Sundaram Home Finance has expanded its presence in Madhya Pradesh with the opening of two new branches this week in Pithampur and Ratlam. The company is targeting disbursements of ₹300 crores in MP this year. The company currently has two branches in Indore and one in Bhopal and with the current expansion, the total number of branches in MP will go up to 5.
On the expansion in Madhya Pradesh, D. Lakshminarayanan, MD, Sundaram Home Finance said, “This expansion in Madhya Pradesh is in line with our stated intent of identifying select growth opportunities in Tier 2 and 3 towns outside South India and building a stronger base in states where we are already present in.”
On growth opportunities in smaller towns in Madhya Pradesh, Lakshminarayanan said, “MP is an important market for us outside South India. Rapid industrial growth is leading to increased affordability among the customers in the state. Over the last 12 months, we have seen a strong demand for home finance in larger towns like Indore and Bhopal in the mid segment with a typical ticket size of around Rs. 40 lakhs. We expect the demand for residential properties to take off in smaller towns such as Pithampur and Ratlam and are confident of leveraging the increasing growth opportunities in the state.”
The company had crossed the milestone of ₹1000 crores disbursements outside South India last year.