New Delhi [India], Mar. 16 : The State Bank of India (SBI) and the Confederation of Real Estate Developers' Associations of India (CREDAI) on Wednesday inked a Memorandum of Understanding (MOU) to jointly conduct various initiatives towards the development of the Real Estate Sector for a period of three years.

SBI and CREDAI have a common objective of providing housing for all.

Each of them will leverage their individual strengths and collaborate in areas which will be beneficial to the sector and the consumers at large.

The MOU was exchanged between Rajnish Kumar, Managing Director SBI and Geetambar Anand, President CREDAI at the CREDAI National Conclave held in Delhi on March 6 and March 7.

Union Minister Venkaiah Naidu was also present for the occasion.

SBI will be a national partner for all CREDAI activities.

SBI and CREDAI will jointly work together for various marketing activities like conclaves, seminars, exhibitions, campaigns and Corporate Social Responsibility (CSR) activities as well.

Speaking on the occasion, Rajnish Kumar, MD (NBG), SBI said, "CREDAI is the largest Real Estate association in the country with over 11,500 members. We at SBI are extremely glad to collaborate with them and carry out joint activities. We see a lot of synergies in working with CREDAI. Both of us have a common objective of making every Indian own a Home of their own. "

"The CREDAI SBI MOU is meant to mobilize the credibility of CREDAI members and the reach of the largest bank in India to cater to both home loans and construction finance requirements of the real estate sector. We believe that availability of finance at lower rates would help fulfill CREDAI's objective of making housing more affordable," added Geetambar Anand, President CREDAI. (ANI)