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Housing complex for senior citizens in the pipeline

KOCHI: LIC Housing Finance Ltd. is on the lookout for a suitable site in the city to build a housing complex for senior citizens, S.K. Mitter, CEO of the company, has said at a press conference here.

Mr. Mitter said the company hoped to disburse Rs.204 crore this fiscal in Kerala, besides targeting Rs.220 crore in sanctions.

In the last fiscal, the offices generated business to the tune of Rs.163 crore in sanctions and Rs.154 crore in disbursements.

Till June 2007, the offices recorded disbursements to the tune of Rs.37.50 crore, clocking a growth rate of 25 per cent.

The company has registered a consistent growth since its inception 18 years ago, he said.

LIC Housing Finance registered a compounded annual growth rate of over 23 per cent in portfolio growth in the past five years, with the mortgage loans portfolio at Rs.18,185 crore as of June 2007.

The company has recorded a net profit of Rs.46.70 crore for the quarter ended June 2007, while it registered a net profit of Rs.37.46 crore during the same period last year.

The company paid a dividend of 80 per cent for the year 2006-07, he said.

The company floated a 100 per cent subsidiary LICHFL Care Homes Ltd. with an authorised capital of Rs.25 crore to conduct the business of running ‘Assisted Living Community Centres’ for senior citizens, he said.

The centres will have residential units for senior citizens along with services such as food, laundry and housekeeping services, Mr. Mitter said.

The first such centre was commissioned in Bangalore and the second unit would be launched in Bhubaneshwar, he said.

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