HUDCO turns 44; CMD Kanth proposes Housing Security Act in line with food security legislation

HUDCO CMD Kanth

M Ravi Kanth, CMD of government-owned Housing and Urban Development Corporation Ltd (HUDCO) has suggested a new legislation, Housing Security Act, in line with Food Security Act that would give poor people a right to have affordable housing. As the PSU celebrated 44^th Foundation Day on April 25, Kanth said the endeavour would be to make “affordable abode” to all. HUDCO posted...
a gross profit of Rs 1,098 crore in FY 2013–14. Speaking on the occasion, Anita Agnihotri, secretary, ministry of housing and urban poverty alleviation appreciated the achievements of the PSU in maintaining its motto of ‘Profitability with Social Justice’. HUDCO sanctioned over Rs 6,000 crore for the Economically Weaker Sections (EWS) and Low Income Group (LIG) category amounting to over 98 percent of the total housing units sanctioned.

She said the initiatives of HUDCO are in line with the policy of sustainable development of human settlements which covers affordable housing for all, provision of secured tenure, slum free cities and expansion of urban infrastructure in the cities and towns in India.

The secretary said that in view of the emerging requirement for Housing and Urban Infrastructure in the country, HUDCO needs to “re-engineer business intelligence” to play more pro active and specific role to encourage various stake holders to take up larger number of housing and infrastructure projects. Mrs Agnihotri also said that in addition to the project financing, capacity building of the sector is equally important. HUDCO through its Research and Training Institute – Human Settlement Management Institute (HSMI) has been imparting training and capacity building for the sustainable development of the sector.

The secretary added that as the her ministry plans future programmes to move towards a vision of slum-free India, HUDCO is poised to take a significant role by supporting the growing needs of housing and infrastructure by actively associating itself with the government of India’s flagship programmes.

Speaking on the occasion, CMD Kanth stated that HUDCO had achieved excellent rating during its performance in FY 2013–14 with sanction of Rs 17,491 crore. HUDCO, in the housing sector, financed 14.34 lakh housing units, out of which 14.12 units belong to EWS and LIG category i.e. 98.5 % of the total sanctioned housing units.

Kanth said that the endeavour will be to make the costly component of human life as an “affordable abode” to all. Kanth suggested that like Food Security Act, India should also create Housing Security Act soon. Kanth said that HUDCO has done well in its long journey of 44 years in achieving multi dimensional growth. 

On this occasion, the secretary gave away a number of awards for best practices to improve the living environment, best performing borrowing agencies and regional offices.

A public sector company under the ministry of housing and urban poverty alleviation (MoHUPA), HUDCO has been a key partner with the government in building assets for the nation.