photo credit: Sugar Pond

We all know a lower price to pay is one of the big draws of buying property off-plan, but what if you could get the same type of off-plan development even cheaper - perhaps by as much as around 20 or 30 per cent less?

Buying property by auction has been around for ages. The skill of selling under the hammer has evolved in the UK since the 14th century when regular weekly markets started to be chartered by the monarchy. Today, houses, stately homes, hotels and even whole development projects are up for bidding, but what are the off-plan opportunities and can anyone expect to dive in and get themselves a big bargain by bidding for an off-plan development?

Starting with the basics, the main advantages of property auctions are they are quick and simple, meaning if you have cash and want to spend it quick in an effort to get a fast return, they are a good potential starting point. It is important to remember at most auctions, you will need to have the cash up front - a deposit will probably be required on the day, and you will often have to stump up the rest as little as 30 days after the auction.

In the current UK climate, the rise in property repossessions as a result of the credit squeeze is keeping auction houses very busy. In some auction houses 40 per cent of the properties up for biding are repossessions, compared with a figure of around 20 per cent this time last year.

To find a property auction, all you need do is either call an auctioneers’ firm and ask if they have one coming up, keep your eyes peeled while reading local and national papers, try searching the internet, or call an estate agent and ask if they know of any in the local area. Typical venues include hotels, town halls, civic centres, sports clubs and stadiums.

View, check and refer as normal

Once you register your interest with an auctioneer’s or agent’s office or similar, they will typically send you information about what properties are going to be on sale - often documents or portfolios with pictures, guide prices, information on how to set up a viewing, contracts and data about wiring, plumbing, and so on.

If you are buying off-plan you are likely to get plans of the site, the intended design in detail and history of property ownership, intended construction materials and contractor’s details. As with property that has already been built, you should always view the surrounding area, examine the site carefully, check whether or not it has planning permission from the local authority and get your solicitor to check any contractual details. Essentially do everything you would usually do when buying a conventional off-plan build before you even walk in the door of the auction house.

Off-plan properties at auction at home and abroad

So what kind of off-plan properties exactly can we expect to see out there ready to go under the hammer?

Residential builds are common, perhaps because land acquisition firms have got the planning permission and a builder for the site, but not found anyone willing to take on the build and market it for sale when it’s ready to go. Big projects that require a lot of work, such as factory conversions, are also regular, as are commercial developments like hotels on the look-out for an owner.

Typical examples of sites with planning permission in search of a buyer can be found at propertyauctiozone.com, under searches for site/land. Possible candidates up for bidding soon include a site in Bebington, Cheshire, in the desirable Wirral area. The site extends to around 2945 sq metres and has permission for a residential development of 12 apartments in three two storey units. £400,000 is the guide price here.

Also found on this website is a planned development near Gainsborough, Lincolnshire of two single-storey homes, with a guide price of £150,000. Further north, in Radcliffe, near Manchester, a plot with permission for three self-contained flats will set you back something in the region of £100,000.

Travelling abroad, a development at Cabanas Beach, Portugal, is soon due for completion featuring two or three bedroomed apartments with communal pool and sea views. All are up for auction at direct-auctions.com for a price of around €180,000. Also due to go up for bidding through this auctioneer are two developments at Royal Tavira Beach, Portugal, one due for completion this year, one in 2009. Both are apartments and, one at €163,000 the other at €323,000.

Yet to go fully live is specialist off-plan auction site www.offplanpropertyauction.com,

which promises to be a ‘very cost effective worldwide on-line sales and marketing platform’.

Going, going, gone!

Before you start nodding your head, scratching your nose or waving your little finger, remember once the hammer goes down you are effectively into a contract immediately. You are obliged to pay up just as much as the seller is obliged to sell.

Hopefully though, you would have done your homework beforehand and there will be no need to worry. It goes without saying that all bidders should decide the maximum amount they are ready to pay, or rather, the maximum amount it makes personal sense for them to pay, for each lot before the auction starts. Do not get carried away and do not exceed this amount - you could end up making little or no profit on your investment.

Take along your bank account details, a cheque book, at least two forms of ID and ensure you will be able to put up a deposit of around 10 per cent of the total price of what you want to buy. Sellers may well expect to see the rest within a month of the auction date too.

When you walk in you may have to register before being able to bid. Ask around first or you may scratch or nod to no effect.

Bid with brains and bottle and you may just land yourself an off-plan bargain. Good luck!

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photo credit: striatic

When you think of sport in India, you immediately think of cricket, played with such a passion in the subcontinent that it is almost is a religion due to the extreme emotions and fervor that in inspires in the populace. However, in recent times another sport is gaining popularity in India and receiving much corporate sponsorship, and this sport is golf.

As a recent CNN Living Golf report indicates, the popularity of golf in India is growing in leaps and bounds as more and more people are taking up the sport and tournaments belonging to the European Tour are now being staged in India regularly. In fact golf has been growing in popularity all over Asia for some years now and nine out of the current top twenty women golfers in the world hail from Asia.

