Piramal Enterprises to enter housing financial business
Piramal Enterprises announced its plans to enter the retail housing finance business. With a current overall loan book of over Rs 19,170 crore, Piramal Finance has been present in the wholesale finance business for long, catering to the financing needs of developers across residential and commercial real estate projects. It provides early stage equity until later stage debt, construction finance for residential and mezzanine and structured debt as well as lease rental discounting for commercial projects. It also caters to the non-real estate sectors like operating infrastructure.
Having successfully scaled up ur presence in wholesale finance, Ajay Piramal, chairman, Piramal Enterprises believe that the company has established a blueprint for growth within the real estate asset class.
“We 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 construction of the project to the funding the individual home buyer,” he said.