Piramal enters housing finance
Piramal Finance making an entry into the housing finance segment announces launch of Piramal Housing Finance
Piramal Enterprises, one of India’s large diversified companies with a presence in pharmaceuticals, healthcare insights & analytics, and financial services, on 27th September, 2017 announced its ingression into the retail housing finance business through its wholly owned subsidiary, Piramal Housing Finance. The retail housing finance business will initially focus on a product roll out across all major metro cities and thereafter seek to establish a pan-India presence, including Tier 2 and 3 towns and cities. The retail construction finance arm will focus on local developers in Tier 1 and top developers in Tier 2 and 3 geographies.
The company plans to achieve assets under management (AUM) worth Rs 15,000 crore for funding of real estate by 2020. The company has so far invested an initial capital of Rs. 1,000 crore for its new venture. The HFC had received the license from the National Housing Board to enter the housing finance market on 4th September 2017.
Speaking at the event of the HFC’s launch, Mr. Ajay Piramal, Chairman, Piramal Enterprises said, “Through Piramal Housing Finance, we will be able to deliver a seamless and customer-centric experience to all our stakeholders - including individuals, developers, agents, partners and now the target end users as well. By doing this, we shall further cement our existing relationships and forge new ones. We are confident that the unique business model being adopted by Piramal Housing Finance will add another dimension to our service offering and establish a blueprint for further growth.”
Leveraging its successful track record, the company will seek to fund the entire spectrum of real estate, from affordable to luxury, and cater to both salaried and self-employed individuals by offering tailor-made loans at competitive market rates. PEL’s consolidated revenues were over USD 1.3 billion in FY2017, with 51 per cent of revenues generated from outside India.