The electronic auction (eAuction) is an e-business between auctioneers and bidders, which takes place in an electronic marketplace. It is an electronic commerce which occurs business to consumer ( B2C ).
The auctioneer offers his goods, commodities on an auction site on the internet. Interested parties can submit their bid for the product to be auctioned in certain specified periods. The auction process is completely transparent here, where interested parties can take part in the auction bound to the time-frame.
eAuctions take the form of a seller offering an item for sale, with buyers competing to secure the item by bidding the price upward. Ranging from vehicles to jewellery everything is bound to be auctioned here, and the primary goal of the seller is to make as much money as possible for a particular product in the bidding process. The e-auction process can be way utilized to sell any goods and services.
Today people are interested in buying properties through a bank auction because of bank auction avails properties far lesser price when compared with the market rate. The only setback is the lack of awareness amongst the buyers who wish to opt for banking auction. Bank auction bridges the gap between the investors and the banks and financial institutions by providing an internet platform for them.
Buyers can opt for any auctionable properties across the cities of India. All the information at one place gives them a choice to buy a property of their liking and to make a well-informed decision. They will get to know the basic details of the property, the contact details of the bank and the date of the auction. Our user friendly interface makes the process of searching for property a lot easier and informative.