After a bid is closed, the successful bidder has to pay 10% of the property price within 24 hours
GURGAON: In a move to make online auction of properties more user-friendly, Huda is making changes on its website to ensure timely information is conveyed to people who want to participate in the bidding process.
Those who wish to participate have to register on the site by paying a nominal fee and then pay 2% of the reserve property price, which is refundable, to be eligible to bid.
After a bid is closed, the successful bidder has to pay 10% of the property price within 24 hours.
In absence of timely communication, many people fail to deposit the said amount, resulting in cancellation of their bids.
People also face difficulty in getting the refund (2%, deposited before bidding) as they are not alerted about the bid result on time.
Hence, Huda has decided to improve its site so that participants are kept abreast of the bid result.
"It has just been a year since we shifted from manual auction to the online system. We are aware of its glitches and are making necessary changes. This will take a while," said Huda administrator Yashpal Yadav, adding they will keep on improving the system from time to time to make it user-friendly.
Huda, which is under financial stress, is banking on online auction of its properties to tide over the financial crisis.
It has successfully raised Rs 611 crore by selling some properties on e-auctions between May 2016, when it was launched, and February 2017.