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 2019.
BDA e-Auction : Latest notification (November 2019)
The last date for applying to BDA e-Auction is 03-Dec-2019. Below are the details of important dates related to this auction.
- Commencement of BDA e-Auction Live Bidding : 13-Nov-2019
- Last date to apply for BDA auction : 02-Dec-2019
- Closing date of BDA E-Auction : 03-Dec-2019
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!
BDA’s Latest e-Auction Notification 2019-20
Latest News : Click on the below image to view BDA’s latest e-Auction Notification details : BDA e-Auction November 2019 – December 2019 (last date for BDA e-auction is 03-12-2019).
Continue reading:
- Checklist of Important Property Documents in India | Legal Checklist for Property Purchase
- How to apply for a residential site in BDA Kempegowda Layout?
- What is Mutation of Property?
- 5 ways of transferring your Real Estate Property!
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Hi,
Very informative post. Thank you. Do you happen to know the process for NRIs to bid on the BDA auction.
I tried registering on eProc, but it always saves the country as India even if I provide a US address.
Thanks,
Rajesh
Dear Rajesh,
You may kindly post your query in this blog post, can get more answers to your query from e-auction participants..
Will we get a bank loan after 25% of the payment and getting the allotment confirmation? so that we can mortgage for the remaining 75%?
hi ,very helpful to see your blog,
i have few questions,
bid amount column – we should enter bid price like 50,500 suppose if initial bid price is 50,000 or should we enter only 500 .
– in the bid amount column can we bid for lower price like 40,000 if initial bid is 50000 ?
suppose we have just shown interest in participation but did not bid for it during auction and no one else bids for it, will they allot us without bidding and can we reject it if we are alloted without we entering the bid amount.
Hi Sreekanth,
I made a successful bid in the current e-auction yesterday (29-09-2020) and received the advise letter today @ 1:55pm to pay the remaining part of 25% site value. Your blog and discussions here were very helpful. Thank you!.
One question I have is on the TDS payment. When I should pay 0.75% TDS (it is not 1% now it seems since 14-05-2020) to tax department ?
Should I do TDS in two batches, now for 25% and later for remaining 75% ? Or should the whole TDS amount is to be paid now ?
Advise letter has only deducted 4L EMD payment and have mentioned the remaining amount of 25% as payable in 3 days. No clarity on total TDS amount or when it should be paid.
Dear Guru,
Congrats on winning the e-auction bid!
If the total value is > Rs 50 lakh, you can deduct 0.75% of each installment as TDS and deposit it to the govt.
Yes, you can do it in two batches.
Suggest you to go through the comments posted in this article as well (can be useful) : Latest BDA e-Auction 2020..
can Solo bidder win the bidding?
Dear Swamu,
Yes and NO.
There have been instances where BDA has accepted and also rejected ‘Solo bids’.
Suggest you to go through the comments of this blog post..
Hi Sreekanth,
If I am the highest bidder of the plot at the moment, is it possible to withdraw my bid?
Asking because we are bidding on 2 different plots so as to increase the chances of getting at least one within our budget. But if it so happens (in the rare case) that we are the top bidders of both plots, I want to know if we have the provision to withdraw the bid.
Dear Sadiq,
No, its not possible to withdraw from bidding.
If you are the solo bidder and if BDA accepts your bid then you got to pay the total amount to get the property in your name (or) forgo your EMD amount (if you do not pay the amount).
I think Comments are deleted