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Chennai: Housing finance firm Sundaram Home
Finance Ltd has announced expansion of its branch network to
North Indian State and consolidating business in the South by
concentrating in tier-II cities such as Coimbatore, Madurai,
Tiruchirappalli, Mysore, Vishakhapatnam and Vijayawada.
"In the next financial year, we would be expanding to the
North by opening offices in Maharashtra, Rajasthan and
Gujarat," said Nitin Palany, Managing Director, Sundaram
Home.
Sundaram Home, which is a subsidiary of Sundaram Finance
Ltd., currently has 28 offices - all in South India.
"There is enough potential in the South itself, where we have
a big branch network," Palany said, adding that the growth of
Information Technology and IT-enabled services in Bangalore,
Hyderabad and Chennai has propelled the real-estate market in
these cities.
With IT and ITeS companies expanding to tier-II cities such
as Vishakhapatnam, Mysore, Coimbatore etc, Palany said the
company would be focusing more in these cities for the
housing finance customers. "There will be a boom in real
estate in the tier-II cities," he told PTI here.
Sundaram Home, which reported a 16 per cent growth in
disbursements in 2004-05 at Rs 429 crore, has fixed a target
of Rs 550 crore disbursements this fiscal.
"This year, we are also concentrating on the coastal areas of
Andhra Pradesh, as there is good potential in this belt for
housing finance business," Palany said.
Further, the company also has started operating a mobile
office to reach out to customers in rural and semi-urban
areas through a mobile office.
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