Home locker segment growing at 20% in Gujarat

Ahmedabad: With rise in gold price, there’s a surge in demand for home lockers across the country.
The increasing popularity of gold loans is driving higher institutional demand as well, say experts.
The overall locker market size in the state stands at approximately Rs 100 crore, with the home segment contributing around 40% of it.
Pushkar Gokhale, business head at Godrej Security Solutions, said, “We have observed a rise in demand for home lockers due to increasing gold prices.In Gujarat, cities like Ahmedabad, Surat, and Anand exhibit higher demand for home lockers. The Rs 100 crore market is growing at a rate of 20%.”
He added, “Gujarat’s home locker market ranks among the top states, after Delhi, Karnataka, and Tamil Nadu. In terms of institutional demand, besides banks and NBFCs, co-operative banks are also purchasing lockers in significant numbers, mainly to safeguard customers’ gold amid the growing trend of gold loans.”