Sundaram Home Finance, a wholly-owned subsidiary of Sundaram Finance Ltd., has expanded its footprint in Madhya Pradesh by opening a second branch in Indore. The corporation plans to invest ₹225 crore in the state this fiscal year to expand outside its core southern market.
D. Lakshminarayanan, Managing Director, stressed the importance of Madhya Pradesh in the company’s expansion objectives. “MP is a critical market for our expansion beyond South India. “Increasing affordability, residential properties ranging from small homes to villas, and rising demand for plots create numerous opportunities in the home finance segment,” he noted. Furthermore, Lakshminarayanan observed the growing prevalence of micro, small, and medium-sized firms (MSMEs), which gives chances for Sundaram Home Finance to offer working capital funding.
The business aims to expand payments by 50% to ₹225 crore in the current fiscal year, up from ₹150 crore last year. Indore’s growth, in particular, has outperformed forecasts in the last two to three years, owing to a strong business sector that has benefited the real estate market.
The launch of the second Indore store comes after the firm expanded in Maharashtra last month and Rajasthan earlier this year. Sundaram Home Finance is dedicated to expanding in Madhya Pradesh, with plans to open branches in three more places over the next 12 to 18 months.
Sundaram Home Finance generated a net profit of ₹66 crore and disbursed ₹1,353 crore during the April-June 2024 quarter. With its expanding base and strong financial performance, the firm is well-positioned to expand its share of the Madhya Pradesh home loan market.
