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Published & Updated as on -
2010-02-22
Wadhawan Group, a real estate to retail company,
is planning to target the low and low-middle income households in low-income
states, by launching a new subsidiary — NewCo — under its housing finance firm
Dewan Housing Finance Corporation.
Dewan
Housing, which has been operating in India for the past 25 years, is set to
kick off this project, with around Rs 100 crore, and is looking to divest
around 20 per cent to a private equity investor.
NewCo
will look at low and low-middle income households in Bihar, Uttar Pradesh,
Madhya Pradesh, Chhattisgarh, Jharkhand and Orissa.
“NewCo
will target low and low-middle income households, who typically have limited or
no access to formal financial services, and help improve access to housing
finance for them,” a PE industry source detailed.
He
added the low-income states, targeted to be reached through this project,
account for a substantial proportion of the housing demand shortfall in India.
“Despite this large demand, these states are highly under penetrated in terms
of availability of affordable housing finance and this project is expected to
help meet that demand.”
Source:
Business Standard 14/2/10
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