Sundaram Home Finance enters Chhattisgarh; aims to make Rs 50 crore worth of disbursements

Sundaram Home Finance Ltd, under its expansion drive, has forayed into Chhattisgarh with the launch of 'Prime Home Finance' branch in Raipur, the company said on Thursday.

With the launch of a new branch, the company expects to make disbursements of around Rs 50 crore in the first year of its operations in Chhattisgarh.

The city-headquartered company, a wholly owned subsidiary of Sundaram Finance Ltd, currently has a presence in Maharashtra, Madhya Pradesh, Gujarat, Rajasthan and has plans to open two more branches in Chhattisgarh.

"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," Sundaram Home Finance Managing Director D Lakshminarayanan, who inaugurated the new branch in Raipur, said.

On the entry into Chhattisgarh market, he said, "Raipur is emerging as an important industrial and commercial center and is slowly transforming itself into a smart city. The city is also becoming a hub for many of the big builders in the country." Sundaram Home Finance would target the salaried and self-employed category with ticket size of around Rs 35 lakh in Raipur.

"We believe that this market holds good growth potential for us in our prime home finance segment," Lakshminarayanan said.

On the outlook for 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 has about 150 branches across the country, the statement added.