Sundaram Home Finance Targets Rs 225 Cr in MP

Chennai, Sep 10 (PTI) Sundaram Home Finance has strengthened its presence in Madhya Pradesh with the opening of a second branch in Indore, as it aims to disburse Rs 225 crore this year in the state.


The city-headquartered company has been steadily increasing its presence outside the southern market as it expanded in Maharashtra last month and Rajasthan in April this year.


Besides, the second branch in Indore, Madhya Pradesh, Sundaram Home has a branch in Bhopal.


Sundaram Home Finance is a wholly owned subsidiary of Sundaram Finance Ltd.


"MP is a key market for our expansion outside South India. Increasing affordability, residential properties ranging from small homes to villas and increasing demand for plots provide plenty of opportunities to grow our presence in the home finance segment in this state," said company Managing Director D Lakshminarayanan.


"We are also seeing an increasing presence of micro, small and medium enterprises and that provides us with opportunities to provide working capital funding," he said in a statement on Tuesday.


Last year, the company made disbursements of Rs 150 crore in Madhya Pradesh and it is targeting Rs 225 crore in disbursements this financial year, a growth of 50 per cent than last year.


"Indore has surpassed our expectations in terms of growth and opportunities that have sprung up over the last 2-3 years. The current expansion in Indore is to cater to the growing market needs," Lakshminarayanan said.


"The real estate landscape in Indore is poised for continued growth, offering a variety of opportunities to investors and homebuyers, As the city's commercial sector thrives, we expect the real estate sector to mirror its success," he said.


Besides, the inauguration of second branch in Madhya Pradesh, Sundaram Home Finance has drawn up plans to open new branches in three new locations in that state over the next 12-18 months.


Sundaram Home Finance registered a net profit of Rs 66 crore for the April-June 2024 quarter and made disbursements of Rs 1,353 crore during the period.