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THE HOUSING FINANCE SECTOR IN INDIA Against the milieu of rapid urbanization and a changing socio-economic scenario the demand for housing has grown explosively According to the National Building Organization NBO the total demand for housing is estimated at 2 million units per year and the total housing shortfall is estimated to be 194 million units of which 1276 million units is from rural areas and 664 million units from urban areas The housing industry is the second largest employment generator in the country The Housing finance sector has assumed significant importance in the country BACKGROUND OF HDFC Launched in October 22 1977 with a share capital of Rs 10 crores HDFC has since emerged as the largest residential mortgage finance institution in the country It today covers the entire country with more than 120 offices cumulative approvals and disbursements of over Rs 40000 crores and Rs 33500crores respectively and Total Assets of Rs 21459 crores The group added together would constitute a total asset base of over Rs 50000 crores We have come a long way from the massive competition by providers of housing finance has helped consumers considerably BUSINESS OBJECTIVES The primary objective of HDFC is to enhance residential housing stock in the country through the provision of housing finance in a systematic and professional manner and to promote home ownership Another objective is to increase the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets During the past decade HDFC has nurtured the development of the housing finance industry by helping promote housing finance institutions in partnership with commercial banks and private sector institutions ORGANIZATIONS GOALS HDFCs main goals are to aDevelop close relationships with individual households bMaintain its position as the premier housing finance institution in the country cTransform ideas into viable and creative solutions dProvide consistently high returns to shareholders and eTo grow through diversification by leveraging off
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