Pankaj CHS Mulund

Prelude about The Society

In the year 1961 or thereabout, The State Bank of India framed a policy to finance its employees to have Residential accommodation by forming staff cooperative housing societies particularly in cities like Mumbai Pune EC. The carpet area fixed was 500 sq. feet for staff and 650 sq. feet for officers at that time. The loan limit was Rs. 18,000 and Rs. 25,000 for clerical staff and officers respectively. The loan was free of interest. Accordingly in 1962 or so one society at thane West and Santacruz east was formed having a carpet area of 500 sq. feet per flat. Subsequently a crop of more societies started to come up. Those days the most favoured destination for having a society was western suburbs. Most of the promoters of those societies where from L.H.O. only which was located then at Apollo Street, Fort, Mumbai (Now being Mumbai main branch). Subsequently staff from local branches also initiated forming of societies.