HDFC debuts in United Kingdom

Over 200,000 Indians living in the United Kingdom now can look forward to buying property in India. Housing Development Finance Corporation Limited on Tuesday launched its operations in London.

Located at Trafalgar Square, the Indian mortgage major will provide advisory services on housing finance and property acquisition in India.

This is HDFC's second overseas office. The first one was opened in Dubai in 1995. Besides, seven franchisees across the Middle East also source home loans for HDFC. In fact, non-resident Indians account for 10 per cent of HDFC's loan book.

"The buoyancy in Indian economy, coupled with the recent real estate boom, is attracting a large number of Indians abroad to invest in a property in India. It is estimated that the total Asian population in the UK is around 3.5 per cent of which over 1.8 per cent are Indians, with London having the largest concentration. This new office will provide us an excellent strategic position in assisting Indians in owning a property in their home land," said managing director Keki Mistry.

HDFC has grown from a humble beginning of Rs 7.1 crore (Rs 71 million) in home-loan approvals in its first year of its operations in 1977 to over Rs 1,27,200 crore (Rs 1272 billion) as of September 2006 in cumulative home-loan approvals.

It has assisted 2.9 million families in owning their own home. Its market capitalisation is over Rs 38,800 crore (Rs 388 billion). Foreign institutional investors hold 79.58 per cent of equity in HDFC, the highest for any Indian company.