Magicbricks partners Escrowffrr to provide escrow account service for resale property deals

Online property classified platform Magicbricks has tied up with digital payments platform Escrowffrr to provide escrow account facility for people buying-selling properties in secondary or resale market.

Magicbricks.com has integrated escrow account facility on its property display page and the service will be available in seven major cities.

The escrow account service would strengthen consumer confidence and bridge trust deficit in the secondary real estate market, Magicbricks said.

Once the seller agrees for transaction, the buyer can deposit the initial booking amount on the property display page.

Under this facility, booking amount would be returned to buyer in case the transaction fails due to any reason like buyer not being able 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 India are increasingly becoming tech-driven to bring in 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.

Magicbricks.com, a part of The Times of India group, currently has a monthly traffic above 20 million and over 1.1 million listings. It competes with Housing.com, 99acre.com and Quikr in online property classified business.

Escrowffrr is an escrow services focused digital payments platform, owned and operated by Trustmore Technologies. The platform is powered by banks like ICICI Bank.