STACK for real estate companies will focus on tech efficiency, says ICICI Bank Executive Director

ICICI Bank Total number of schemes that held the stock: 19 MFs’ investment value: Rs 429 crore Schemes with notable allocation to the stock: LIC MF Debt Hybrid, Navi Regular Savings and Sundaram Debt Oriented Hybrid Fund

ICICI Bank today announced the launch of a novel solution named STACK for real estate companies. This is a combination of digital and phygital solutions, which enables participants from the real estate sector, namely builders, real estate investment trusts (REITs) and alternate investment funds (AIFs), to undertake banking transactions expeditiously ― all on one platform.

Speaking to Moneycontrol, Anup Bagchi, Executive Director, ICICI Bank, said that the platform will reduce risk exposure and cost and additionally, help real estate companies streamline their operations.

“STACK for real estate will reduce risk exposure and cost, which will help the companies save time and resources,” Bagchi told Moneycontrol.

Digital services

STACK for the real estate sector is an extension of the ‘ICICI STACK for Corporates’, which the bank had launched last year to provide a set of customised banking solutions for corporates and their entire ecosystem.

“The first-of-its kind initiative offers builders, banking solutions such as 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. In addition, it enables them to manage their payment obligations to vendors, employees, utility providers, and statutory payments efficiently,” said the release.

“The real estate sector is the second-largest employment generator in the country and is also one of the fastest-growing sectors in the economy. The sector’s contribution to gross domestic product (GDP) is likely to go up to 13 percent by 2025 from 7 percent now. The main participants in the real estate sector, such as builders, REITs and AIFs, are poised to play a significant role in this expansion,” said Bagchi.