Fancy Number HR88B8888 to Be Re-Auctioned After Bidder Fails to Pay Rs 1.17 Crore

What was set to become India's costliest vehicle registration number will be re-auctioned after the winning bidder failed to pay Rs 1.17 crore within the stipulated deadline. The fancy number HR88B8888 from Badhra subdivision in Charkhi Dadri district had fetched the country's highest-ever bid during last Wednesday's auction.

Bidder Fails to Compelte Payment on Time

A transport official confirmed that Sudhir Kumar, a Hisar resident who won the bid, did not pay the amount by Tuesday noon deadline. Consequently, his Rs 10,000 security deposit has been forfeited by the department. "The number will be re-auctioned in the auction process starting tomorrow," the official stated.

The registration plate HR88B8888 created significant excitement when bidding reached Rs 1.17 crore last Wednesday in an online auction featuring 45 participants. The auction is conducted by the Ministry of Road Transport and Highways on its web portal.

Auction Mechanics

The base price for the bid was fixed at Rs 50,000, which will remain unchanged during the re-auction. Participants must pay Rs 10,000 as security money and Rs 1,000 as registration fee to participate in bidding. Fancy number auctions are conducted weekly, with each bid closing on Wednesday.

The loss of the security deposit is a disincentive against frivolous bidding, but in this case, Rs 10,000 is a small loss compared to a bid amount of Rs 1.17 crore. It is thus surprising that security deposits as low as this are considered adequate for even crore-rupee bids.

Allure of 8888 Combination

This number is catchy because of the repetition of "8," believed to be highly auspicious in many cultures, especially for business circles. Number 8 signifies prosperity and wealth, hence making such a combination very valuable to those believing in numerology.

Exclusivity is further enhanced by the "B" series designation, which indicates Badhra subdivision, while each district subdivision has its own letter code, further limiting the availability of such combinations.

The failed transaction translates into another chance for enthusiasts willing to pay premium prices for distinctive vehicle registration numbers. Whether the re-auction will match or better the previous Rs 1.17 crore bid remains to be seen, especially given the publicity accorded to the default of the initial bidder.