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First escrow module initiated by a Bangalore realtor

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For better safety and maintaining the tight schedules of delivery, one of the leading realty units of Bangalore has started to act on the process of escrow. As per the source reported at www.propertykhazana..com Lalith Gangadhar construction Ltd operated by Girish Puravankara has newly declared to keep the cost of structure of 63 villa of its Ashlar project on the escrow account.
On a short note with www.propertykhazana.com Girish Puravankara states that “it is the first time in India following the escrow terminologies but is widely in use at the other developed nations. For this current project of Purvankara Kotak Realty is making the investment which touches around Rs 50 crores, adds Girish. Further he explains that it is best route to keep the realty measures safe and sound from fraud and untimely delivery issue. After the escrow effect it will restrict the funds for the particular projects to get involve with some other projects of the developer which was a common scene at the Indian realty so far.
“I follow a proper track to give the best benefit to the buyers for their hard earned money for any projects in Purvankara site” as cited by head of the company on www.propertykhazana.com. It is better mode for transparency in the realty deals safe guarding the interest of the clients at many stages of construction. However the Assocham has also initiated its steps with a White Paper to make this process obligatory for all the realty players for better functioning of the construction across the nation. For more updates visit www.propertykhazana.com.
Source: NBTVLIVE

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