Sundaram Home Finance Ltd on Thursday announced that it will be entering Chhattisgarh, as a part of its expansion drive, with the opening of its 'Prime Home Finance' branch in Raipur.
The company eyes disbursing approximately Rs 50 crore in its first year of operations in Chhattisgarh, with the launch of its new branch.
The Chennai-based company, a wholly-owned subsidiary of Sundaram Finance Ltd, currently operates in Maharashtra, Madhya Pradesh, Gujarat, and Rajasthan, and plans to open two additional branches in Chhattisgarh.
D Lakshminarayanan, managing director, Sundaram Home Finance who inaugurated the new branch in Raipur, told PTI, "This is in line with our stated intent of expanding in select locations outside the South Market where we see good growth opportunities while consolidating our presence in the South at the same time."
Commenting on the company’s entry into the Chhattisgarh market, he noted that Raipur is evolving into an important industrial and commercial hub and is steadily transforming into a smart city. Additionally, the city is becoming a key center for many prominent builders in the country.
"We believe that this market holds good growth potential for us in our prime home finance segment," said.
The financial services entity would be targeting the salaried and self-employed category with a ticket size of around Rs 35 lakh in Raipur.
Regarding the outlook for the Chhattisgarh market, he said, "after establishing the first centre in Raipur, our plan is to open up two more in the state. We are targeting disbursements of around Rs 50 crore in the first year of our foray."
Sundaram Home Finance currently operates approximately 150 branches nationwide, the statement added.
The company eyes disbursing approximately Rs 50 crore in its first year of operations in Chhattisgarh, with the launch of its new branch.
The Chennai-based company, a wholly-owned subsidiary of Sundaram Finance Ltd, currently operates in Maharashtra, Madhya Pradesh, Gujarat, and Rajasthan, and plans to open two additional branches in Chhattisgarh.
D Lakshminarayanan, managing director, Sundaram Home Finance who inaugurated the new branch in Raipur, told PTI, "This is in line with our stated intent of expanding in select locations outside the South Market where we see good growth opportunities while consolidating our presence in the South at the same time."
Commenting on the company’s entry into the Chhattisgarh market, he noted that Raipur is evolving into an important industrial and commercial hub and is steadily transforming into a smart city. Additionally, the city is becoming a key center for many prominent builders in the country.
"We believe that this market holds good growth potential for us in our prime home finance segment," said.
The financial services entity would be targeting the salaried and self-employed category with a ticket size of around Rs 35 lakh in Raipur.
Regarding the outlook for the Chhattisgarh market, he said, "after establishing the first centre in Raipur, our plan is to open up two more in the state. We are targeting disbursements of around Rs 50 crore in the first year of our foray."
Sundaram Home Finance currently operates approximately 150 branches nationwide, the statement added.
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