Piramal housing finance plans to achieve a loan book of 15,000 cr by 2020

Piramal Finance launched its wholly owned housing finance subsidiary, Piramal Housing Finance today

Piramal housing finance plans to achieve a loan book of Rs 15,000 crore by 2020.  The HFC currently has Assets Under Management (AUM) of more than Rs 200 crore. It has an operational branch in Goregaon and plans to open a branch in Thane soon.

Piramal Finance launched its wholly owned housing finance subsidiary, Piramal Housing Finance on Wednesday with a view to extend their retail portfolio. It has invested an initial capital of Rs 1,000 crore for the HFC.The financial services arm of Piramal Enterprises had received housing finance company(HFC) license from the National Housing Board to enter the housing finance market on 4th September 2017.

Ajay Piramal, Chairman, Piramal Enterprises said, "Majority of HFCs do not understand real estate. Our strong partnerships with developers give us a unique edge."

Khushru Jijina, Managing Director, Piramal Capital said that the HFC is currently operating in Mumbai and will be rolled out in Pune, Bangalore and NCR regions. It will also be expanded to tier II cities.

On the retail side, Piramal Finance currently has an investment of Rs 4,583 crore with 20 per cent stake in Shriram Capital Limited and 10 per cent stake in  Shriram Transport Housing Finance and Shriram City Union Finance.

The company has a wholesale loan book of Rs  28,648 crore with real estate constituting  Rs 24,924 crore in August 2017. The alternate assets under management were Rs 6,727 crore with real estate contributing Rs 5,727 crore.