What is the full form of HUDCO
HUDCO: Housing and Urban Development Corporation Limited
HUDCO stands for Housing and Urban Development Corporation Limited. It a wholly-owned government company which provides loans for housing and urban infrastructure projects in India. Its vision is to become a leading techno-financial institution to promote sustainable habitat development for transforming the lives of people. It is headquartered at New Delhi. Dr. M. Ravi Kanth IAS (KL: 86) is the current (as of July 2017) Chairman & Managing Director of HUDCO.
The key objectives of the company as described in its Memorandum of Association are listed below:
- To provide long term loan for the construction of houses for residential purposes
- To finance or undertake the setting up of new towns
- To finance or undertake the setting up of enterprises of building material
- To administer the money received as grants from Government of India and other sources
- To promote, establish and provide consultancy services for the projects related to Housing and Urban Development programmes
- To set up HUDCO's own Mutual Fund related to Housing and Development programmes
- It was incorporated as a private limited company "The Housing and Urban Development Finance Corporation Private Limited" on 25 April 1970.
- In the mid-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.
- On 9 December 1996, it was notified as a public financial institution under Section 4A of the Companies Act, 1956 by the Department of Company Affairs, Ministry of Finance, GoI.
- On 31 July 2001, NHB issued a certificate of registration to HUDCO permitting it to carry on the business of a housing finance institution.