Affordable Housing to be key catalyst for CGCL growth in next four year.
Mumbai: Capri Global Housing Finance Limited (CGHFL), a subsidiary of Capri Global Capital Limited (CGCL) - a leading NBFC lending primarily to MSME and Affordable Housing Sector - aims to clock 29-X growth in AUM, to cross Rs 7,000 crore, over the next four years.
CGHFL is aligned to Prime Minister Narendra Modi’s mission to provide ‘Housing for All’ under the Pradhan Mantri Awas Yojana driven by UNDAP. CGHFL is engaged in servicing the underserved borrowers with a customized lending process driven by extensive quality checks and robust underwriting. The Company has an average ticket size of Rs 11 lacs.
Speaking about the housing finance business, Mr. Rajesh Sharma, Founder and Managing Director at Capri Global Capital said, “India is urbanising at the rate of 1.2 percent a year and we remain very optimistic about the growth in our housing finance segment. Currently, the company has strong presence in Northern and Western region and plans to expand the business in new geographies like Tamil Nadu, Karnataka and Andhra Pradesh. Capri Global Housing plans to set up a network with 200+ branches by FY23.”
He further added, “We have invested in client-centric, process-driven technology for better customer experience.’’
Rapid industrialization and migration to cities have caused massive urban housing shortages in India, specifically for the economically weaker sections. The NDA government plans to build 2 crore affordable houses by March 2022. Also, the mortgage penetration in India is about a decade behind other emerging markets such as China and Thailand. However, due to various structural economic drivers such as a young working population and rising income levels, growth rates in the mortgage segment will remain healthy over the long term.
Capri Global Capital`s total AUM is Rs 3,489 crores as of September 30th 2018 and operates across 76 branches in 8 states. The Net Worth of the company is Rs 1,302 crores.