Wave Group enters housing finance

Privately held business conglomerate Wave Group, which has interests in real estate, sugar manufacturing, education and entertainment, has ventured into the housing finance segment with New Habitat Housing Finance and Development Limited (NHHFDL), the company said on Wednesday.

NHHFDL will provide housing finance solutions under different categories that include purchase of residential properties, home improvement loan, home extension loan, balance transfer, loan against property, loan to builders, lease rental discounting and business loans.

The company is starting its operations in Delhi-NCR and plans to have pan-India presence in a couple of years.

It is starting operations with a capital of Rs 12 crore which it plans to grow to Rs 100 crore in the coming three years. The capital has been routed through the investment arm of the promoters of Wave Group.

Rakesh Kapoor, chief operating officer and whole time director, NHHFDL, said, “In the present scenario, there has been a gap in demand and availability of housing finance. To bridge the gap and realise the need and importance of the sector, the group is now venturing into this segment.”

The group aims to have a loan book size of Rs 1,000 crore in five years. The company is also open to tie up with private equity players to raise capital to ramp up the business. “We can look at tie-ups with PE players at a later stage,” he said.

(Edited by Joby Puthuparampil Johnson)

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