FOMO vs. FOBO – In A House Hunt, One Helps and the Other Hurts
By -Akash Pharande, Managing Director – Pharande Spaces
India’s real estate market provides many opportunities for home buyers. However, it is not easy to navigate, especially for first-time buyers. With so many options and also varying offers from developers, it is often difficult to decide which property purchase ticks all the right boxes for an individual buyer who has never purchased a property before.
Within this complexity, the psychological phenomena of FOMO – the Fear of Missing Out and FOBO – the Fear of Better Options – play big roles in homebuyer decisions. While FOMO can be advantageous in such decisions, FOBO leads to indecisiveness. This can have potentially harmful results.
FOMO and FOBO – Digging Deeper
FOMO is a state of anxiety induced by the fear that one is missing out on an exciting or lucrative opportunity. In real estate, FOMO is what drives timely purchase decisions. As we know, the best projects sell out quickly and prices are also constantly rising, so FOMO is a positive impulse.
On the other hand, FOBO – the Fear of Better Options – causes aspiring buyers and investors to overanalyze the available options. At any given time, more than just a few properties are available to homebuyers that meet their budget, ideal location and lifestyle expectations.
FOBO tends to paralyze the decision-making process because the buyer is constantly hoping to find a superior alternative even if they have already identified a very suitable option. There is, of course, nothing wrong with having plenty of options, but FOBO tends to get buyers stuck in an endless loop of indecision. This can cause them to miss out on perfectly good properties at acceptable price points.
FOMO Can Be Your Ally
Though FOMO has become a derogatory word on social media, it has its advantages. In the context of residential property, it can induce genuine buyers to make timely decisions. This is very important in a market where the best options are often sold out during promotional launches. Infrastructure development, demand, and escalating development costs are constantly pushing up property prices. Homebuyers who experience FOMO at the right time and act on it are often at an advantage in such a fast-paced market.
In many of our cities, projects in high-demand areas often have limited inventory. Once these options are sold and off the market, there may be no similar options available at such prices for a long time – or ever. FOMO helps buyers to overcome hesitation and act quickly when they see a property that meets their needs and budgets.
Likewise, home loan interest rates can be quite volatile, and they play a major part in the overall cost of acquisition. When interest rates are low, FOMO works to the benefit of buyers by driving them to apply for home loans and closing deals before interest rates go up once more. The same is true for periods of discounts, such as the festive season
First-time homebuyers undergo a lot of anxiety when the time comes to take the plunge. FOMO helps convert this anxiety into productive action. Once buyers finally make their commitment, the fear of missing out goes away and relief takes its place.
FOBO – The Fence-sitter Limbo
In contrast, a state of perpetual indecision leads to stress and regret if good options are missed out on. While FOMO can result in positive action, FOBO tends to freeze the decision-making process altogether. While scouting the housing market for a home, this can have catastrophic consequences.
FOBO results in an endless chase after a ‘better’ property, location, or deal. Buyers in this state of ‘analysis paralysis’ tend to see one favourable option after the other snapped up by someone else, or become too costly for them to buy.
With FOBO, a buyer who finds a home in a good area, in a project by a good developer, and at a price they can afford, will entirely miss the bus as they perpetually look for a better deal. By the time they circle back to the previous option, it is often too late.
The endless search for the ‘ideal’ option in a world where perfection is a myth only results in emotional distress and lost opportunities. Yes, the housing market is replete with options, but no single home buyer can – or should aspire to – inspect them all. Buyers with FOBO are invariably frustrated, confused people who cannot make up their minds on anything of significance.
In real estate, time is money and you can’t afford to lose either. A delay of even a couple of months can mean a substantial increase in property prices due to demand, inflation, or other market factors. FOBO’s inability to commit to a decision often results in missed chances to lock in properties at favorable prices or lower interest rates.
Over time, these costs add up, making the eventual purchase far more expensive than it would have been had the decision been made earlier.
