The Housing and Urban Development Corporation Limited (HUDCO) and the Ministry of Housing and Urban Poverty Alleviation have signed the Memorandum of Understanding for the year 2007 – 08 today.  The MoU was signed by Shri Ranjit Issar, Secretary, MoHUPA and CMD, HUDCO.  The function was participated by Shri SK Singh, Joint Secretary, MoHUPA and Shri T. Prabhakaran, Director Finance, HUDCO among others.
 
The MoU anticipates significant growth in the operations of HUDCO in the housing and Urban Development sector, with a sanction of about Rs. 12220 crores and release of Rs.5000 crores for the sector during the year.  Diversification in lending through consortium and other arrangements with other similarly placed financial institutions as well as joint ventures with other organizations to take up common projects are some of the hall mark of the proposed strategy.  The MoU identifies fee based consultancy services as a major area for expansion.  Strengthening its project appraisal, evaluation and monitoring systems as well as induction of professionals and also outsourcing of experts as necessary is another area of focus.
 
Towards facilitating HUDCO to achieve its projected growth, the Ministry of Housing & Urban Poverty Alleviation would assist HUDCO in the mobilizing resources at lower costs, and also for IPO etc.  The HUDCO Board would also be strengthened.