New Delhi: Piramal Housing Finance has launched its home loan business in the National Capital Region (NCR) and will start disbursing loans to consumers in the Gurugram and Noida area, the company’s managing director Khushru Jijina told
ET on the sidelines of a press meet in New Delhi today.
Piramal housing finance is a wholly-owned arm of Piramal Finance, a non-bank finance company, which has a loan disbursements pipeline worth Rs. 70,000 crore and lends to promoters, small and medium enterprises, home buyers and construction companies.
The Ajay Piramal-led group launched its housing finance business in September last year. It has clubbed all its lending businesses under the Piramal Finance umbrella.
“We will touch Rs. 1000 crores in home loan disbursements by the end of this fiscal and aim to grow the housing finance loan book three-fold by end of next fiscal”, Jijina said.
The parent company has loaned over Rs. 10,000 crore to developers in the NCR region over the past four years. It aims to capitalize on its relationships with these developers to push its home loan products to potential customers in the Delhi-NCR area.
The company has put in place a team of 100 people for the northern India roll-out of its housing finance arm which will pit it against established players such as HDFC, LIC and PNB Housing Finance.
Banks are said to control about 60 per cent of India’s housing finance market which is pegged at Rs 3 lakh crore according to various estimates. Non-banking finance companies have a 38 per cent share of the market.
