HDFC launches its operation in London

Mumbai, Nov 14 (UNI) Housing Development Finance Corporation (HDFC) today launched its operations in London providing advisory services on housing finance and property acquisition in India.

With its office located at Northumberland Avenue Trafalgar Square, London, HDFC is set to facilitate the Indians in England to acquire property in India, an official press release here said.

HDFC's Managing Director Keki Mistry said, ''The buoyancy in Indian economy, coupled with the recent Real-Estate boom is attracting a large number of Indian's abroad to invest in a property in India. It is estimated that the total Asian Population in the UK is around 3.5 per cent of which over 1.8 per cent are Indians, with London having the largest concentration. This new office will provide us an excellent strategic position in assisting Indians in owning a property in their home land.'' HDFC's Executive Director Renu Sud Karnad said ''Our presence in UK comes at an appropriate time when Indian real-estate is on an upswing.

With 29-years of existence in the industry, HDFC has gained an in-depth knowledge of the real estate market, and the expertise to guide customers through their entire property buying process.'' She said ''Now Indians based here can avail our services, whether it is assistance in property search, builder credibility evaluation, expert advice on the legal processes, technical evaluation of the property, or with their home loan requirements. Our endeavour is to empower customers to make a more informed decision while buying the property.'' HDFC, set up in 1977, is India's premier housing mortgage company, which defined standards in the housing sector.

It has grown from a humble beginning of Rs 7.1 crore (GBP 8,33,000) in home-loan approvals in its first year of its operations to over Rs 1,27,200 crore billion (GBP 15.14 billion), as of Sept. 2006 in cumulative home-loan approvals. The organization has assisted 2.9 million families in owning their own Home, while maintaining gross NPAs at less than One per cent - the lowest in the industry.

Asset per employee has grown from Rs 6.9 crore in 1995 to Rs 38.1 crore in 2006 and the cost income ratio has gone down from 22.3 per cent in 1995 to 12.2 per cent in 2006 and is among the lowest in the financial sector in Asia.

The market capitalization is over Rs 38,800 crore (GBP 4.62 billion).

Foreign Institutional Investors hold over 79.58 per cent of equity in HDFC, the highest for any Indian company.

The company has developed advanced capabilities in the area of processing loan applications. It has a wide network over 228 outlets reaching out to 2,500 towns and cities across India. Internationally HDFC has been present in UAE, Saudi Arabia, Kuwait, Oman, and Qatar. providing seamless service across geographical boundaries.

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