Sundaram BNP Paribas Home Finance, the home finance subsidiary of Sundaram Finance, has reported a 12 per cent rise in its net profit at Rs.70.17 crore in the half-year ended September 30, 2013, up from Rs. 62.56 crore registered in the same period last year. Home loan disbursements have risen by 8 per cent to Rs. 1,338.73 crore (Rs. 1,243.77 crore).
Srinivas Acharya, Managing Director said in a release that , ‘We believe that with leading real estate players moving to Tier II & Tier III cities of Tamil Nadu, the long-term outlook remains positive. However, despite the opportunities in the real estate sector, the immediate and near-term growth outlook is expected to be sluggish on account of economic slowdown, weak employment scenario and high inflation. Moreover, the high property prices in Tier-I cities are contributing to a slow growth especially with builders showing no signs of reducing prices and choosing to hold on to their stock.’
Mr. Acharya said the company would continue to strengthen its presence in the South. ``We are hopeful that the Andhra Pradesh market, which is an important driver for our growth, will recover in the second-half of the year,’’ he added.
