Wave Group forays into Housing Finance sector with NHHFDL
New Delhi, Oct 08, 2014: Wave, the leading business conglomerate with interests in real estate, sugar manufacturing, education, malls and multiplexes has announced its foray into Housing Finance today with the unveiling of New Habitat Housing Finance and Development Limited.
New Habitat Housing Finance and Development Limited poises to be a key propagator in the housing finance sector offering Home Loans, Home Improvement/ Extension Loans, Home Construction Loans, Plot and Construction, Top up for Extension/improvement, Balance Transfer Loan & Top Up, Loan against Residential Property, Loan against Commercial Property, Business Loans, Lease Rental Discounting, Construction Finance and Other Loans with a special thrust on affordable housing. The Company will currently cater to customers in Delhi NCR and in the near future expand its reach to other tier II and tier III cities as well.
At the launch, Mr. Rakesh Kapoor, CEO & Whole-time Director, New Habitat Housing Finance and Development Limited, said “In the present scenario, there has been a gap in housing demand and availability of Housing Finance. To bridge this gap and realizing the need and importance of this sector, Wave Group is now venturing into the Housing Finance sector with New Habitat Housing Finance and Development Limited (NHHFDL). We, at NHHFDL, are aiming to fulfill the dreams of all segments with thrust on affordable housing and also informal sector.”
The Housing Finance sector has been undergoing a sea change in the recent times. The government is pushing for developing smart cities in India while continuing its thrust on affordable housing to ensure shelter for everyone. Wave Group’s initiative in the Housing Finance sector is in sync with the government housing policies and agendas. With Wave’s expertise, The Company wishes to reach out to the formal and informal segment of customers in order to provide them with easy and flexible Housing Finance solutions and in turn contribute to Financial Inclusion.
Talking about why Wave ventured into the housing finance sector, Mr. R. K. Panpalia, MD, Wave Group said, “As a business conglomerate, Wave has always ensured to enter business which they are in sync with and as one of the emerging segments of the financial system in India, we, at Wave Group, have entered the Housing Finance sector through its new venture, New Habitat Housing Finance and Development Limited (NHHFDL), which is in synergy with our existing activities. With a mission to establish ourselves to be the preferred Housing Finance institution, we propose to provide attractive and customer-friendly schemes to our target group customers in both formal and informal segments. In the next five years we want to position ourselves as one of the prominent private Housing Finance companies in India.”
The announcement of New Habitat Housing Finance and Development Limited as a business venture further lends to Wave Group’s philosophy of being a conglomerate by opening up a new asset category which will facilitate the company to explore both complementary geographies and customer segments.
You can find the online coverage of the event on the links below
- PTI – Wave enters housing finance biz; aims Rs 1000cr loan book size
- The Times of India- Wave group forays into housing finance sector
- The Economic Times- Wave enters housing finance business; aims Rs 1000cr loan book size
- Hindustan Times Syndication- Wave enters housing finance biz, aims Rs1000cr loan book size
- Hindu Business Line- Wave Group forays into housing finance sector, launches new venture
- Financial Express – Wave group forays into housing finance
- VC Circle- Wave Group enters housing finance
- The Hindu – Wave enters housing finance business
- Business Standard- Wave enters housing finance biz; aims Rs 1000cr loan book size
- Mint- Wave group enters housing finance sector
- Pioneer- Wave enters housing finance biz, aims Rs1000cr loan book size
- India Infoline- Wave Group forays into Housing Finance sector with NHHFDL
Joint public Notice
Under Paragraph 47 of Notification no. DOR.FIN.HFC.CC.No.120/03.10.136/2020-21 dated February 17, 2021 – Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021.
This notice has been issued in terms of paragraph 47 of the Reserve Bank of India’s (RBI’s) Master Direction, jointly by M/s New Habitat Housing Finance and Development Limited (“Company”) and M/s Save Solutions Private Limited (“Acquirer”).
The “Acquirer” is a Private Limited Company and is incorporated under the Companies Act, 2013 and the “Company” is Housing Finance Company (“HFC”) incorporated under the Companies Act, 2013 and registered with National Housing Bank (“NHB”), in terms of its certificate of registration dated 6th June, 2012 (bearing registration no. 06.0098.12) and having its registered office at Mezzanine, Floor, M-4, New Delhi South Extention Part- II, New Delhi -110049, India and Corporate office at C-1, Sector – 3, NOIDA – 201301, Uttar Pradesh, India.
Proposed Transaction and Reason for Proposed Transaction
The Acquirer has agreed to acquire 100% of the equity shareholding of the company from its existing shareholder, M/s Wave Finserve Private Limited, of which the Company is a wholly-owned subsidiary, (“Proposed Transaction”). The reason for the proposed transaction for the existing shareholder includes their proposed capital allocation plan within their various business entities and for the Acquirer, their desire to invest and enter into the housing finance business.
Under Paragraph 45 of the RBI’s Master Direction, Company has to take RBI approval before entering into the proposed transaction. The Company has applied and further received the RBI approval vide their letter number DOR.HOL.NO. S2445/27.01.001/2021-22 dated 24th November 2021. The proposed transaction will be effected after the expiry of thirty (30) days from the date of publication of this notice in accordance with paragraph 47 of the above-mentioned Master Direction of RBI.
For any clarification, please contact the undersigned.
New Habitat Housing Finance and Development Limited
Kaushal Kishore Singh
Corp. Office: C-1, Sector – 3, NOIDA – 201301, UP
Save Solutions Pvt. Ltd
Ajeet Kumar Singh