After bidding adieu to his technology firm, this ex-Citibanker-turned-poet is now indulging in his latest passion of providing affordable housing for the masses.
It's wonderful that Jerry Rao is planning to build houses that cost Rs 700,000 or less. The former Citibanker's model is simple enough: land is bought with the equity capital while construction is financed through bank loans at market-related rates currently anywhere between 11 and 13 per cent.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
