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Piramal Finance enters housing finance segment

LiveMint logoLiveMint 27-09-2017 PTI

Mumbai: Piramal Finance Pvt. Ltd, a unit of Piramal Enterprises Ltd, on Wednesday announced entry into retail housing finance business through its wholly owned subsidiary, Piramal Housing Finance.

The housing finance company will offer home loans as well as loans against property and construction finance for small developers. “Given the size, scale and market relevance of the wholesale lending business, it was a natural progression to assess opportunities within the retail lending space,” said Khushru Jijina, managing director of Piramal Finance and Piramal Housing Finance.

The company will initially focus on a product roll out across all major metro cities, and thereafter, seek to establish a pan-India presence, including tier 2-3 towns and cities. The retail construction finance arm will focus on local developers in tier I and top developers in tier II-III geographies.

“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,” Piramal Enterprises chairman Ajay Piramal said.

The company will be able to deliver a seamless and customer-centric experience to all its stakeholders, including individuals, developers, agents, partners and now the target end users, Piramal said. It will seek to fund the entire spectrum of real estate, from affordable to luxury, and cater to both salaried and self-employed individuals.

Shares of Piramal Enterprises closed 2.35% lower to Rs2620 on BSE, while the Sensex fell 439.95 points, or 1.39%, to close at 31.159.81.

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