Finding the Middle Ground
That said, there is also a healthy balance of FOMO and FOBO possible. It’s just a matter of finding that mid-point. Even if there is a sense of urgency, a buyer must not make hasty decisions and do his or her due diligence.
It is certainly important to see as many properties as is feasibly possible. This should not be a hurried process. It is best to set oneself a timeline within which a decision will be made. Usually, a month of dedicated searching is ample time. It is also important to factor in market conditions and to take professional advice before signing on any dotted line.
You want to leverage the urgency of FOMO and turn it into positive energy – but set realistic criteria. A buyer should have a list of ‘must-haves’ to refer to, and should not over-extend their budget. Set a limit to how big your shortlist should be.
If it starts getting endless, FOBO has taken over and it is time to snap out of it. You’re looking for a home that makes you happy, which you can afford, and which will appreciate well over time. Once you’ve found this home, make sure that you know that your hunt is over.
About the Author:
Akash Pharande is Managing Director – Pharande Spaces, a leading real estate construction and development firm famous for its township projects in Greater Pune and beyond. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer of townships in the region. With the recent inclusion of Puneville Commercial into one of its most iconic townships, Pharande Spaces taken a major step towards addressing Pune’s current and future requirements for fully integrated residential-commercial convenience
HOMETHON Property Expo 2024 sees 77 New Launches with over Rs 10,000 crore inventory for sale
Mumbai, October 07th, 2024: In a spectacular showcase of the Mumbai Metropolitan Region’s vibrant real estate sector, more than 77 new projects were launched at the third edition of HOMETHON Property Expo 2024 organised by NAREDCO Maharashtra, which began at Jio World Convention Centre in Mumbai today. Over ₹10,000 crore worth of inventory has been launched in the MMR region and is being showcased at the expo. This mega event presents buyers with an once-in-a-lifetime opportunity to invest in Mumbai’s most dynamic real estate market. The inventory features a comprehensive range of properties, from affordable housing to luxury residences and premium land parcels, catering to diverse buyer needs.
The expo will be on till October 6, 2024 and has already witnessed a spurt with over 75,000 homebuyers registered for the three-day exhibition to explore various options of property buying in Mumbai Metropolitan Region and other parts of Maharashtra. This year’s registration numbers are almost triple over the last year indicating a huge demand for home ownership by the buyers for housing properties at different locations with multiple price points coupled with attractive offers. Mr Prashant Sharma, President, NAREDCO Maharashtra revealed the fact on the occasion of inauguration of HOMETHON Property Expo 2024.
Mr. Sharma also announced the launch of NAREDCO Maharashtra’s yet another ambitious initiative of ‘Redevelopment Council’ whereby a special window has been set up in the Expo to solicit the enquiries of housing societies from all across the MMR and rest of Maharashtra and facilitate a complete advisory and execution of redevelopment proposals made by the incumbent societies. Until now, over 4000 housing societies have already registered to seek redevelopment proposals.
HOMETHON Property Expo 2024 also saw a unique initiative whereby NAREDCO MAHARASHTRA has put forth its plans to sign a Memorandum of Understanding (MoU) with the Government of Maharashtra to promote eco-friendly and sustainable urban development and instill green building practices among the real estate fraternity. For the same, NAREDCO Maharashtra will soon sign an MoU with Maharashtra State Agriculture Price Commission chaired by Shri Pasha Patel, informed Mr. Rajan Bandelkar, Vice Chairman, NAREDCO.
Commenting on the significance of the expo, Mr. Prashant Sharma, President of NAREDCO Maharashtra said, “The HOMETHON Property Expo will be a game changer for the MMR real estate sector. With over 10,000 crore of inventories up for sale and 77+ new projects launched, this expo will play a pivotal role in addressing the region’s housing demands. It’s the perfect platform for developers and buyers to connect, and with such a diverse range of offerings, we believe there’s something for everyone.”
