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Wednesday, August 10, 2016

Finance Buddha and Grihashakti Partner for Affordable Housing Projects

BENGALURU: Grihashakti, a wholly owned subsidiary of the Fullerton India Credit Company Limited, Singapore and Finance Buddha, one of the largest integrated lending platforms in the country have come together to launch affordable housing projects.

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 in India will be 25 million by 2025 (inclusive of the backlog), which is currently being valued at anything between Rs. 5-10 trillion.

The combined entity of Grihashakti and Finance Buddha is focusing to become a leading player in the affordable housing segment and will be adding 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 multi-channel 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.

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