Indiabulls Finance Centre, developed by Indiabulls Real Estate Ltd., stands in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg) 

Indiabulls Housing Finance Plans Rs 26,000-Crore Borrowing This Fiscal

Indiabulls Housing Finance Ltd. said it raised Rs 17,300 crore in the March quarter of 2018-19 and plans to borrow Rs 26,000 crore in the current financial year.

The total resources raised in the fourth quarter of 2018-19 were Rs 17,300 crore, Indiabulls Housing Finance said in a regulatory filing.

"To deliver 17-19 percent profit after tax growth in the current financial year, the company plans to raise a net total of Rs 26,000 crore in the four quarters of the current financial year," it added.

The fund mop-up in the March quarter of the previous fiscal was through various sources, including securitisation, bonds and bank borrowing, an official said.

The company's cash and cash equivalents as on March 31, 2019 stood at Rs 27,512 crore, it said.

Housing finance companies have gone slow on lending since September 2018 that impacted sales of homes, especially in the affordable housing segment.

"With larger housing finance companies returning to growth mode, along with the goods and services tax rationalisation effect from April, the affordable housing sector should witness a strong comeback over the next few months," the company said.