Enhanced Transparency in Accounting for LGCL-Ashlar Project
Bangalore-based developer, Lalith Gangadhar Constructions, is set to introduce an unprecedented level of transparency in its accounting procedures. This move is specifically designed for its prestigious LGCL-Ashlar project, situated in the heart of Garden City.
Project Overview
- Project Value: Rs 150 crore
- Project Details: 63 luxury villas spanning 7.75 acres
- Price Range: Minimum of Rs 2 crore per villa
The Escrow Account Initiative
To ensure the highest degree of transparency and trust with its home-buyers, Lalith Gangadhar Constructions has decided to maintain an exclusive construction escrow account with Kotak Bank. This dedicated account will hold the budgeted construction costs for the LGCL-Ashlar project, funded solely by payments received from the project's home-buyers.
Future Developments
On the horizon, the company plans to launch two additional luxury format projects, further solidifying its presence in the luxury real estate segment. This strategic move not only underscores the company's commitment to transparency but also poised to set a new standard in the industry.
Key Highlights
- Separate construction escrow account for project funds
- Enhanced transparency in accounting and fund utilization
- Exclusive partnership with Kotak Bank for account management
- Upcoming luxury projects slated for launch in the near future