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What is the full form of HUDCO

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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.

Main Objectives

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

Brief History

• 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.