State Bank of India and real estate developers' body CREDAI have signed a memorandum of understanding (MoU) to jointly conduct various initiatives towards development of the realty sector. The MoU will be in force for a period of 3 years. Each of them will leverage their individual strengths and collaborate in areas to promote housing for all, which will be beneficial to the sector, SBI said in a statement here today. "CREDAI is the largest real estate association in the country with over 11,500 members.
We see a lot of synergies in working with CREDAI. Both of us have a common objective of making every Indian own a home of their own," SBI Managing Director (National Banking Group) Rajnish Kumar said. SBI will be a national partner for all CREDAI activities and both will jointly work together for various marketing activities like conclaves, seminars, exhibitions, campaigns and CSR activities as well. Commenting on the deal, CREDAI President Geetambar Anand said, "The MoU is meant to mobilise the credibility of our members and the reach of the largest bank in India to cater to both home loans and construction finance requirements of the real estate sector." He said the availability of finance at lower rates would help fulfil CREDAI's objective of making housing more affordable.