M3M launches India’s first bidding platform for Properties; Ties up with Magicbricks for ‘My Bid, My Home’

India’s leading Real Estate giant M3M in a mint-fresh concept has put up its prized residential properties for one of its kind bidding process. This i​s ​for the first time in India that built up inventory is being put up for bidding on an online platform by a large developer.​​

The campaign has been launched in association with the country’s leading online real estate portal Magicbricks.com. Called

​ ​‘My Bid, My Home’, it allows the users to bid for their dream home from amongst a select bouquet of ready to move-in-residences in M3M Golfestate, M3M Merlin and M3M Woodshire as they get to decide the price of their apartment. The user first needs to register for the bidding process at a nominal refundable amount. The bidding is for properties ranging from 1355 sq ft-7875 sqft, the registrations are open till October 6 and the bidding date is October 7.

Not only are the reserve prices of the residences substantially lower than the market rates, the reserve price being 30—40% lower than the market price, the company is also offering a slew of benefits to customers like PLC wavier, free car park & club membership. Additionally, on offer is one year maintenance free period for M3M Golfestate and M3M Merlin and Completed Kitchen & Wardrobes for M3M Woodshire. The projects up forbidding are outside the purview of GST being ready-to-move-in, entitling buyers to an additional benefit of 12%.

With this bidding opportunity, M3M has brought to the forefront an excellent option for genuine buyers who till now had been apprehensive and were waiting for the right price. M3M has also brought on-board the audit firm Deloitte to validate the entire registration and bidding process.Channel Partners are also part of the massive campaign, who will act as facilitators for the customers.

The concept has already gained a lot of traction in the overseas market. Nearly a quarter of the total sales are done through the online bidding process.

Commenting on this initiative, Mr. Pankaj Bansal, Director, M3M Group said, "M3M is pleased to bring to you this innovative campaign. With this bidding opportunity, we have brought to the forefront an excellent option for genuine buyers who till now had been apprehensive and were waiting for the right price. It has the potential to become a defining moment for the way Real Estate space operates in the country. Not only is it a win-win situation for the end-users but moving forward, the digital platform will become an important clog in the way people buy properties.”

“With My Bid, My Home, Magicbricks brings yet another industry first value proposition for home buyers. Consumers will get a wide choice of properties to be owned through online bidding. Our online bidding platform is an innovative proposition that will certainly disrupt the category by putting the price decision in the hands of the buyer,” said Mr. Sudhir Pai, CEO, Magicbricks.

For ‘My Bid, My Home’ customers can log on to http://m3mbidding.magicbricks.com/. The Residential Properties that are part of the bidding process are M3M Golfestate (Fairway West), M3M Merlin and M3M Woodshire.

M3M Golfestate, located in sector 65, Gurugram, brings India’s first in-city ‘Golf Resort’ themed living experience to luxury lifestyle enthusiasts. The development features luxurious 3, 4 & 5 bedroom residences, duplex and penthouses. M3M Merlin brings the unique charm of Singapore style, world-class residences to Gurugram. The project is located in sector 67, meters away from the Golf Course Road Extension. Strategically planned to meet all residential needs comprehensively, it offers 3 and 4 BHK residences to those looking for a stylish and classy lifestyle. It is an international living experience with connectivity to South Delhi and NH-8. M3M Woodshire, residential development in Sector-107, Gurugram, is conceptualized to provide an environment replete with pristine greens. Consisting of eighteen mid-rises, sprawled across approximately nineteen acres of land, M3M Woodshire boasts of 70% open area with thriving greenery.