Millennium Post

Hudco launches dream housing schemes for Govt staff

New DElhi: With a burgeoning population of over 1.2 billion, India needs a robust system to catapult its infrastructural growth and meet its housing requirements. That's where the role of urban development bodies such as Housing and Urban Development Corporation Limited (Hudco) becomes imperative. This year the firm has launched two new programmes, rent to own scheme and Hudco Nav Nagar Yojna (HuNNY), to accelerate the pace of urban planning in India.

The population of urban areas is projected to reach 600 million by 2031, considering those numbers, it seems prudent to widen cities in a planned manner over the next few years. Hudco's rent to own scheme is a wise step in this direction. It aims at meeting urban housing needs of government employees, such as constables, bus drivers, conductors etc. The scheme enables the employees to own a house over time, through the support of their organisations.

Elaborating over this scheme, the chairman and managing director of Hudco, VP Baligar said,'The scheme extends to both central and state government employees. A fixed portion of their salaries would be deducted out of their salaries as equated monthly installments (EMIs) to pay back for this loan.' The contractual employees at central and state level would not be able to avail this scheme. Under the Nav Nagar Yojna (HuNNY), Hudco provides an integrated solution from planning to financing to usher in new townships.

Keeping an inclusive model of development in mind, Hudco is trying to reach the sections of society that have long been denied the benefit of home loans through a formal lending mechanism For the same, it has joined hands with Self Employed Women's Association (SEWA) to ensure financial inclusion of poor and self employed women in slums and informal settlements through equity investment of Rs 1 crore in the proposed new Housing Finance Company.

Hudco had invested over 4.39 lakhs in the financial year 2011-2012  in sanctioning housing loans to economically weaker sections.For instance, in Rajasthan, the company provided housing loans to the tune of 70,000 rupees per house.

Asked if a sum of Rs 70,000 was  enough to translate the dream of owning a house into reality, Baligar replied that they involve the rural communities, their workforce and local materials to build these houses.
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