Sunteck Realty jumped 5.31% to Rs 446.25 after the company said it tied up with State Bank of India (SBI) for a finance scheme.
Sunteck Realty announced after trading hours on Wednesday that it entered into a memorandum of understanding with SBI, which is the first step towards boosting the residential housing sector under SBI's "Sapna Aapka - Bharosa SBI Ka" scheme with bank guarantee to home buyers under the builder finance scheme.SBI announced residential builder finance with buyer guarantee (RBBG) to safeguard home buyers financially by issuing guarantee for completion of projects to customers availing SBI home loans. Now, customers will be able to secure their investment in the ongoing home projects financed by the bank itself. RBBG will focus on affordable housing segment with home price of upto Rs 2.50 crore in seven Indian geographies initially. Under this product, all reputed builders fulfilling the prescribed criteria by the bank can avail loan between Rs 50 crore to Rs 400 crore. Criteria includes Star rating and CIBIL score.
RBBG will offer home buyers to choose their dream home from SBI approved projects in 10 cities with complete trust and transparency.
Sunteck Realty is one of the fastest growing Mumbai-based luxury real estate development company.
On a consolidated basis, Sunteck Realty's net profit tanked 42.9% to Rs 29.08 crore on 25.3% rise in net sales to Rs 134.75 crore in Q2 September 2019 over Q2 September 2018.
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