Bidding & Transaction Rules
How BHOOMIX Governs Transparent Real-Estate Transactions
1. The 15-Day Rolling Clock
Every active property listing on BHOOMIX operates with a 15-day rolling bid window. The clock is driven strictly by the server's time stamps:
- A valid higher bid resets the bidding closing date to exactly 15 days from the moment the bid is submitted.
- This rolling window ensures all verified buyers have ample time to review property specifications and submit higher bids, eliminating "sniping" tactics.
- The clock will continue to roll until a full 15-day cycle passes with no new valid higher bids.
2. Minimum Bid Increments
To keep the bidding process orderly and protect listings from superficial incremental values:
- Each property has a designated minimum bid increment step configured in the database (e.g. ₹50,000 for our Lucknow pilot property).
- Bids that do not meet or exceed the current highest bid by at least this increment will be automatically rejected by the server validation rules.
3. Buyer KYC Gating
To protect the credibility of the transaction marketplace and avoid fraudulent bids:
- All bidders must register with their official email, phone, and submit their Permanent Account Number (PAN) details to the Admin dashboard for profile review.
- Bidding capabilities are disabled until the administrator marks the buyer profile status as VERIFIED.
4. Bids, Offers, and Legal Commitments
Participating in BHOOMIX bidding represents a serious expression of interest to buy. However, to comply with Indian property legislation:
- A bid placed is a **non-binding conditional proposal** to contract. It does not transfer property titles or automatically lock the sale deed.
- The campaign closes when the rolling clock reaches zero, or if the seller accepts the highest bid.
- Final title transfer is strictly subject to the execution of standard sale deeds, physical registration at sub-registrar offices, and payment of stamp duties.