SMFG Grihashakti to double its branches to 300 by 2025
SMFG Grihashakti, a housing finance company, is planning to double its branches from150 to 300 by March 2025, according to its Managing Director and Chief Executive Officer, Deepak Patkar.
Expansion plans
“The expansion will also include the opening of another three to five more branches in Telangana,” Patkar told at a press conference here on Tuesday.
The company will further step up its focus on the affordable housing segment which is projected to grow at a 20 per cent CAGR compared to 11 per cent growth in the normal mortgage market.
“The average ticket size of the affordable housing loans is between ₹15 lakh to₹20 lakh,’‘ Patkar said. The digital focus is also going hand in hand and a new loan origination system is being tested.
The steady growth in market development and increase in the number of middle-income groups are driving growth in this segment, according to Patkar.
Top five States
Telangana is one of the top five States for the company in terms of the Assets Under Management (AMU) after Maharashtra, Rajasthan, Delhi and Gujarat accounting for about 9 per cent of its total AUM at ₹639 crore, he said.
“Telangana also recorded 100 per cent growth in disbursals in the first half of the current fiscal year compared to the same period last year,’‘ the CEO added.