e-Auction
An e-auction is an online ascending-bid sale run on the authority's own portal. Registration, KYC, the fee and the EMD all close before the auction day; on the day, bidding runs for a set window with automatic extensions if a bid lands near the close. RIICO extends by five minutes each time a bid arrives in the last five, so an auction advertised as ending at 5 pm can run considerably later.
Worth knowing
- Bidding is on the authority's portal, never through an intermediary.
- The highest bid is usually accepted 'subject to confirmation' — a committee still has to approve it.
Questions people ask
What is e-Auction in a government plot auction?
An e-auction is an online ascending-bid sale run on the authority's own portal. Registration, KYC, the fee and the EMD all close before the auction day; on the day, bidding runs for a set window with automatic extensions if a bid lands near the close. RIICO extends by five minutes each time a bid arrives in the last five, so an auction advertised as ending at 5 pm can run considerably later.
What should a bidder watch for with e-auction?
Bidding is on the authority's portal, never through an intermediary.
Anything else about e-auction?
The highest bid is usually accepted 'subject to confirmation' — a committee still has to approve it.