Edelweiss plans to lend Rs 5,000 cr for retail housing

Financial services group Edelweiss Capital today said its subsidiary is targeting to lend about Rs 5,000 crore for retail housing over the next five years by expanding into newer cities.

"We are targeting to lend Rs 4,000-5,000 crore for retail housing over the next 4-5 years," Edelweiss Chairman and CEO Rashesh Shah told reporters on the sideline of a function here.

The subsidiary, Edelweiss Housing Finance, began operations in September last year.

Earlier detailing expansion plans, Edelweiss' Executive Vice President Anil Kothuri had said in a statement that its home loans subsidiary, which has presence in Mumbai, would expand to Delhi by March and enter eight more cities in the next fiscal (FY12).

Delhi and Mumbai account for 60 per cent of the housing finance market and 2012-13 will see the company extending its footprint into 20 cities which collectively account for 90 per cent of home finance, he said.

The company plans to have differentiated product offerings and also tap synergies accruing out of parent Edelweiss' presence in the financial sector.

"Over 2.5 lakh customers already deal with Edelweiss for investments through our wealth management, brokerage and Anagram Finance businesses. This gives us a ready pool of customers to tap into," Kothuri said.