In an attempt to discover the right market prices for properties listed on the portal Magic bricks is providing an auction platform to owners, who have listed their properties and was unable to sell for more than six months. The portal will do this for properties listed in NCR and Mumbai, to begin with, and later in other locations.
The intention is to discover the right prices for the property, agreeable by both the buyer and the seller. The unsold residential stock in major cities has increased 21 percent from 932 mn sf to 1123.9 mn sf.
All the eight cities witnessed a rise in the unsold stock with Ahmedabad 33 per cent and Pune 36 per cent having shown a maximum increase, followed by MMR at 28 per cent Though the increase in unsold properties in NCR is only 14 per cent, it tops the chart with an unsold stock of 360 million sq ft, followed by MMR Region with 235.9 million sq ft.
Overall the transactions in residential space have declined by 30-70 per cent depending upon the location, according to experts and the auction model if proved successful could be the next big thing in residential space to bring back the sales momentum.