Rajasthan housing firm Akme enters TN market

Akme Star HFC has been operating in Rajasthan since more than a decade and now expanded its presence in the Maharashtra and Madhya Pradesh. The company works with an aim of enabling credit access to first-time home buyers in target EWS / LIG (Economically Weaker Section / Low Income Group) section who wish to purchase low cost housing units. It would offer housing loans up to Rs 25 lakh to such customers.

The company has chosen TN as the first state for expansion in south and through its Chennai branch, will be working with an objective of providing demand side intervention at the retail level targeting end users in the Pradhan Mantri Awas Yojana (PMAY) notified towns. The focus will be on residential projects where units qualify the criteria set by CLSS guidelines under the PMAY.

Ashish Jain, CMD, Akme Star HFC said, “We have expanded to newer geographies in the last couple of quarters and TN, being one of the biggest affordable housing finance market in India, becomes a natural choice for establishing our presence. With a projected housing demand of over five million units over the next decade, a majority of which would be in low-cost housing segment, we aim to play a meaningful role in providing housingfinance assistance to families who are buying houses for the first time. We intend to open more branches in TN over the next 2-3 years as a part of our scaling up program.”

Prashant Karulkar, a social entrepreneur and a key member of Arkfin Investments Pvt Ltd, which is a strategic investor in Akme Star HFC, said, “We are extremely happy to have Akme Star HFC venturing into TN. Many first-time home buyers stand to benefit from financial assistance through the company and eligible ones stand to gain through Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojana.”