New Delhi: Largest Integrated Real Estate Platform, Square Yards today launched India’s first real estate digital escrow service to facilitate quick, efficient, and secure financial transactions between home buyers, sellers, and agents. With this real estate escrow service, home buyers/tenants can now 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. It will foster trust between counter parties and mitigate overall financial worries in a real estate transaction,” 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. Besides, everything from managing the escrow agreements, disbursing the payouts, to checking the escrow status, can be done digitally.
The digital escrow service will pave the way for faster transaction cycle times, reduced deal backouts, and added convenience for every party involved in the transaction process.
Square Yards has been constantly augmenting its transaction tech 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.
About Square Yards
Square Yards is India’s largest integrated platform for Real Estate and Mortgages and one of the fastest growing Proptech platforms in UAE, the Rest of Middle East, Australia & Canada. Square Yards platform offers an integrated consumer experience & covers the full real estate journey from search and discovery, transactions, home loans, rentals, property management, and post-sales services-fully integrating buyers to an extensive network of 500+ partner real estate developers, 150,000+ Agents, and 100+ banks and NBFCs.
