Hyderabad, Dec 26 (Representative) One of the leading players in the affordable housing finance firm, SMFG Grihashakti, a 100 per cent subsidiary of SMFG India Credit Company Ltd (SMICC), on Tuesday claimed that Telangana contributed around 9 per cent to the overall company’s AUM (Rs 7,567 crore as on Oct 31,2023) at Rs 639 crore in H1FY24. Speaking about the company’s expansion, the state, company Managing Director and Chief Executive officer Deepak Patkar said Telangana is one of the top 5 states in terms of AUM for SMFG Grihashakti after Maharashtra, Rajasthan, NCR and Gujarat. The state also recorded an impressive growth of 100 per cent in disbursals in H1FY24, he said the growth in our disbursals is a testimony to focus on affordable housing finance for our customers.
With an aim to become a digital-first organisation to increase efficiency and service, the company has focused on paperless processes, he said the company plans to sustain its growth trajectory by focusing on expanding its presence in Tier-2 and Tier-3 cities by building a strong in-house sales team and adding more branches across the state. Currently, we have a workforce of over 120 employees and a network of 7 branches in Telangana and now, we are planning to add another 3-5 branches in the state by FY25 and also improve its distribution network, he informed. In Andhra Pradesh, currently we also have eight branches and it will also scale up by this year end, he said Andhra Pradesh contributed Rs 201 crore AUM and with this, both the Telugu states of Telangana and Andhra Pradesh contributed nearly 11.5 per cent on the overall AUM of the company, he said.
Our net NPA was less than 2 per cent, he said the affordable housing finance growth was 20 per cent against 11-12 per cent housing finance service growth. Ticket size in the retail segment was between Rs 10 to 50 lakhs, however in Telangana, the ticket size was Rs 15 – 20 lakhs, he said that our affordable housing finance interest rate was from 10.5 to 13 per cent depending on the customer valuation. The Mumbai-based Grihashakti catgers to the housing finance needs across India and operates in 150 locations with 2400 + employees and has served 45,000+ customers till date, he added.