Sundaram Home Finance to Double Emerging Business Branches in Andhra Pradesh

Chennai-based Sundaram Home Finance announced on Tuesday that it plans to expand its emerging business branch network across Andhra Pradesh this year, aiming to double its footprint in smaller towns to meet growing demand in the affordable housing segment.

The housing finance company, which is a wholly owned subsidiary of Sundaram Finance, currently operates around 10 emerging business branches in Andhra Pradesh. Under the new expansion plan, it aims to scale this number up to 20 locations within the year, with a majority of the new branches slated to open in tier-2 and tier-3 towns. As part of this ongoing expansion drive, the company recently opened a new branch in Chittoor.

To support the branch network growth, Sundaram Home Finance plans to recruit approximately 60 people in Andhra Pradesh specifically for the emerging business segment.

D. Lakshminarayanan, Managing Director of Sundaram Home Finance, stated that the company witnessed consistent growth across all its branches during the first year of the emerging business launch in Andhra Pradesh. He noted that the state government's focus on industrial development across smaller towns is expected to generate fresh employment opportunities, which in turn is likely to stimulate housing growth.

Lakshminarayanan added that the company anticipates emerging growth opportunities in the affordable housing sector, and the planned expansion across smaller towns reflects its strategy to leverage potential demand within the emerging business segment.