Private lender ICICI Bank has launched a real estate-focussed digital platform. Named STACK, this platform is a combination of digital and physical solutions for developers, real estate investment trusts (Reits) and alternate investment funds (AIFs) and will help them expedite banking transactions.
With STACK, builders can leverage banking solutions, including digital opening of bank accounts, instant generation of account number for RERA registration, construction finance, inventory funding and lease rental discounting to cater to their financial needs, depending on the life cycle stage of a project. Additionally, they can manage their payment obligations to vendors, employees, utility providers and statutory payments.
For REITs and AIFs, STACK includes services for digital collection, reconciliation, surplus distribution and custodial services.
Anup Bagchi, executive director, ICICI Bank said, “The sector is the second-largest employment generator in India and is also one of the fastest growing sectors in the economy. The sector’s contribution to GDP is likely to go up to 13% by 2025 from 7% now. The main participants in the real estate sector like builders, REITs and AIFs are poised to play a significant role in this expansion. Our research shows that this segment requires availability of finance, solutions for digital collection and bulk payment options throughout their lifecycle – from construction to leasing and selling the property– as well as services for their customers, employees and vendors. Armed with these insights, we are delighted to introduce a one-stop shop for the companies in the real estate sector. This will enable them to carry out their business more efficiently.”
Note that this service is an extension of ICICI STACK for Corporates, which the bank launched in 2021 to provide a customised set of banking solutions for corporates and their entire ecosystem.
With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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