OTHERS

Real estate boom is here to stay

Staff Reporter

COIMBATORE: The boom in real estate business in the textile city is expected not only to sustain but also to gain momentum given the indications on the prospective entry of software companies, said Mr.Mathew Joseph, Regional Manager of HDFC (Kerala and Tamil Nadu).

He made this observation while talking to newsmen after inaugurating the HDFC's second office at Sai Baba Colony in the City on Saturday. Coimbatore is only the second city in Tamil Nadu where HDFC has more than one office-the other city being Chennai. HDFC recorded a 34 per cent growth in its business in Coimbatore during last year.

It was higher than its performance even in Chennai city in percentage terms. The boom is expected to continue during the current fiscal, said Mr.Mathew Joseph.

He said during last year, HDFC's loan disbursal in Coimbatore was Rs 290 crores compared to Rs 214 crores recorded in the previous year. This year, he was hopeful of the business volume touching Rs 400 crores in the city.

It was not only the entry of software companies but also the expansion of existing industrial units that was fuelling the real estate boom in the city, he said.

The newly opened Saibaba Colony branch would function from Thursday to Monday from 11 am to 7 pm. The working days and working hours have been fixed taking into account the customer profile especially office-goers in the area. The branch is hosting an expo on properties showcasing the products of leading developers.

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