The British are credited with introducing golf in India as early as 1829 when the Royal Calcutta Golf club was established as the first golf club outside Great Britain. At present there are approximately 200 golf courses in India, though most of these are located within exclusive golfing clubs and within the boundaries of five star hotels. Membership to these golf clubs is quite difficult to come by and the facilities of five star hotels are usually reserved for hotel guests. These facts are considered the current constraints on the growth of golf in India.

However all this soon set to change as some Indian real estate developers, aware of the game’s growing appeal, have started incorporating golf courses into their luxurious developments in order to give their properties an extra oomph factor. They are hoping that this will help them attract the highly coveted clientele of corporate big wigs, non resident Indians and other high net worth individuals who are traditionally associated with the sport of golf. Faced with a sluggish demand for luxury homes in recent months these developers now are banking on these golf-themed projects to give luxury property sales a much needed push.

A few years ago, the Sahara group designed its high profile Amby Valley project located at Lonavala near Mumbai to encompass an 18 hole golf course with a golf academy. Now, other major developers like Unitech , DLF, Ansal API, Omaxe and Jaypee have also jumped on the bandwagon and have all launched golfing projects in different cities in India in the hope that wealthy customers will continue to pay top dollar to be able to reside in a luxurious abode which has a facility for them to tee off on an exclusive green as and when they please.

The Aralias and The Magnolias - Luxury golf properties in Gurgaon

DLF, a Delhi based premium housing developer has taken the lead in the building of golf-themed developments and has in fact established a private integrated township called DLF city which is spread over 3000 acres in Gurgaon located on the south western border of New Delhi. The township is equipped with world class infrastructure which is associated with any global modern city. DLF City has excellent medical, educational, shopping and entertainment facilities but its pièce de resistance is its DLF Golf and Country Club .

This Arnold Palmer signature 18-hole golf course is the only golf course in India which has a night golfing facility and the course is ranked amongst the top ten golf courses in Asia.

DLF has constructed two twin luxury high rise residential projects within the environs of the course called ‘The Aralias’ and ‘The Magnolias’ which overlook the golf course. The Aralias has already been completed, and The Magnolias development is expected to be completed later this year. This property development has been designed by renowned Indian architect Hafeez Contractor and is being constructed by DLF Laing O’Rourke which is a joint partnership between DLF and the UK based Construction Company Laing O’Rourke.

The Magnolias will over look a new 9-hole golf course which will be spread over 60 acres. This development offers 300 centrally air-conditioned luxury apartments, which range in size from 5825 square feet to 10,000 square feet. Additionally the complex has all the usual modern deluxe dwelling amenities such as a swimming pool, tennis and squash courts, steam, sauna and fitness room facilities as well as a convenience store. The building is also equipped with a sophisticated fire fighting system, CCTV and is earthquake resistant. Apartments at The Magnolias are currently priced from Rs.4,66,00,000 ($1.6 million) upwards.

Jaypee Greens - Living golf in Noida

These golf centric developments are being developed in the NCR regions of Noida and Greater Noida. While the Greater Noida development is spread over 452 acres and contains an 18-hole Greg Norman golf course, the Jaypee Greens township located in Noida is spread over 500 verdant acres and has an 18-hole course and as well as 9-hole Graham Cooke golf facility. Both these townships have dwellings which include villas, luxurious townhouses, penthouses, condominiums, studio apartments as well as commercial complexes and spectacular shopping malls. Residential properties at the newly launched Jaypee Greens at Noida are priced from Rs.97,60,000 ($243,695) upwards while properties at the Greater Noida project are start at Rs.78,00,000 ($194,756).

Ansal API Sushant Golf City at Lucknow - Budget golf properties

The Sushant Golf City is spread over 2000 acres on the outskirts of the capital city of the state of Uttar Pradesh on the Lucknow-Sultanpur Highway. This project is located at a distance of only 7 kilometers from Lucknow airport and is aimed at the mid level golf playing executive.

The Sushant Golf City is to be yet another self-contained township which will have many recreational facilities including an 18-hole standard championship golf course, a Royal Palms Golf and Country Club and a Mahesh Bhupati Tennis Academy, which is being promoted by India’s leading doubles player.

The properties in Sushant Golf City have been designed by the Ansal group in conjunction with KTGY, an architectural firm based in Bangkok Thailand. These properties are currently being offered at very attractive discounted prices, which range from Rs.7, 25,000 ($18,170) to Rs.48,40,000 ($121,303). The Royal Palms Golf and Country Club located in Sushant Golf City will offer golf instruction for the residents of this township.

So whether you are a keen golfer, or if you want to get in on India’s latest property trend, you might want to consider investing in one of these golf-themed developments in India, which offer you ample opportunity to perfect your swing and make an investment in the bargain.

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