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| DHFL expects 75% incremental AUM from middle income group |
| Vinay Umarji / Mumbai/ Ahmedabad Aug 06, 2009, 00:52 IST |
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With affordable properties gradually forming majority of residential projects, consumers belonging to the middle income group seem to be having a field day. Evidently, Dewan Housing Finance Corporation Limited (DHFL), one of the leading private housing finance companies, is expecting around 75 per cent of its incremental assets under management (AUM) for the financial year 2009-10 to come from the middle income group.
Talking about the company's plans, Kapil Wadhawan, chairman and managing director of DHFL said, "This year we aim to disburse around Rs 3,000 crore. As demand for affordable housing has been on the rise since some time, we will be supporting the real estate industry by facilitating home ownership for the middle income group. We expect more than 75 per cent of our incremental assets under management to come from the middle income group."
According to Wadhawan, in past one year, developers have gradually moved from luxurious properties to affordable ones. "There was a time when developers were more focusing on luxurious properties instead of affordable ones in spite of huge demand for the latter. But that's not the case anymore. Even large developers have taken up this opportunity to cash in on the demand. The near future will, therefore, see an increased focus on affordable housing which will draw more number of consumers from the middle income groups," said Wadhawan.
However, Wadhawan pointed out that given the expected rise in demand followed by increased supply of affordable housing, property prices will may escalate to some extent. "Due to slowdown, property prices had been moderating and still is but if the demand continues for affordable housing, their prices may escalate to a marginal extent," he added.
By the end of the financial year 2009-10, DHFL is expecting to register overall AUMs worth Rs 8,500-9,000 crore. Targeting a growth of over 30 per cent, the housing finance company is aiming at the Rs 25,000 crore worth AUMs mark by 2013. Currently, Wadhawan said that the company manages assets worth over Rs 6,500 crore.
The company is also strengthening its network which as of now comprises 76 branch offices, five zonal offices, six regional processing centres, 79 service centres and 35 camp locations including representative offices in London and Dubai.
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