HUDCO posts highest-ever net profit of Rs 495 cr for FY'10

NEW DELHI: Housing and Urban Development Corporation ( HUDCO) has posted a net profit of Rs 495.31 crore for the 2009-10 financial year, the highest ever since its inception in 1970.

HUDCO has also declared a record dividend of Rs 59.08 crore to the government.

The dividend cheque was presented to the Minister of State for Housing and Urban Poverty Alleviation, Kumari Selja, by HUDCO Chairman and Managing Director P K Mohanty, who is also the Additional Secretary of the ministry.

During the 2009-10 financial year, HUDCO approved loans worth Rs 16,623 crore, with special emphasis on social housing lending for EWS and LIG categories and extending support to priority urban infrastructure projects covering water supply, sewerage, drainage, solid waste management, roads and social infrastructure.

The new Corporate Plan 2020, recently approved by the board of HUDCO, was also endorsed by Selja.

The plan envisages giving loans worth Rs 70,900 crore by the year 2020, with a 50 per cent going to housing and the remaining 50 per cent for core and other infrastructure development.

HUDCO is currently actively associated with the upcoming slum-free city scheme under the Rajiv Awas Yojana and Jawaharlal Nehru National Urban Renewal Mission (JNNURM).