Dr. Niranjan Hiranandani, Chairman, NAREDCO says, “The housing market is currently experiencing a vibrant surge, fueled by greater job stability, increased disposable incomes, and rising aspirations. Against this backdrop, and with the added excitement of the festive season, this property exhibition is uniquely positioned to help home buyers achieve their long-cherished dream of owning a home.”
Mr. Rajan Bandelkar, Vice Chairman, NAREDCO says, “NAREDCO Maharashtra is dedicated to creating a robust ecosystem marked by trust and transparency, which has significantly bolstered home buyer confidence. This property expo offers an exceptional opportunity for developers to showcase their premium projects and connect with prospective buyers. With exclusive discounted rates and a wide range of options, this event is designed to make the home-buying process more accessible and rewarding for all. We are excited to facilitate this vital connection and support our vision of making home ownership a reality for many.”
This mega event presents buyers with an once-in-a-lifetime opportunity to invest in Mumbai’s most dynamic real estate market. The inventory features a comprehensive range of properties, from affordable housing to luxury residences and premium land parcels, catering to diverse buyer needs. HOMETHON 2024 will also provide visitors with the opportunity to engage in one-on-one consultations with real estate professionals, offering personalized guidance on the home-buying process.
Godrej Properties Achieves Record Q2 and H1 Performance in Bookings and Collections
Bangalore, October 7, 2024: Godrej Properties Limited (GPL) , a leading national real estate developer, announced it has achieved its highest ever Q2 and H1 performance on several critical operational parameters including bookings, collections, operating cash flow, and new business development
· Godrej Properties delivers its highest ever Q2 and H1 bookings.
o Q2 FY25 booking value grew 3% YoY to nearly INR 5,200 crore from sale of over 5.1 million sq. ft. This is the highest ever Q2 booking value achieved by Godrej Properties.
o H1 FY25 booking value grew over 89% YoY to over INR 13,800 crore. This was achieved through the sale of over 8,600 homes with a total area of over 14 million sq. ft. This is the highest ever H1 booking value achieved by Godrej Properties.
o GPL has achieved 51% of its annual guidance for booking value for FY25. In the past 5 financial years, GPL has averaged 37% of its full year sales in the first half of the financial year.
o Sales in Q2 FY25 were driven by strong demand in some key new project launches including Godrej Vrikshya in NCR, which delivered a booking value of nearly INR 1,500 crore and Godrej Woodside Estate in MMR, a plotted development project, which delivered a booking value of more than INR 600 crore.
o GPL’s bookings in NCR, Bengaluru & MMR in H1 FY25 grew 69% to over INR 5,400 crore, more than 200% to over INR 3,800 crore and more than 100% to over INR 3,100 crore respectively.
· Highest ever Q2 and H1 collections & operating cash flow (OCF)
o Q2 FY25 collections stood at over INR 4,000 Crore representing a YoY growth of 68% and H1 FY25 collections stood at over INR 7,000 Crore representing a YoY growth of 62%. This is the highest Q2 and H1 collections achieved by Godrej properties respectively. GPL has achieved 47% of its annual guidance for collections for FY25.
o Q2 FY25 OCF stood at over INR 1,800 Crore representing a YoY growth of over 120% and H1 FY25 OCF stood at over INR 2,800 Crore representing a YoY growth of over 200%. This is the highest ever Q2 and H1 OCF achieved by Godrej Properties respectively.
· Strong start to the year for business development
o GPL has added 8 new projects in year-to-date FY25 with a total estimated saleable area of approximately 11 million sq. ft. and total estimated booking value potential of ~INR 12,650 Crore. This included 6 new projects with an expected booking value of 9,650 Crore in Q2. GPL has achieved 63% of its annual guidance for business development in H1 FY25.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are delighted with the scale up we have achieved in the past couple of years. The sales bookings of over INR 13,800 crore in H1FY25 surpasses our annual bookings in FY23. We are pleased that this sales growth was on the back of both an improving project mix as well as strong volume growth of 89%. Importantly, our robust sales performance, has translated into record collections growth of 62% to over INR 7,000 crore and Operational cash flow growth of over 200% to over INR 2,800 Crore in H1FY25. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties.
