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ICICI Bank’s Stack aims to boost real-estate sector in India

January 18, 2023

ICICI Bank’s Stack aims to boost real-estate sector in India
The real-estate sector is one of the fastest growing sectors in the country, contributing to 7% of the GDP. Post-pandemic demand in the real-estate market has been very high, which has led to people focusing more on the importance of owning a home. There has been new regulations added to this industry like RERA. With RERA in place, this sector has become more transparent and organised, thanks to the technology, which has resulted to the boost in consumer confidence. This has ultimately led to shorter delivery timeline to the home buyers.

To cover the entire life-cycle of stakeholders, ICICI Bank took an ecosystem approach. The stakeholders include not only buyers and builders, but also Alternate Investment Funds (AIFs), Real-Estate Investment Trusts (REITs), and other related entities. STACK is designed to account for everyone.

STACK is a first-of-its-kind initiative offering 360 degree solution for the entire real estate ecosystem. It starts with the needs of the homeowner, focusing on areas like pre-approved home loans with competitive rates and instant digital sanctioning. For developers, STACK helps in opening RERA accounts digitally, and includes customised collection solutions for pre- and post-launch management of projects, including a single dashboard for seamless collection and refund of all the projects.

Other aspects such as construction finance and lease rental discounting are also covered. Primarily, both customers and developers benefit from the speed and convenience that STACK offers them. It is very quick and we are leveraging the technology to see how we can create value for the customer. For example, we offer services like digital collection, reconciliation, and surplus distribution as add-on offerings for REITs and AIFs.

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