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What is the full form of HUDCO?

Full form of HUDCO: Here, we are going to learn about the HUDCO, full form of HUDCO, overview, history, key objectives of HUDCO, etc. By Anushree Goswami Last updated : April 4, 2024

HUDCO: Housing and Urban Development Corporation Limited

HUDCO is an abbreviation of Housing and Urban Development Corporation Limited. It is a wholly-owned governmental organization under the administrative control of the Ministry of Housing and Urban Poverty Alleviation which offers loans for housing and urban infrastructure projects in India. It aims to develop into the largest techno-financial institution to support and encourage sustainable environment development for changing the lives of people in a highly enhanced way. Its head office is situated in New Delhi. The current Chairman & Managing Director of HUDCO is Dr. M. Ravi Kanth IAS (KL: 86) as of 2017.

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HUDCO Key Objectives

Following mentioned below are the key objectives of the organization as illustrated in its Memorandum of Association,

• To offer loans for a long period for the construction of houses for residential purposes.
• To support economically or take on the built-up and construction of new towns.
• To support economically or take on the built-up and construction of venture projects of building material.
• To manage and govern the money acknowledged as an endowment from the Government of India and other sources.
• To support, encourage, set up and offer consultancy services for the projects which are allied to Housing and Urban Development programs.
• To organize and arrange the HUDCO's Mutual Fund which allied to Housing and Development programs.

HUDCO Brief History

• On 25 April 1970, it was integrated as a private limited corporation "The Housing and Urban Development Finance Corporation Private Limited".
• In the middle of the 1970s, its name was changed to its present name and a new certificate of incorporation was issued by the then Registrar of Companies, Delhi & Haryana.
• In 1994, HUDCO established a Waste Management Cell for supporting and encouragement of municipal waste management.
• On 9 December 1996, it was informed as a public financial institution under Section 4A of the Companies Act, 1956 by the Department of Company Affairs, Ministry of Finance.
• On 31 July 2001, NHB issued certificate documentation of registration to HUDCO authorizing it to support the business of a housing finance institution.
• HUDCO has approved and authorized 58 schemes with a project cost of Rs 675 crore to offer new systems and to expand and enhance the existing systems.
• In 2016, HUDCO has also provided economic help to Nellore's underground drainage project planned and projected by Nellore Municipal Corporation.