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Square Yards on Tuesday launched India’s first real estate digital escrow service to facilitate efficient and secure financial transactions between homebuyers, sellers, and agents. With the real estate escrow service, homebuyers and tenants can make token amounts, security payments, and rental deposits, completely online in digital escrow accounts.
“Real estate transactions, especially in the secondary market are still executed through unregulated structures that are characterized by a lack of trust, fragmented documentation process, and zero accountability. This in turn increases the risk of deal fallouts, failed transactions, and fraudulent activities, putting both buyers and sellers in the throes of legal anguish and deception. Our digital escrow service will streamline this last piece of the property buying puzzle and usher in more transparency and compliance in the real estate sector,” said Tanuj Shori, Founder and CEO, Square Yards.
Square Yards has partnered with top banks and SEBI-registered trustees to ensure complete safety and transparency of the escrow account for clients. Transacting parties can open the escrow account digitally, through e-KYC, digital stamping, and e-signature procedures, using a fluidic digital escrow panel.
Square Yards has been constantly augmenting its transaction technology by bringing in innovative, new-age solutions to make real estate transactions safe and secure. The company had earlier simplified its transaction procedures across platforms by incorporating digitized booking forms, encrypted digital signatures, secured digital payment modules, and online rental agreements to make the real estate journey frictionless. The integration of digital escrow services into this tech stack will further provide impetus to its vision of creating a transparent and structurally sound transacting ecosystem.