think they won't accept cheque).
==> no, there won't be any sale agreement. You need to visit BDA office and get the challan. You also need to produce one passport size photo at that time.

4. What about the rest 75% of the auction amount? By when should this be paid?
==> They will send you a letter via post which will contain the details like - the site no. you have bid, amount you have already paid, remaining amount yet to be paid and by when you need to pay that amount. Normally you will have 45 days "after receiving this letter". But note that the letter itself may come to you after 1 or 2 months after the bidding (you will need to keep enquiring the status every week by calling them). So, effectively you will have more than 2 months time to pay the remaining 75%.

5. What if I want to apply for a plot+construction loan? Will I have to arrange for the 25% amount by myself (within 3 days), and apply for the loan later? Will BDA give enough time for the loan processing?
==> You will have to arrange the 25% within 3 days from your own source. Later you can apply for plot loan (may be plot+construction loan as well) - in fact, the bank (HDFC/Axis) agents only will start calling you - so, getting a loan won't be difficult.

You can go through this document for the e-auction procedure --> https://eproc.karnataka.gov.in/document ... mments.zip

Prakash

[vishwas_bda]

Thanks for the very detailed answer Prakash ! Just a query that in the pdf commercial sites are written only at top, below they have just mentioned residential/corner site, I guess it means commercial site.
Also, I see that no where it is less that 15k/sq feet as base price, is it really at that value since the final price will be surely much higher than 15k/sq feet.

[sanchitnis]

Is there any way to find out what was the final winning bid for past auctions?

[jpnagarprop]

Thanks for the very detailed answer Prakash ! Just a query that in the pdf commercial sites are written only at top, below they have just mentioned residential/corner site, I guess it means commercial site.
Also, I see that no where it is less that 15k/sq feet as base price, is it really at that value since the final price will be surely much higher than 15k/sq feet.

-- 15k/sq feet? I think you are making mistakes in calculation. For eg. 70k per meter transalates to [70k/(3.28*3.28)] = ~6.5K per feet.

[sumitha.r.d]

I had also participated in the bid once, the final bid amount was not clear as the bidding tool allowed people to bid even after the treshhold. The last bid amount that I saw was Rs.1,25,000/sq.mt. This was for a HSR Layout 2nd sector -and cost was aprox. 12,000/sq.ft for a 700sq.ft plot!

I thought if we could get the plot around a price of Rs.7000-9000 then that would be a little less then market value and would be advantageous, but did not want to spend more then market value. I guess the local brokers enter the bidding since the price suddenly hikes.

Otherwise BDA is straight forward, they have a person to show us all the plots and we can visit BDA office for guidance.

Also paying 4Lk we cannot bid on any plot -only one plot we can select and pay EMD for it. otherwise if we want to try multiple plots we need to pay EMD separately. EMD amount was returned in 4 weeks time.

Hope this helps!

[raghu_pro]

BDA ignores rules, court order to e-auction sites

http://www.deccanherald.com/content/350 ... order.html