Leading financial services conglomerate, Edelweiss Group, has started expanded into the housing finance business. Edelweiss is venturing into the retail housing finance business through its subsidiary Edelweiss Housing Finance Limited (EHFL), which commenced operations in September 2010.
"The current housing finance market size is about Rs 1.5 trillion and it may double by the end of fiscal year 2015 (FY15). We expect to capture about two per cent of this market over the next 5 years," said Anil Kothuri, Executive Vice President, Edelweiss.
Currently EHFL operates out of Mumbai and plans to extend its reach to Delhi before FY11-end. It plans to venture into eight other metros and mini-metros by FY12, which together with Mumbai and Delhi would represent about 60 per cent of the housing finance market. This reach will then increase to 20 cities by FY13 and cover 90 per cent of the market.
"Over 2.5 lakh customers already deal with Edelweiss for investments through our wealth management, brokerage and Anagram Finance businesses. This gives us a ready pool of customers to tap into," added Kothuri.
