Bangalore Development Authority (BDA) has come up with new notification for e-auction of residential sites. The last BDA e-Auction was happened in July 2014.
BDA e-Auction : Latest notification (November 2014)
The last date for applying to BDA e-Auction is 08-Dec-2014. Below are the details of important dates related to this auction.
- Commencement of BDA e-Auction Live Bidding : 26-Nov-2014
- Last date to apply for BDA auction : 08-Dec-2014
- Closing date of BDA E-Auction : 09-Dec-2014
This time BDA has increased minimum bid price (per Square meter) for many localities. I have provided the prevailing market rates for each locality as per my experience. You may compare the minimum bid prices and the current market rates.
Why should I buy BDA’s Auctioned plot?
In my experience, if you have home loan eligibility (income) then you can easily get a home loan for a BDA plot. BDA’s auctioned corner plots are free from litigation. But make sure you buy corner plots only. BDA should not auction intermediate sites (as per Karnataka High Court’s verdict).
In most of the real estate deals, the registration amount and the deal (Agreement amount) amount differ. So, part of your property deal is funded through ‘black money’ (whether you like it or not, I am sure you agree with me?).
In BDA e-auction case, the entire auction amount (registration value) is in white and should be paid through your Bank’s RTGS system (Real Time Gross Settlement) or through DDs (Demand Drafts).
Kindly remember one important point. If your total auction amount is more than Rs 50Lakh then the successful bidder has to pay 1% of the auction amount as TDS (Tax Deducted at Source). This amount should be paid to Income Tax Department before registering your property. This is in addition to registration and stamp duty charges.
BDA e-auction Process:
I tried to explain the entire BDA e-auction process in the below info-graphic.
(Please visit my post on “BDA e-Auction details” for more information. I have provided all the required details on bidding process)
I had participated in BDA e-Auction in 2012 and successfully won the bid. The entire bidding process is very transparent. If you have any queries or require more information on BDA e-Auction then do leave your comment. Cheers!
(Read my latest article on “How to apply for a residential site in BDA Kempegowda Layout?”)