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GIC Housing to expand operations in Hyderabad

GIC Housing Finance Ltd (GICHF) is set to participate in Rajiv Swagruha Scheme, the mass housing project in Andhra Pradesh, with over Rs 100 crore exposures.

Apnaloan.com Research Bureau

10 Aug 2007

GIC Housing Finance Ltd (GICHF) is set to participate in Rajiv Swagruha Scheme, the mass housing project in Andhra Pradesh, with over Rs 100 crore exposures. The scheme, introduced by the State government to provide the low cost housing to the poor and low income group, is being implemented with the help of various financial institutions and housing companies.

GIC housing has kept aside Rs 100 crore for the project, Rajib De, vice president of GIC housing finance was reported in the media. The fund will be utilised either as loans to the identified beneficiaries of the project or through the government. The company is currently in discussion with Andhra Pradesh Housing Board (APHB), which is anchoring the project.

The demand for housing being high in some cities such as Hyderabad, GICHF has also decided to tap the potential by opening its second office in Hi-tech City to service the booming IT and new economy industries.