Online real-estate classified platform Magicbricks has joined hands with digital payments firm Escrowffrr to offer escrow account facility for consumers buying-selling properties in the secondary or resale market.
The escrow account service would help strengthen the consumer confidence and omit trust shortfall in the secondary real estate market, Magicbricks said.
Once the seller agrees gives nod for transaction, the buyer will be able to deposit the initial booking amount on the property display page.
Under this feature, booking amount would be refunded to buyer if the transaction fails due to any rationale like buyer not being unable to secure a home loan or incomplete property papers among others.
“According to industry estimates, since 2006 real estate transactions worth USD 3 billion are disputed. This brings the focus on the need for escrow accounts for transactions in the secondary market…,” Magicbricks CEO Sudhir Pai said.
Ashwin Chawwla, founder and CEO of Escrowffrr, said real estate transactions in the country are rising and becoming tech-driven to ensure transparency.
“The adoption of escrow account makes transactions in the secondary market secure and convenient for users to transact without any fear of losing their hard-earned money,” Chawwla said.
Escrowffrr is an escrow services centric digital payments platform, acquired and operated by Trustmore Technologies. The platform is powered by banks like ICICI Bank.