Sundaram Home Finance has opened a new branch in Navi Mumbai, as the subsidiary of Sundaram Finance Ltd aims to double the disbursements made in Maharashtra next year.
The expansion plan was in the backdrop of the region offering potential to home finance, a top official said.
"Mumbai is the largest and fastest growing real estate market in the country. We currently operate out of Thane catering to the outskirts of Mumbai. This expansion in the business capital is driven by the growth of Navi Mumbai and the potential it offers for our home finance business," said the company's Managing Director Lakshminarayan Duraiswamy.
Sundaram Home Finance has presence in Thane, Pune, Nashik and Nagpur. It had registered annual disbursements of over ₹225 crore in Maharashtra and is targeting to double its disbursements in that state next year.
"We will continue to focus on the mid-range housing segment in Mumbai. We currently disburse home loans of around ₹100 crore annually in the Mumbai region and believe we can double this, next year," he said in a statement.
Sundaram Home Finance has 135 branches in the Southern region, Madhya Pradesh, Rajasthan, Maharashtra and Gujarat. The company registered a net profit of ₹62 crore for the October-December 2023 quarter on disbursements of ₹1,252 crore.