Cushman & Wakefield, Saffronart to e-auction prime properties

MUMBAI: With the rising trend of second home ownership, real estate services firm Cushman & Wakefield along with global auction house, Saffronart, will start the process of online auctioning of heritage and plush residential properties in the country by January next.

The bidding, to be done online for four prime properties initially, would be open for all interested buyers across the world, Cushman & Wakefield's Executive Director (Residential Services), Akshay Kulkarni, told reporters here on Thursday.

"The auction is a first-of-its-kind and will be open for all across the world. It will be an online bidding process that will start January next for residential properties," Kulkarni said, adding that the properties identified are from the major metros, including Mumbai.

Though both the firms have not yet zeroed-in on any particular date for the e-auction, they said it would be for 36-hours only.

The base price for the properties has been fixed at Rs 5-crore, Kulkarni said.

Cushman & Wakefield along with Saffronart also said that they have released a catalogue that presents a selective luxury vacation homes in India.