Page 15 - Banking Finance March 2019

HOUSING

IT, start-ups helping Tata Capital Housing Finance enters into a strategic
Bengaluru housing mar- alliance with PMC
Tata Capital Housing Finance Limited, has partnered with Punjab & Maharashtra
ket: CREDAI
Co-operative Bank, a 35 -year old multi- state scheduled
IT and start-up is creating a lot of job urban banking institution. This collaboration will offer Punjab
opportu- & Maharashtra Co-operative Bank’s customers a wide range
n i t i e s of products from Tata Capital Housing Finance Limited
which in (TCHFL).
turn help-
ing the Speaking on the partnership, Anil Kaul, MD, Tata Capital
housing Housing Finance Limited said, “We are delighted to create
market in Bengaluru,” said Ashish an alliance with PMC Bank, which marks its 35th successful year of operations
Puravankara, President, CREDAI in India with over 137 branches spread across a varied consumer base. This gives
us an opportunity to widen our customer base. This alliance will be beneficial in
Bengaluru.
helping TCHFL achieve its goals of penetrating a deeper market and encourag-
“The GST rate cut will provide a much ing asset creation in a wider consumer base. Also, the recent reduction in GST
needed relief to this sector. People will give the housing sector a boost as the effective rate will now be 5 percent
who are currently unable to decide for the normal category and 1 percent for the affordable housing category.”
due to the price and tax factors will
be inclined to make new decisions as TCHFL Home Loans can be applied for an array of purposes, such as purchasing
the new GST rates are conducive and a builder constructed property, resale property, land for construction or even
more affordable,” he added. home extension and/or rebuilding. TCHFL customized home loan product offer-
ings are designed to suit the diverse needs of customers. The recent GST cut is
According to a report by CREDAI, dur- a welcome move and will see a positive impact on the housing sector.
ing the second-half of 2018, residen-
Through their journey of 35 years, the Punjab & Maharashtra Co-operative Bank
tial property sale in the city surged by
35 per cent compared to the previ- has consistently and gradually expanded to create a striking presence around
ous year 2017. The department of diverse regions of Maharashtra, Karnataka, New Delhi, Goa, Madhya Pradesh
Stamps and Registration shared that & Gujarat. This alliance will provide TCHFL an opportunity to grow its consumer
the real estate market in Bengaluru landscape and penetrate deeper into the interior geographies of the country.
TCHFL offers a bouquet of financial products which includes home loans, afford-
recorded nearly 20 per cent rise in
able housing loans and loan against property.
revenue from property registrations
in the last seven months of 2018 in
comparison to 2017. IFC proposes to finance Signature Global’s affordable
This indicates that the property buy- housing project
ers are not in a “wait mode” as the International Finance Corporation (IFC) has proposed to finance an affordable
city has been offering the best resi- housing project of North India-based developer Signature Global as the World
dential properties at a better price. Bank’s private-sector investment arm continues its recent spree of backing lo-
In the wake of GST rate cuts, in- cal companies and funds. IFC said in a disclosure that it will invest around $30
creasing residential sales and new million (around Rs 213 crore) in Signature Global’s upcoming project which is
project launches, CREDAI-Bengaluru expected to cost $100 million.
is holding its Realty Expo 2019. The Set up in 2014, Signature Global has a presence across both the commercial
expo is being held on two consecu- and residential segments. It develops affordable housing projects across
tive weekends starting on March 2- Gurugram, Karnal and Ghaziabad and has so far launched 11 such projects.
3 at Hotel Lalit Ashok, Kumara Krupa Signature Global has raised funding from several financial institutions in the past. In
High Grounds and on March 9-10 at 2017, the non-banking financial company (NBFC) arm of alternative assets giant KKR
RadissionBlu (Park Plaza), backed a bunch of Signature Global projects with an investment of Rs 200 crore.
Marathahalli. Before that, it had raised funding of Rs 150 crore from ICICI Prudential.

BANKING FINANCE | MARCH | 2019 | 15