DNA Money,
September 18, 2009
DNA Correspondent
In a bid to instill confidence among customers, Bangalore-based high-end realty startup, Lalith Gangadhar Constructions (LGCL), has announced it will deposit all advances for booked property at its under construction LGCL-Ashlar project in the city, into an exclusive construction escrow account with the Kotak Bank.
This is to ensure the funds will be utilised exclusively for the LGCL-Ashlar and will not be diverted for any other puspose, according to Girish Puravankara, its MD.
LGCL is perhaps the first real estate developer in the country to resort to such a confidence building measure after industry-body Assocham recommended such Escrow accounts should be made mandatory last month.
LGCL, promoted by Kotak Realty fund and Puravankara, is constructing 63 villas in its maiden venture while it is also gearing for two other projects by January 2010. |