Our business development additions of Rs 12,650 crores in H1FY25 will ensure that we continue to have a strong launch pipeline not just for the current year but for years to come. This includes a number of projects at the prestigious Golf Course Road in Gurugram. We have also entered the market of Indore recently and are looking forward to our first launch in this city. We have built a deep understanding across the key real estate markets in India and are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics.”
Kalpataru Real Estate Transforming Vikhroli West’s Commercial Spaces for a Thriving Community
Mumbai, 05, October 2024: Kalpataru, a leading real estate developer in the Mumbai Metropolitan Region, is proud to announce the launch of Kalpataru Virtus, a premium commercial property set to redefine the standards of workspace innovation in Vikhroli West.
Strategically located at the heart of Mumbai’s emerging business districts, Gandhi Nagar Junction on the Jogeshwari Vikhroli Link Road, Kalpataru Virtus, offers easy access to Powai and upcoming metro stations. Located just 300 meters from Powai and near two forthcoming metro stations, the project ensures effortless commuting for employees and clients.
Designed as a grade A building to meet the highest sustainability standards, Kalpataru Virtus incorporates advanced energy-efficient systems, including a solar rooftop, organic waste converter, intelligent LED lighting, and a sewage treatment plant. The state-of-the-art 30-storey tower boasts a stunning full-glazed glass façade, creating a bright and inviting atmosphere.
With over 2.5 lakh sq. ft. of carpet area, Kalpataru Virtus offers a diverse range of commercial spaces, from 352 sq. ft. to expansive 13,000 sq. ft. units. Each unit features semi-finished interiors and attached washrooms, providing businesses with the flexibility to customize their workspace to their specific needs.
The building includes several key features aimed at providing functionality and comfort that prioritize sustainability, adhere to green building standards, and feature advanced energy-efficient systems at its core. Strategically located in Vikhroli West, it offers enhanced connectivity, with easy access to Powai and upcoming metro stations. Security and comfort are paramount, highlighted by high-speed elevators, a multi-level security system, and a dedicated visitor registration desk. Additionally, the thriving surroundings boast a wealth of educational institutions, healthcare facilities, and retail options, ensuring a vibrant and convenient lifestyle.
CONNECTIVITY
This project stands out due to its exceptional accessibility:
- By Train: Excellent connectivity through local train services, making commutes easy for employees and clients. The Kanjurmarg station is the closest, just 750 meters away, a short walks
- By Road: Major highways and roads provide seamless connectivity to various parts of the city and beyond
- By Rail: The proximity to rail services adds another layer of convenience for logistics and travel
FICCI Hosts Bharat R&D Summit 2024 to Strengthen Industry-Academia Synergy for Innovation
New Delhi, October 5, 2024: The Federation of Indian Chambers of Commerce & Industry (FICCI) organized the Bharat R&D Summit 2024 in New Delhi, focused on boosting collaboration between industry and academia to drive research and innovation. Leaders from academia, industry, and government gathered to address challenges and explore opportunities for fostering India’s innovation ecosystem.
A FICCI compendium of technologies available for commercialization was also released during the event.
Key Focus Areas: Industry-Academia Collaboration
Ms. Jyoti Vij, Director General of FICCI, highlighted India’s strides in innovation but stressed the need for clear outcome metrics for research success and deeper industry-academia cooperation. She emphasized the importance of avoiding the middle-income trap by advancing towards a ‘Viksit Bharat’ through innovation.
Dr. Akhilesh Gupta, Senior Advisor to the Department of Science and Technology, underscored the role of public-private partnerships in overcoming barriers to technology readiness and called for greater private-sector involvement in research and development.
NEP 2020 and Translational Research as Catalysts for Progress
Prof. Sudhir Kumar Barai, Co-Chair of the FICCI Innovation Committee, discussed how the New Education Policy (NEP 2020) fosters multidisciplinary learning and promotes initiatives like the ‘Professor of Practice’ to bridge academic and industrial gaps.
