To bring in more transparency to its accounting procedure, Bangalore-based real estate developer Lalith Gangadhar Constructions will maintain an exclusive construction escrow account with Kotak Bank for the LGCL-Ashlar project it is developing in Garden City.
The Rs 150-crore project comprises 63 villas on 7.75 acres, each carrying a minimum price tag of Rs 2 crore.
The developer plans to launch two more luxury format projects. The company will keep the budgeted construction cost for the project in a separate construction escrow account from payments received from the home-buyers. The funds here will be used solely for project construction.