KCBS Society Journey
The Kakinada Cooperative Building Society (KCBS) has undergone significant changes since its inception. The society’s achievements and leadership have evolved over time, adapting to the needs of the community it serves.
Under the visionary guidance of Shri Kosuri Krishna Rao, KCBS played a pivotal role in providing easy housing loans to individuals seeking to build, buy, or repair their own homes. Recognizing his exceptional leadership abilities, Shri Kosuri Krishna Rao was appointed as Vice Chairman of A.P.HOUSEFED. Until 1995, he spearheaded numerous milestones in the housing sector through KCBS.
Transition and Challenges
Following Shri Kosuri Krishna Rao’s demise in 1995, his youngest son Shri Kosuri Yadusurya, a Post Graduate and established Businessman, assumed the presidency of KCBS. This period marked significant challenges for the society due to losing such an influential figure and facing funding constraints from A.P HOUSEFED. However, Shri Kosuri Yadusurya proved himself as a dynamic leader by envisioning an independent future for KCBS without relying on external borrowings.
To ensure sustainability amidst these turbulent times, Shri Kosuri Yadusurya began mobilizing deposits from within the society itself. His dedicated efforts paid off immensely as KCBS achieved remarkable success with its own funds.
Shri Kosuri Yadusurya also introduced innovative ideas that addressed urban requirements in Kakinada Town. He pioneered Project Finance – a groundbreaking product that empowered aspiring builders to realize their dreams of constructing apartments within Kakinada’s bustling environment. Additionally, he played a crucial role in developing approved housing layouts in Kakinada and was appointed Director of A.P HOUSEFED in recognition of his visionary leadership skills.
In 2011, KCBS suffered another loss with the passing of Shri Kosuri Yadusurya. His daughter, Smt Kosuri Chilaka Veera Raghavee, took over as the new leader of KCBS. Under her guidance, the society has continued to make significant progress and deposits exceeded Rs 130 crores while providing housing finance amounting to approximately Rs 100 crores.
Visionary Leadership Continues
In 2017, Kosuri Srinivasa Satyanarayana Murthy assumed leadership of KCBS. With over 25 years of experience in Finance and IT both internationally and within India, he brings valuable expertise to sustain and manage risks effectively. Under his guidance, the society has made substantial progress, overcoming various challenges such as demonetization and the COVID-19 pandemic.
Under the new leadership, KCBS has witnessed remarkable financial growth. The deposits have now crossed Rs 300 crores with nearly Rs 90 crores invested in fixed deposits. This demonstrates the trust placed by members in the society’s secure deposit schemes.
Development Initiatives Continue
KCBS remains committed to addressing urban needs in Kakinada Town through ongoing development initiatives. Several layouts and apartments have been successfully executed under their supervision, providing residents with modern living spaces that meet their requirements.
Extensive Loaning Support
To further assist individuals seeking affordable housing solutions, KCBS has extended over 16,000 loans till date. By leveraging their own funds efficiently for loan disbursement purposes rather than relying on external borrowings or A.P HOUSEFED support, they ensure a seamless lending process for eligible applicants.
The journey of KCBS reflects a remarkable transformation driven by visionary leaders who have shaped its course and established it as a trusted institution within East Godavari district. The society’s commitment towards financial stability combined with sustained growth highlights its dedication to serving the community and facilitating affordable housing opportunities.
**BIO-DATA OF THE ORGANISATION**
1) Name of the Society: The Kakinada Cooperative Building Society Ltd.
Address: No.8979, H.NO.13-4-13, Ramayya Street,
East Godavari District, Andhra Pradesh.
2) Date of Registration: 12th October 1923
3) Date of Starting: 22nd October 1923
4) Number of Members: Approximately 30,000
5) Area of Operation: Entire East Godavari District, Andhra Pradesh
6) Field of Activity:
a. Deposits mobilization from members.
b. Providing loans to members for various purposes like purchasing house sites,
construction of buildings, buying homes, repairs and renovations within the society’s operation area.
c. Development and layout planning for land; construction and sale of flats/apartments
and individual houses for the benefit of society and its members.
7) Members Deposits Mobilisation Initiated in 1996
8) Total Deposits Amount: Approximately Rs.350 crores
9) Total Loans Issued Amount: Approximately Rs.250 crores
10) Total Fixed Assets and Cash Value: Approximately Rs.120 crores
11) Total Number of Loans Issued till date: Approximately 16,000
12) Key Loaning Products:
– Housing Loans
– Builder Loans
– Commercial Loans
– FD (Fixed Deposit)-backed Loans
– RD (Recurring Deposit)-backed Loans
1. The society operates from its own G+2 RCC building as its head office equipped with all necessary facilities.
2. Two branches are operational at Sarpavaram and Turangi within Kakinada.
3. All operations are fully computerized for efficient functioning.
4. ATM facility and Safe Deposit Lockers are available for members’ convenience.
5. The society has been consistently profitable for the past two decades, distributing dividends to its members.
6. Conducts General Body meetings twice a year to ensure member participation in decision-making processes.
7. Regularly organizes Blood Bank camps, Medical camps, and other charitable activities for the welfare of its members.
14) Awards & Honours Received:
– Best and Good Working Society Award from Housefed, Hyderabad
– Best and Good Working Society Award from AP State Cooperative Union Ltd., Hyderabad (2014)
– Award of Excellence for outstanding achievements as a Cooperative Housing Society by Economic Growth Foundation, New Delhi (2019)
15) Society Assets, Activities, and Members Benefits:
KCBS actively develops layouts and constructs apartments to facilitate affordable housing options for its members through purchase of housing plots or apartments at reasonable prices.