Housing and Urban Development Corporation

The Housing and Urban Development Corporation Limited (HUDCO) is a government-owned corporation in India. One of the public sector undertakings (PSU), it is wholly owned by the Union Government and is under the administrative control of the Ministry of Housing and Urban Poverty Alleviation.[1]

History

This institution was came into existence on 25, April, 1970 as a private limited company under the complete ownership of Indian Government with an equity base of Rs. 2 crore under the Companies Act, 1956.[2][3][4] It was created against the backdrop of housing deficit in India in 1960s and 70s, with the objective of addressing issue of housing finance and playing role in urban infrastructure infrastructure development.[4] The organisation provides finance for setting up of new towns and also works as consultancy services for the projects of designing and planning relating to Housing and Urban Development programs in India as well as abroad. HUDCO won UN-Habitat Scroll of Honour Award for the contributions to the development of housing in 1991.[5] The institution was conferred with miniratna status in 2004.[6][7]

Infrastructure

HUDCO started finacing for development of infrastructures in 1989.[8] The priority was giving for infrastructure facilities including projects in the sectors of drainage, electricity, water supply, sewerage, solid waste management and roads in the urban areas. Later the social infrastructure components like primary schools and play grounds, hostels for working women, healthcare centres, police stations and jails, courts, etc. received benefit of funding for low cost.[9]

Road and Transport

HUDCO has provided term loans for construction of roads and other transportation sectors which includes construction of Airport, Railways, Ports, Metro Rails, Bridges and Flyover, Railway Over-bridges, Subways, Bypasses, Bus Terminal, Parking complexes, Purchase of public transport vehicles, Bus Stops/stations, Intelligent Traffic Management system etc. Airports projects of Cochin International Airport and Calicut International Airport in Kerala are supported by HUDCO.[10] The infrastructure for Kerala State Road Transport Corporation and UPSRTC are also funded by them. HUDCO sanctioned 100 crore rupees for KSRTC in 2002 for purchasing 550 buses and 350 mini-buses[11] and 260 crores in 2014 for purchasing 1500 buses.[12]

Solid Waste Management

In 1994 HUDCO set up a Waste Management Cell for promotion of municipal waste management.[13]

Sewerage and Drainage

HUDCO has sanctioned 58 schemes with a project cost of Rs 675 crore to provide new systems and to augment the existing systems.[13]

Water Supply

295 water supply schemes, with a project cost of Rs 5,285 crore was funded by HUDCO.[13] In 2016 HUDCO has also given finance to Nellore’s underground drainage project proposed by Nellore Municipal Corporation.[14]

References

  1. ↑ "HUDCO CMD M Ravi Kanth: Tech will remove silos and bring greater visibility across HUDCO". The Financial Express. 2018-04-27. Retrieved 2018-05-17.
  2. ↑ Turrell, Robin; Unit, World Bank South Asia Regional Office Rural Development Sector; Employment, India Ministry of Urban Affairs and (1999). Urban Water Supply and Sanitation. Allied Publishers. ISBN 9780821344620.
  3. ↑ "History & Certain Corporate Matters-HUDCO". Retrieved 27 May 2018.
  4. 1 2 "Public Sector Undertakings-HUDCO" (PDF). Annual Report 2016-2017. Ministry of Housing & Urban Poverty Alleviation. p. 57. Retrieved 27 May 2018.
  5. ↑ "Housing and Urban Development Corporation History | Housing and Urban Development Corporation Information - The Economic Times". economictimes.indiatimes.com. Retrieved 2018-06-08.
  6. ↑ "Mini-ratna status for Hudco". The Hindu Businessline. Retrieved 28 May 2018.
  7. ↑ "Milestones". Housing and Urban Development Corporation. Retrieved 28 May 2018.
  8. ↑ Trends and processes of urbanisation in india. IIED.
  9. ↑ "HUDCO to fund low-cost housing, infra projects". The Hindu. Special Correspondent. 2013-01-09. ISSN 0971-751X. Retrieved 2018-06-07.
  10. ↑ "The Hindu : Kerala News : Cochin airport to repay Hudco loan". www.thehindu.com. Retrieved 2018-06-07.
  11. ↑ "Hudco sanctions Rs 100 crore to KSRTC - Times of India". The Times of India. Retrieved 2018-06-07.
  12. ↑ "KSRTC move to mortgage properties to buy buses". The Hindu. Special Correspondent, Special Correspondent. 2014-08-19. ISSN 0971-751X. Retrieved 2018-06-07.
  13. 1 2 3 "HUDCO undertakes several projects in its bid to help preserve the environment". India Today. Retrieved 2018-06-07.
  14. ↑ Ravikiran, G. (2015-09-04). "HUDCO to finance Nellore's underground drainage project". The Hindu. Retrieved 2018-06-07.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.