Housing and Urban Development Development Corporation pays Rs 100 crore dividend for FY'14

NEW DELHI: Housing and Urban Development Development Corporation ( HUDCO) has paid a dividend of Rs 100.01 crore to the government for the year 2013-14.

HUDCO, a financing arm under the Ministry of Housing and Urban Poverty Alleviation, posted profit after tax of Rs 726.34 crore for 2013-14 as against Rs 700.56 crore during the previous fiscal.

The cheques were today presented to Housing and Poverty Alleviation Minister Venkaiah Naidu by the HUDCO Chairman and Managing Director Ravi Kanth. Housing and Urban Poverty Alleviation Secretary Anita Agnihotri and Urban Development Secretary Shankar Aggarwal were also present on the occasion.

Accordingly, the two ministries were paid dividend of Rs 69.19 crore and Rs 10.08 crore, respectively for last fiscal. Another Rs 20.73 crore is paid to the Ministry of Rural Development.

The Corporation sanctioned loans amounting to Rs 17,491 crore during 2013-14 as against the target of Rs 15,000 crore.

During 2013-14, HUDCO financed a total of 14.34 lakh dwelling units out of which over 98 per cent are for the Economically Weaker Sections and Low Income Groups.