Online auction of premium land from next year

In a first of its kind, real estate consultancy firm Cushman and Wakefield will conduct an online auction of heritage and premium properties of all metros in January next year. They have tied up with Saffronart, the global auction house and the auction will be open to buyers across the world.

Speaking to HT, Akshay Kulkarni, executive director (residential services), Cushman and Wakefield, said they were busy zeroing in on properties for the auction. “The properties will have exclusivity, aesthetics and quality,” Kulkarni said. He said buyers would get properties that are usually hard to find. Also, the company would conduct various checks like verifying land titles.

In its first attempt, four properties would be put on the block and the price tag on each would be approximately Rs 5 crore upwards.

Saffronart said a thorough screening of clients would be conducted. It will be a 36-hour auction and clients’ privacy would be guarded. “Since the valuations are high, we will take an earnest deposit from bidders,” Nish Bhutani, chief operating officer, said. He said auctions tend to fetch a good price.