New Delhi: Piramal Housing Finance Ltd, which entered the property loans business in September, is targeting Rs1,000 crore loans by the end of this month, managing director Khushru Jijina said.
The company, a subsidiary of Piramal Finance Ltd, opened its first office in Mumbai last year. On Wednesday, it opened three branches in Delhi-NCR. The company also plans to set up more branches in Pune, Surat and Nashik in the coming year.
Around 50% of the branches will be in tier 2 and 3 cities by the year 2020, Khushru Jijina, managing director, Piramal Finance & Piramal Housing Finance said. The company offers home loans through realty developers and direct lending to retail customers.
“Our housing finance business is expected to cross INR 1000 crore by March 2018 in disbursed loans and sanctioned amounts. With a dedicated team, a rollout 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,” he said.
Piramal Housing Finance will be targeting affordable segment and self-employed customers in particular. It has so far tied up with 15 developers spread over 7 micro markets in Gurugram and Noida.
Piramal Finance has applied for an asset reconstruction company licence and is awaiting approval from the Reserve Bank of India (RBI).
Piramal Enterprises has assets under management of over Rs50,000 crore in the real estate segment. By 2020, the firm expects the loan book for the home loan business to reach Rs15,000 crore.livemint