#gic housing finance
GIC Housing Finance Eyes Rs 10k cr Business in 3 yrs
CHENNAI: Housing Finance major GIC Housing Finance Ltd is looking at a 66% increase in business by the end of three years to post Rs 10,000 crore in business. The company will also focus exclusively on the middle class housing segment, in tandem with the Prime Minister’s ‘Housing for all’ drive.
Speaking to Express while inaugurating the company’s new office here on Monday, its Managing Director Warendra Sinha said that the company is targeting a 66% increase in size of business from Rs 6,000 crore currently to Rs 10,000 by the end of three years.
“We are confident of reaching the Rs 10,000 crore mark in three years because of the rate at which we have been growing and because we will be focusing on the middle class housing segment almost exclusively,” said Sinha.
Pointing out that the company was not looking to compete with larger finance institutions like banks who had readily available funds necessary, Sinha said that the company will build its business at the middle class segment.
“We are not looking to compete with them but expand in the middle segment of the market,” he said.
He said that the financier has reduced its GNPA from 2.10% in September 2013 to 1.4% in 2014. Net NPA has reached nil. It is also looking to increase the number of offices by 20% by the end of the financial year.