In the digital age, scams are on the rise, and it’s more important than ever to protect yourself from fraudulent activities. This is especially true when it comes to real estate transactions, where homebuyers are often vulnerable to scams. One of the ways to protect yourself from flat booking scams is by using an escrow system like Castler.
Recently, a Ghaziabad developer and his 10 family members pulled off a Rs 100-crore fraud by selling the same flats to multiple buyers and not delivering them on the promised date. The homebuyers had paid a portion of the price to the developer and the remaining amount through a loan sanctioned by the State Bank of India (SBI). This left the homebuyers at a disadvantage with no recourse to recover their money.
The Castler digital escrow system could have prevented this fraud by holding the funds paid by the homebuyers in a secure account until the developer fulfilled the conditions of the sale, such as delivering the flats on the promised date. The escrow system acts as a neutral third-party, protecting the interests of both the homebuyers and the developer. Furthermore, the Castler digital escrow system could have ensured that the loan amount sanctioned by SBI was transferred to the developer’s account only after the homebuyers received possession of the flats.
The Castler digital escrow system is a trusted third-party that holds funds until the conditions of the sale are met, providing a safe and secure way for all parties involved in a transaction to carry out the transaction with peace of mind. The digital escrow system is a valuable tool in preventing fraud in real estate transactions and can protect you from flat booking scams.
In conclusion, if you’re planning to buy a flat, it’s important to protect yourself from scams. The Castler digital escrow system can provide an additional layer of security, ensuring that your money is safe until the conditions of the sale are met. Don’t fall prey to flat booking scams – protect yourself with Castler digital escrow system