State housing finance giant, HDFC, is floating a construction company to cash in on the middle-upper income-housing boom.
A fully owned subsidiary, HDFC Construction (Pvt) Ltd, will start off once HDFC gets its banking licence and a listing on the Colombo Stock Exchange.rn
rnThe Housing Development & Finance Corp. needs a specialised banking licence to call itself HDFC Bank, while a quotation by way of an introduction is needed to raise fresh capital.rn
rnldblquote We are expecting both Central Banks and CSE approval to come through sometime next month, so that we can start off the construction arm, dblquote HDFC CEO, S A Sarathchandra said.rn
rnSarathchandra says the new unit will build its first housing complex in Colombo 07, offering apartments for Rs. 3 mn to Rs. 4 mn.rn
rnPrivate housing developers currently price semi-luxury apartments from Rs. 6 mn upwards. The starting price tag is way above the average middle-income earner.rn
rnBeing a government institution, HDFC also has an edge o