By Accommodation Times News Services
Piramal Group have diversified with its NBFC into housing finance business. The group starts its new venture after successful venturing into Real estate venture funding and financing projects through its finance subsidiaries. Piramal Enterprises Ltd (PEL) asserted that its subsidiary Piramal Finance Ltd will apply to the National Housing Bank (NHB) to incorporate a housing finance company. The Group is having portfolio of 20 k cr and managing assets worth 7 k cr under Assets Management System.
“Having successfully scaled up our presence in wholesale finance through Piramal Finance Limited, we believe that we have established a blueprint for growth within the real estate asset class. We therefore, feel that the timing is opportune for us to make a foray into retail housing finance. We would naturally stand to benefit from our existing relationships with our development partners and our ability to extend the tenure of our relationship from financing the construction of the project to the funding the individual home buyer,” said Ajay Piramal, chairman, PEL.
With new venture, the group will now cater housing finance to make its presence felt in the retail segment of real estate finance.