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NEW DELHI: Shares of Sunteck Realty advanced 6 per cent in Thursday’s session after the country’s biggest lender by assets State Bank of India (SBI) tied up with real estate developer for its three ongoing projects in Mumbai Metropolitan Region (MMR).
SBI on Wednesday announced ‘residential builder finance with buyer guarantee’ (RBBG) scheme aimed at giving a push to residential sales and improve homebuyers’ confidence.
Under this scheme, the SBI will issue a guarantee for completion of select residential projects to customers which have availed home loans from it.
The scheme will focus on affordable housing projects priced up to Rs 2.50 crore in 10 cities initially.
Shares of Suntech Realty hit a high of Rs 450.15, up 6.20 per cent from previous close.
Around 10.30 am, the stock was trading Rs 441, up 4.09 per cent.
Meanwhile, shares of SBI were up 1.81 per cent at Rs 325.65.
Kamal Khetan, CMD, Sunteck Realty said, “We are humbled to be the first partner of the biggest bank of India.
This is an endorsement of our strong brand and product offerings, our track record of timely delivery, our pristine balance sheet and adherence to compliance.
This MoU is a win-win for our customers who would get the best value proposition for the best quality homes.”
Rajnish Kumar, Chairman, SBI in a release said, “We believe that RBBG will build confidence among home buyers by securing their hard-earned money and at the same time will boost under-stress real estate sector.
This product is yet another effort by SBI to make affordable housing conveniently accessible to the individuals with dreams of owning their desired home.
Based on the response from both builders and customers, we may consider extending this product to other parts of the country.”
