Housing and Urban Development Corporation

Housing and Urban Development Corporation
Company typePublic
IndustryFinancial services
Founded25 April 1970; 53 years ago (1970-04-25)
HeadquartersNew Delhi
Key people
Sanjay Kulshrestha
(Chairman & MD)
ProductsInfrastructure loan
RevenueIncrease ₹7,571.64 crore (US$950 million) (2020) [1]
Increase ₹6,133.36 crore (US$770 million) (2020)[1]
Increase ₹1,708.20 crore (US$210 million) (2020)[1]
Total assetsIncrease ₹76,125.76 crore (US$9.5 billion) (2020)[1]
Total equityIncrease ₹12,342.26 crore (US$1.5 billion) (2020)[1]
OwnerGovernment of India (74.8%)[2]
Number of employees
827 (March 2019)
Websitewww.hudco.org

The Housing and Urban Development Corporation Limited, abbreviated as HUDCO, is an Indian public sector undertaking engaged in housing finance and infrastructure project finance.

History

The institution came into existence on 25 April 1970 as a private limited company under the complete ownership of the Government of India with an equity base of Rs.2 crore under the Companies Act, 1956.[3][4][5]

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 development.[5]

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.[6] The institution was conferred with miniratna status in 2004.[7][8]

Infrastructure

HUDCO started financing for development of infrastructures in 1989.[9] 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.[10]

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.

Airport projects of Cochin International Airport and Calicut International Airport in Kerala are supported by HUDCO.[11] The infrastructure for Kerala State Road Transport Corporation and UPSRTC are also funded by them. HUDCO sanctioned ₹100 crore for KSRTC in 2002 for purchasing 550 buses and 350 mini-buses[12] and ₹260 crores in 2014 for purchasing 1500 buses.[13]

Solid Waste Management

In 1994,HUDCO set up a Waste Management Cell for promotion of municipal waste management.[14]

Sewerage and Drainage

HUDCO has sanctioned 58 schemes with a project cost of ₹675 crore to provide new systems and to augment the existing systems.[14]

Water Supply

295 water supply schemes, with a project cost of ₹5,285 crore was funded by HUDCO.[14] In 2016, HUDCO has also given finance to Nellore's underground drainage project proposed by Nellore Municipal Corporation.[15]

References

  1. ^ a b c d e "Balance Sheet 31.03.2020".
  2. ^ "Govt to sell up to 7% stake in HUDCO via OFS on Oct 18-19, likely to raise ₹1,100 crore". www.livemint.com. Retrieved 8 April 2024.
  3. ^ 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 978-0-8213-4462-0.
  4. ^ "History & Certain Corporate Matters-HUDCO". Retrieved 27 May 2018.
  5. ^ a b "Public Sector Undertakings-HUDCO" (PDF). Annual Report 2016-2017. Ministry of Housing & Urban Poverty Alleviation. p. 57. Retrieved 27 May 2018.
  6. ^ "Housing and Urban Development Corporation History | Housing and Urban Development Corporation Information - The Economic Times". economictimes.indiatimes.com. Retrieved 8 June 2018.
  7. ^ "Mini-ratna status for Hudco". The Hindu Businessline. Retrieved 28 May 2018.
  8. ^ "Milestones". Housing and Urban Development Corporation. Retrieved 28 May 2018.
  9. ^ Trends and processes of urbanisation in india. IIED.
  10. ^ "HUDCO to fund low-cost housing, infra projects". The Hindu. 9 January 2013. ISSN 0971-751X. Retrieved 7 June 2018.
  11. ^ "Kerala News: Cochin airport to repay Hudco loan". The Hindu. 11 September 2004. Retrieved 7 June 2018.[dead link]
  12. ^ "Hudco sanctions Rs 100 crore to KSRTC - Times of India". The Times of India. Retrieved 7 June 2018.
  13. ^ "KSRTC move to mortgage properties to buy buses". The Hindu. 19 August 2014. ISSN 0971-751X. Retrieved 7 June 2018.
  14. ^ a b c "HUDCO undertakes several projects in its bid to help preserve the environment". India Today. Retrieved 7 June 2018.
  15. ^ Ravikiran, G. (4 September 2015). "HUDCO to finance Nellore's underground drainage project". The Hindu. Retrieved 7 June 2018.

External links

  • Hudco Official Website
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