What is the full form of HUDCO?
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What is the full form of HUDCO?
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The full form of HUDCO is Housing and Urban Development Corporation Limited. It is a government-owned PSU in India which provide loans for housing and urban infrastructure projects in India. it is listed Company on NSE and BSE with 89.81% share of government of India. HUDCO is founded on 25th April 1970 as a private limited company and headquartered in New Delhi. Mr. M Nagaraj is the current chairman of HUDCO.
Objectives
1. To provide long term finance for construction of houses for residential purposes
2. Finance or undertake the setting up of new industries.
3. Support state housing for financing housing and urban development programmes.
4. To set up HUDCO's own Mutual Fund identified with Housing and Development programs
5. To advance, set up and give consultancy administrations to the ventures identified with Housing and Urban Development programs
Milestones
1. In 1977 started Rural Housing Schemes for rural area families whose monthly income does not exceed Rs.350 provided that the total cost of the house does not exceed Rs.4000.
2. In 1979 started funding urban development schemes, for urban infrastructure and water supply financed at 8.5% with 12 years repayment period.
3. In 1988 Introduced Financing program Village Abadi Environmental Improvement Scheme.
4. In 1994 started financing private builders for projects.
5. In 1994 set up a Waste Management Cell for the promotion of municipal waste management.
6. In 2004-2005 HUDCO was awarded as MINI RATNA.
