Piramal Finance, the financial services arm of diversified firm Piramal Enterprises, on April 24, 2018, said it has expanded its housing finance business to Pune, marking its foray into the market. Piramal Housing Finance, the wholly-owned subsidiary of Piramal Finance, has already expanded its housing finance business in markets like the Mumbai Metropolitan Region (MMR), Noida, Gurugram, Delhi and Bengaluru and plans to add four to five more cities under its portfolio, in the next six months.
“Through the wholesale business, we already have sanctioned Rs 3,250 crores, to developers in Pune. Now, through the housing finance business, we will offer home loans, loan against property and small-ticket construction finance to the developers in the Pune market,” Piramal Finance managing director, Khushru Jijina said. He said in the next six months, the company wants to expand its offerings in cities like Chennai, Hyderabad, Nashik, Ahmedabad and Surat.
“Our strategy with the housing finance business, is to reach the tier-2 and tier-3 markets, where the demand for not just home loans is significant but we have also seen demand for small-size construction finance, from developers who do not qualify in our wholesale business,” said Jijina. Since the launch of its housing finance business, the company has deployed over Rs 1,400 crores, out of which, the maximum deployment has been in MMR, according to him. “We are introducing our retail offering, to complement the wholesale business that now enables offerings across the entire spectrum of financial products in real estate,” he added.