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Piramal Finance launches housing finance offering in Delhi-NCR market

The company has sanctioned in excess of Rs 10,000 crore of wholesale (developer) loans in Delhi-NCR market.

Moneycontrol News @moneycontrolcom
Representative image
Representative image

Piramal Housing Finance, the wholly owned subsidiary of Piramal Finance, is looking at a target of Rs 1,000 crore loans by end of March 2018 and almost half of its branches will be located in tier 2 and tier 3 cities by the year 2020.

The company has expanded its presence in the Delhi-NCR market with the launch of three branches in Delhi, Gurugram and Noida. The retail housing finance business will offer home loans, loan against property and smaller ticket construction finance to the developers in Delhi-NCR, it said.

“We are excited to launch our housing finance offerings to Delhi-NCR - a critical market for us. Since its launch in September 2017 in the Mumbai Metropolitan Region alone, our housing finance business is expected to cross Rs 1000 crore by March 2018 in disbursed loans and sanctioned amounts. With a dedicated team, a roll out strategy in place to target Delhi-NCR market and a sharp focus on customer centricity, we plan to replicate our Mumbai success in NCR and beyond as we look to triple our retail HFC AUM by March 2019,” Khushru Jijina, Managing Director, Piramal Finance & Piramal Housing Finance told reporters.

Around 50% of the branches will be in tier 2 and 3 cities by the year 2020, he said.

Piramal Finance already has a  presence in Delhi-NCR market. The wholesale business in Delhi-NCR has selectively funded/sanctioned close to Rs 10,000 crore (across debt and equity) with Tier 1 development partners with a strong track record of execution, since initiating coverage of the region on an integrated basis in March 2014.

The company has also extended its offerings to rental yielding assets as well as commercial office development in 2016. Further, Piramal Finance entered hospitality segment in 2017 by investing in marquee hotel assets within NCR. The wholesale platform has directly funded the delivery of 15,000 residential units with an aggregate market value of Rs 17,000 crore.

Leveraging the size, scale and relationships of its lending business, Piramal Finance introduces a retail offering in the market which will complement its existing wholesale business and will enable them to offer the entire spectrum of financial products in real estate. Piramal Housing Finance will further enable development partners in the NCR to target home buyers (both salaried and self-employed) through a range of tailor made products, a company release said.
First Published on Mar 14, 2018 09:35 pm
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