IDBI eyes Rs 600 cr from property fair

IDBI Bank expects to garner about Rs 600 crore this year from its property exhibition 'Homes 2005,' which will be held in seven cities across India.

Addressing mediapersons ahead of its launch of 'Homes 2005', from October 14-6 in Chennai, Rajan Ghotgalkar, corporate head (retail banking), IDBI Bank, said, "Our home portfolio business generation is about Rs 350 crore a month, which we expect to increase by about Rs 550 crore in the next three months."

'Homes 2005' is being organised in Chennai, New Delhi, Bangalore, Hyderabad, Chandigarh, Kolkata, and Jaipur. The exhibition will go on till the end of December.

He pointed out the immense potential in terms of housing loan portfolio in tier-II cities such as Ahmedabad, Nagpur and Indore to where the exhibition will eventually move over. IDBI Bank's retail portfolio is about Rs 7,500 crore of which almost Rs 6,000 crore falls under the home loan portfolio.

Ghotgalkar said the personal loans, which the bank had introduced eight months ago is expected to grow by 20 per cent this year ( it is about Rs 600 crore now).