Speaking on the occasion, Ms Anandi Iyer, Co-Chair of, FICCI Innovation Committee and Director, of Fraunhofer India Office emphasized the need for applied research models, such as Fraunhofer’s, to accelerate commercialization of innovations and better align academic research with industry needs.
The summit featured an exhibition showcasing over 50 research projects, reinforcing the message that increased private-sector investment and trust-building between academia and industry are essential for India to become a global innovation leader.
Ganga Realty Launches River Cleaning Campaign in Partnership with Namami Gange Mission
4th October 2024 – Ganga Realty, a leading Gurugram based real estate developer has taken a significant step towards environmental conservation with the launch of its river-cleaning campaign. Aligned with the Namami Gange Mission, the campaign aims to restore the purity and vitality of India’s rivers. The initiative began with a large-scale cleaning drive at the Namami Gange Chandi Ghat in Haridwar, marking the start of Ganga Realty’s commitment to sustainable environmental practices.
The first river-cleaning event took place on 17th September 2024, with over 100 volunteers, including local community members, participating. The event was graced by dignitaries such as Vishal Sharma, AVP Sales and Shobhit Chaudhary, Senior General Manager at Ganga Realty. Their presence underscored the importance of collective efforts in environmental conservation.
In partnership with Namami Gange and Ganga Vichar Manch NGOs, Ganga Realty employed manual cleaning techniques with active community involvement. The campaign focused not only on cleaning the ghat but also on ensuring proper waste management. Collected waste was carefully segregated for recycling, while non-recyclables were responsibly disposed of to minimize environmental impact.
Ganga Realty’s collaboration with the Namami Gange Mission highlights its dedication to preserving India’s rivers. By addressing pollution and promoting sustainable waste disposal, the campaign supports the government’s broader mission to rejuvenate the Ganga and other rivers.
“We are committed to expanding our efforts across key ghats of the Ganga River and beyond. This is just the beginning of our long-term vision to ensure cleaner rivers and a healthier environment,” said Vikas Garg, Joint Managing Director, Ganga Realty.
BCE Honours Shreyas Webmedia Solutions at the 2024 Entrepreneurs Excellence Awards
October 3rd, 2024/Bhubaneswar: On October 2, 2024, the Business Club of Entrepreneurs (BCE) celebrated the spirit of entrepreneurship at the BCE Entrepreneurs Excellence Awards 2024 held at KT Global School in Barunei, Khordha, Odisha. The event showcased a remarkable gathering of innovators, creators, and business leaders, all dedicated to fostering growth and excellence within their communities.
The awards ceremony was meticulously organized by Ms. Nivedita Satpathy, the Convenor, alongside Acharya Madhuri as Co-Convenor. Key coordinators included Mr. P.K. Dixit, Ms. Snigdha Sangamitra, Prafulla Barik, and Purnendu Ray, who worked tirelessly to ensure the event ran smoothly.
Shreyas Webmedia Solutions showcased an exhibit at the event and received recognition during the ceremony, where Ms. Rekha Nair, the Director of HR and Operations, was honored by the chief guest, Chandan Kar, a renowned Ollywood actor and IT professional. This accolade underscores the company’s commitment to innovation and excellence in the digital realm.
Celebrating Local Talent
The event also celebrated the achievements of women from small-scale industries in Baripada, a rural area in Odisha. Their contributions to local entrepreneurship were acknowledged, highlighting the importance of empowering women in business and fostering a supportive environment for their growth.
The BCE Entrepreneurs Excellence Awards 2024 featured various categories, including the MSME Excellence Award, MSME Woman Entrepreneur of the Year, and MSME Young Entrepreneur of the Year. These awards aim to encourage and recognize outstanding performances within the micro, small, and medium enterprises sector.
