BENGALURU, August 5, 2016 /PRNewswire/ —
– Affordable Housing to get Boost by Joint Alliance Between Grihashakti and Finance Buddha
– This Alliance Will Focus Upon Central Government’s Housing project
‘Housing for all by 2022’ – The Central Government’s pet project on affordable housing got further boost by the joint alliance between Grihashakti and Finance Buddha.
This alliance would make sure to include those section of customers who today doesn’t fit in the credit approval parameters, and for the same reason are being denied for a housing loan.loan
Ravindra Rao, CEO, Fullerton Grihashakti says, “Presently there is a shortfall of 71 million affordable housing units in India. Our housing company – Grihashakti, was set up to address this growing demand for affordable housing units and also is in line with Government of India’s initiative of ‘Housing for all by 2022’. We are happy to partner with Finance Buddha as we believe that this alliance will leverage our individual strengths and will help us in catering to the needs in affordable housing segment.”
The shortage for housing for the lower income segment will be 25 million by 2025 (inclusive of the backlog), which is currently being valued at anything between Rs. 5-10 trillion.
Grihashakti, a wholly owned subsidiary of the Fullerton India Credit Company Limited, Singapore, is focusing to become a leading player in the affordable housing loan segment. Finance Buddha, one of the largest integrated lending platforms in the country is looking at foraying in this segment to add another niche to their basket of offerings.
“We feel extremely proud that Grihshakti has partnered with us for this initiative. We are confident of working with them to ensure deeper penetration of this important product suite and encourage various stakeholders like builders, real estate brokers, loan agents, financial experts etc. to partner with us to provide this important service to people looking for affordable housing loans. This is also in line with our credit inclusion agenda,” says Arun Raj, Business and Strategy Head, Finance Buddha.
Finance Buddha will use their multichannel approach using analytics and marketing to identify customers for this segment, and couple it with their offline presence to provide real time solutions and products in this space.
Estrade View
With the huge population of India, a viable affordable housing product is the need for the hour for nation’s real estate industry. In all other industries, companies with competitive products for the retail customers have been most successful. Real Estate industry is fragmented region-wise, so a nation wide affordable housing project will have to be region specific. Funding mechanisms are crucial for this project. Private sector entities coming together for this is a great news.
Finance Buddha and Fullerton Grihashakti Partner for Affordable Housing
