Godrej Properties: Pact with Central Bank for Housing Loans

Godrej Properties has entered into a tie-up with Central Bank of India (CBI) for tapping the latter’s retail customer base to sell houses in the middle to affordable segment.

Under the tie-up, customers of the public sector bank, which has about 4,400 branches pan India, will get loans 0.25% to 0.5% basis points cheaper than the market lending rate if they buy houses from Godrej Properties. The developer has such tie-ups with five (5) other banks.

“This tie-up would allow us to tap the bank’s large customer base across our projects in Nagpur, Kolkata, Mumbai & NCR.

Mr. Girish Shah, Vice-President (Marketing & Sales), Godrej Properties, “For customers, it would mean more choice to avail themselves of preferential lending rates for housing loans from an array of six banks instead of five earlier, which have a tie-up with us,”

The new tie-up will cover new & existing housing projects of Godrej Properties in the Rs. 30 Lakh to Rs. 35 lakh range in various markets across the country.

Mr. Girish Shah added, “We already have a tie-up with State Bank of India (SBI) and this was a natural extension. Given the sops announced for housing loans in the latest Budget, we would be focussing more on tie-ups with banks. We have a clear roadmap for the same”.

According to the Godrej Properties, 35 to 40% of its customers are those who go in for housing loans and with this latest partnership, the developer hopes to garner an additional customer base of 15 to 20 per cent.

Currently, the Godrej Properties has housing projects in Mumbai, Ahmedabad, NCR, Kolkata, Nagpur, Chennai and Bangalore.

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