It maybe noted that the retail housing finance business will offer home loans, loan against property and smaller ticket construction finance to the developers in Delhi-NCR, an official communique said.
In a reaction to the development, Khushru Jijina, Managing Director, Piramal Finance & Piramal Housing Finance expressed his excitement in launching “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 INR 1,000 crore by March 2018 in disbursed loans and sanctioned amounts.”
Stating that with a dedicated team, a roll out strategy in place to target Delhi-NCR market and a sharp focus on customer centricity, Jijina said: “We plan to replicate our Mumbai success in NCR and beyond as we look to triple our retail HFC AUM by March 2019.”
Also, the company has plans to triple the overall Housing Finance AUM by Financial Year 2018-19.
Piramal Finance already has a strong presence in Delhi-NCR market. The strength of these relationships is evident in the quality of partners and projects – The wholesale business in Delhi-NCR has selectively funded/sanctioned close to INR 10,000 crores (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 ’14.
The platform has also extended its offerings to rental yielding assets as well as commercial office development in 2016.
In 2017, Piramal Finance further entered hospitality segment by investing in marquee hotel assets within the National Capital Region of Delhi. The wholesale platform has directly funded the delivery of 15,000 residential units with an aggregate market value of INR 17,000 crores.
Piramal Finance Limited, wholly owned subsidiary of Piramal Enterprises Limited (the flagship company of Piramal Group), is engaged in financial services business. Piramal Finance provides both wholesale and retail funding opportunities within real estate and non-real estate sectors.
The platform is capable of funding across the entire capital stack ranging from early stage private equity, structured debt, senior secured debt, construction finance as well as Flexi Lease Rental Discounting (within real estate).
Piramal Enterprises Limited (PEL) is one of India’s large diversified companies, with a presence in Financial Services, Pharmaceuticals and Healthcare Insights & Analytics. PEL’s consolidated revenues were over $1.7 billion in FY2017, with around 51% of revenues generated from outside India.