Cultural Extravaganza
Beyond the awards, the event was enriched by vibrant cultural activities. Attendees enjoyed captivating performances, including traditional Odissi dance and the Paika dance, a martial folk dance of Odisha, showcasing the rich cultural heritage of the region.
Dr. Deep Khare, Director & Principal of KT Global, along with Ms. Rinku Sarangi, Vice Principal, addressed the gathering, emphasizing the importance of entrepreneurship in driving economic development and cultural preservation.
Exhibitions and Networking
In addition to the awards, the event featured various exhibits, showcasing an array of local craftsmanship and industries. Stalls included handloom textiles, exquisite jewelry, Sambalpuri handloom products, Odisha pattachitra art, millet promotion initiatives, real estate options, and innovative water filter solutions. These exhibits provided a platform for entrepreneurs to network, share ideas, and promote their products.
The BCE Entrepreneurs Excellence Awards 2024 was a resounding success, celebrating the dynamism of local entrepreneurs and honoring those who have made significant contributions to their fields. With the participation of esteemed guests and local talents, the event not only recognized achievements but also inspired future generations to pursue their entrepreneurial dreams. As the BCE continues to champion excellence in entrepreneurship, the impact of such events will surely resonate throughout the community for years to come.
The Mall of Faridabad Hosts Flameless Cooking Event in collaboration with Cornitos
The Mall of Faridabad recently organized a vibrant, flameless cooking competition in collaboration with Cornitos to promote community engagement and foster family participation. The event saw a huge participation from local families and children, who showcased their culinary creativity through traditional dishes. The activity not only brought together different generations but also allowed families to celebrate their cultural roots through food.
Commenting on the event, Mr. Abhishek Bansal, Executive Director, Pacific Group, said, “We are thrilled with the overwhelming response from the community. The flameless cooking event was designed to inspire creativity and celebrate our rich culinary heritage. It was heartwarming to see families come together and share their traditions through the art of cooking.”
The delicious dishes made by the participants reflected their dedication and captured the essence of the culinary experience. This engaging initiative is part of the mall’s ongoing efforts to create meaningful experiences that unite the local community.
Pranav Agarwal and Raghav Bagai: Underdogs to Industry Leaders Celebrated in 2024 Hurun India’s Under35s List
Pranav Agarwal and Raghav Bagai’s inclusion marks a pivotal achievement for young entrepreneurs and the advertising industry at large.
National, 2 October 2024: Pranav Agarwal and Raghav Bagai, co-founders of SW Network, have secured a coveted spot on Hurun India’s prestigious Under35s list of young entrepreneurs, an accolade that underscores their outstanding contributions to India’s growing entrepreneurship ecosystem. The list celebrates the country’s most innovative young leaders whose ideas and drive are shaping the future of entrepreneurship in India. This recognition of Pranav and Raghav highlights not only their personal success but also signals a broader shift in how entrepreneurship is fueling India’s economic and social evolution.
As dynamic leaders, Pranav Agarwal and Raghav Bagai have transformed SW Network into a thriving integrated advertising agency, leading with foresight and innovative business strategies that reflect the changing demands of the modern landscape of brands and audiences. Despite not coming from traditional advertising backgrounds, they started off by doing things differently, challenging the status quo and often being considered the underdogs in the industry. Their unconventional approach has been key to their success, helping them push boundaries and rethink how advertising works in the digital age. Their spot on the Hurun Under35s list is a testament to their commitment to innovation, building a business that is not only financially successful but also influential in shaping new standards of growth and creativity in India.
Reflecting on the recognition, Raghav Bagai, Co-Founder of SW Network, remarked, “Being included in the Hurun Under35s is both humbling and inspiring. It reinforces our belief in the power of entrepreneurship to drive change, and we are motivated to continue exploring new horizons in business. In the advertising and marketing industry, we see immense potential to not just help brands grow but to redefine how businesses connect with their audiences in a digital-first world. Our goal is to keep pushing the envelope and create campaigns that leave a lasting impact on both the business and cultural landscape of India.”
