Aakar Realty Enterprises '_____ Realty Mediators

Electronic auction or e-auction of properties is picking up in the country as buyers and sellers are preferring this route to save brokerage fees, time and effort. Commercial banks in India are expected to sell over a lakh non-performing assets (NPAs) or properties in the financial year 2014 through the e-auction mode, according to NPAsource.com, a portal that specialises in resolution of NPAs. “E-auction is preferred by government organisations and departments. Some private companies are also active on this mode but they prefer the close/open bid process over the e-auction mode”, says Om Ahuja, CEO (Residential Services) at Jones Lang LaSalle India. In recent times, we have seen few private or public listed corporates preferring this route and the growth perspective looks good as buyers don’t have to pay any brokerage for such deals, he adds. E-auction is a process that provides complete confidentiality in terms of price discovery mechanism. DK Jain, CMD of Atishya Group, owner...

The Property Card will soon be replacing with a unique reference number assigned to each property. A property record is issued to those who own a property in the city comprehensive project taken up for the first time. It is an important change in securing the rights of property owners. This very document is primarily a paper at present, the Survey, Settlement and Land Records Department has plans to do away. This will be possible by linking the Department’s database electronically with that of the Registration Department banks and once permission is granted. Former commissioner V Ponnuraj said, this PR card is going to be property ownership document an instrument for any transaction of a property sale, mortgage, raising loan and it will also be an instrument of transfer in the land market. There are plans to establish a land market later as it does not exist today but is the need of the hour. As for now the PR card will be available both as soft copy as well as hard copy. Later w...