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Sundaram Home Finance targets affordable housing
06 Sep 2023 CW Team
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.
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