Pranav Agarwal, Co-Founder of SW Network, added, “This achievement isn’t just about us; it’s a reflection of India’s entrepreneurial spirit. As young entrepreneurs in the advertising space, we are part of a larger movement that is reimagining the future of entrepreneurship in India, where innovation, resilience, and leadership are crucial to drive progress. The advertising and marketing industry plays a critical role in this transformation, offering creative and impactful solutions that help brands/businesses thrive in today’s competitive market. We are proud to be leading this change, helping brands tell their stories in ways that resonate globally.”
The Hurun Under35s list celebrates the country’s brightest entrepreneurs, offering a glimpse into the emerging generation of business leaders who are poised to redefine India’s economic trajectory. The recognition of Pranav Agarwal and Raghav Bagai not only reinforces their status as top innovators but also shines a light on the broader advertising and marketing landscape, where digital transformation, innovation, and creative solutions are rapidly reshaping the nation’s future.
Moreover, Indian companies led by young entrepreneurs are increasingly going global, leveraging their talent and innovation to compete on the world stage. This trend is positioning India as a hub of entrepreneurial excellence, with businesses expanding their reach beyond domestic borders and making a mark internationally.
As India evolves into the next global advertising hub, Indian agencies are proving their mettle by competing with the best in the world. Through innovative campaigns, creative prowess, and cutting-edge digital strategies, these agencies are not only establishing a global presence but also solidifying India’s place as a key player in the advertising industry worldwide.
In a landscape that is increasingly characterized by digital disruption and global competition, their commitment to pushing boundaries not only propels their agency forward but also inspires countless aspiring entrepreneurs across the nation. The future of India’s entrepreneurial ecosystem looks bright, fueled by fresh ideas, innovative strategies, and a determination to reshape industries.
Indian Overseas Bank Celebrates Swachh Bharat Diwas with Cleanliness Drive and CSR Initiatives
Chennai, October 2, 2024: Indian Overseas Bank (IOB) proudly participated in the Swachh Bharat Diwas celebrations on October 2, 2024, at Besant Nagar Beach, reaffirming its commitment to cleanliness and community welfare. The event was led by the bank’s Managing Director & CEO, Shri Ajay Kumar Srivastava, along with the Executive Directors, Shri Joydeep Dutta Roy and Shri Dhanaraj T. They were joined by several senior bank executives and employees who participated in the mass cleanliness drive.
The celebrations commenced with a Swachhta pledge, taken by the bank’s top management and staff, emphasizing the importance of a clean and hygienic environment. Following the pledge, the participants took part in a large-scale cleanliness drive at the beach, demonstrating the bank’s active involvement in supporting the Swachh Bharat mission.
As a mark of respect for their invaluable contribution, Shri Srivastava and the Executive Directors felicitated the housekeeping workers who work tirelessly to maintain the cleanliness of public spaces. The bank recognized their dedication and hard work, emphasizing the crucial role they play in the Swachh Bharat movement.
In line with its Corporate Social Responsibility (CSR) initiatives, Indian Overseas Bank made a significant donation of two Battery Operated Vehicles (BOVs) to the Greater Chennai Corporation and a wall painting at Chennai Primary School, near greams road. BOV will assist the Corporation in improving garbage collection and ensuring a cleaner city. This gesture underscores IOB’s commitment to sustainable environmental practices and its contribution to the welfare of the community.
Speaking on the occasion, Shri Ajay Kumar Srivastava, MD & CEO, said, “At Indian Overseas Bank, we believe in not just financial service, but in service to the community. Our participation in Swachh Bharat Diwas reflects our deep-rooted commitment to cleanliness and sustainable development. We are honored to contribute to the city’s cleanliness efforts through the donation of these Battery Operated Vehicles.”
Indian Overseas Bank continues to be a responsible corporate citizen, actively contributing to initiatives that benefit society and the environment. The Swachh Bharat Diwas event is a testament to the bank’s enduring commitment to creating a cleaner, greener, and healthier India.