Sundaram Home Finance targets affordable housing
ECONOMY & POLICY

Sundaram Home Finance targets affordable housing

Sundaram Home Finance, a wholly-owned subsidiary of Sundaram Finance, is gearing up to enter the rapidly growing affordable home loan market, aligning with the government's "housing for all" initiative. Their primary focus will be on tier 2 and tier 3 towns as they diversify into the affordable housing sector.

Managing Director Lakshminarayanan Duraiswamy emphasised that this move is a logical extension of their core activities since inception. They see catering to retail customers in tier 2 and tier 3 towns as an integral part of their strategic growth plans. Duraiswamy believes that this segment holds considerable long-term growth potential for the company.

In terms of its strategy for the affordable housing segment, the company intends to establish approximately 10 branches in smaller towns within Tamil Nadu and Andhra Pradesh. Additionally, they plan to hire 50-75 employees exclusively dedicated to the affordable housing segment in the initial phase, with the goal of achieving this by March 2024.

As of March 2023, Sundaram Home Finance managed assets worth Rs 112 billion, and they reported a net profit of Rs 2.15 billion in the previous fiscal year.

Sundaram Home Finance, a wholly-owned subsidiary of Sundaram Finance, is gearing up to enter the rapidly growing affordable home loan market, aligning with the government's housing for all initiative. Their primary focus will be on tier 2 and tier 3 towns as they diversify into the affordable housing sector.Managing Director Lakshminarayanan Duraiswamy emphasised that this move is a logical extension of their core activities since inception. They see catering to retail customers in tier 2 and tier 3 towns as an integral part of their strategic growth plans. Duraiswamy believes that this segment holds considerable long-term growth potential for the company.In terms of its strategy for the affordable housing segment, the company intends to establish approximately 10 branches in smaller towns within Tamil Nadu and Andhra Pradesh. Additionally, they plan to hire 50-75 employees exclusively dedicated to the affordable housing segment in the initial phase, with the goal of achieving this by March 2024.As of March 2023, Sundaram Home Finance managed assets worth Rs 112 billion, and they reported a net profit of Rs 2.15 billion in the previous fiscal year.

Next Story
Infrastructure Energy

Amazon Achieves 100% Renewable Energy

Amazon has achieved its goal of powering its global operations with 100% renewable energy, seven years ahead of its original target set for 2030, as reported. This significant milestone underscores Amazon's commitment to sustainability and its leadership in corporate renewable energy adoption. Amazon's journey towards 100% renewable energy began with a series of strategic investments in solar and wind projects around the world. These projects include large-scale wind farms and solar arrays that contribute substantial amounts of clean energy to the grid. By reaching this goal early, Amazon has ..

Next Story
Infrastructure Energy

Faster Renewable Expansion Needed: IRENA

The International Renewable Energy Agency (IRENA) has emphasized the urgent need for an accelerated expansion of renewable energy to meet global 2030 targets, as reported by the Economic Times. According to IRENA, current efforts are insufficient, and a substantial increase in the deployment of renewable energy technologies is crucial to achieving climate goals and ensuring sustainable development. IRENA's latest report highlights that despite progress in renewable energy adoption, the pace of growth must triple to align with the targets set in the Paris Agreement. The report stresses that ren..

Next Story
Infrastructure Energy

SECI Announces Green Hydrogen Tender

SECI's Green Hydrogen Tranche-II tender is designed to attract investments and partnerships in the green hydrogen sector. The tender aims to promote the development of green hydrogen projects across the country, leveraging India's vast renewable energy resources. This move aligns with the government's National Hydrogen Mission, which focuses on creating a sustainable hydrogen economy and reducing carbon emissions. The tender seeks proposals from companies and consortiums capable of establishing large-scale green hydrogen production facilities. These facilities will utilize renewable energy sou..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000

Join us Telegram