Roti Kapda Aur Makan” are the three major needs of any human being for a happy living. Of the three, a good shelter is of paramount importance as it gives protection against all elements of nature. To own a house is a dream for many Indians. During the pre-independence days, affordable housing was far-fetched for many sections of the society. For them, the housing finance was not only rare but also costly.
With the lofty ideal of providing affordable housing finance and thereby address the housing demand, THE COCANDA COOPERATIVE BUILDING SOCIETY LIMITED was established in Kakinada in the year 1923 by the British Government. Post Independence, the society was rechristened to THE KAKINADA COOPERATIVE BUILDING SOCIETY LIMITED (KCBS). Late Shri Kosuri Krishna Rao was the first elected President of KCBS in the year 1950.
The society functioned under the Madras presidency Co-operative Act. After the formation of AP State, the Society was registered under APCS Act 7 of 1964. The modus operandi of KCBS was to borrow funds from the Andhra Pradesh Housing Federation (A.P.HOUSEFED) which in turn borrowed funds from the Life Insurance Corporation of India (LIC).
Shri Kosuri Krishna Rao was a visionary and under his aegis, KCBS had lent a helping hand to many people by providing them with easy housing loans enabling them to build/buy/repair their own home. In recognition of his leadership abilities, Shri Kosuri Krishna Rao was made the Vice Chairman of the A.P.HOUSEFED. Till the year 1995, he was instrumental in enabling the KCBS to achieve many milestones in the housing sector.
After the demise of Shri Kosuri Krishna Rao in 1995, his youngest son Shri Kosuri Yadusurya was made the President of the KCBS. The year 1995-1996 was tumultuous times for KCBS. Not only losing the great luminary Shri Kosuri Krishna Rao, but also unavailability of sufficient funds for borrowing from the A.P HOUSEFED was great setbacks to the KCBS. Shri Kosuri Yadusurya stepping into his late father’s shoes was a very dynamic and leader in his own right. To weather the turbulent storm, He had envisioned KCBS independent from the external borrowings for its survival. In pursuit of achieving this, he had started mobilizing deposits from the society’s own members. The hard work had paid rich dividends. At the time of his demise, the Society’s Deposits crossed the Rs.100 crore milestone. Till date, the KCBS deposits have been safe, secure providing benevolent returns to the denizens of East Godavari people. KCBS utilizes its OWN funds for meeting the loaning requirements.
To address the urban needs of the emerging Kakinada Town, Shri Kosuri Yadusurya for the first time in the history of housing finance in Kakinada, had started a new product called Project Finance. It has been a revolutionary product which helped lots of budding builders to achieve their dream of building apartments in the bustling town of Kakinada. Also late Shri Kosuri Yadusurya was one of the fore-runners in developing approved housing layouts in Kakinada. In recognition of his innovative leadership skills, he was made the Director of A.P HOUSEFED.
KCBS lost its creative entrepreneurial leader Shri Kosuri Yadusurya in the year 2011 as he passed away on April 23, 2011 after suffering from cancer. His daughter Smt Kosuri Chilaka Veera Raghavee took over the reins of KCBS. Till date, the society has taken long strides and is a proud owner of more than 130 Crore Deposits and has provided housing finance of around Rs.100 Crore.