Housing & Urban Development Corporation Ltd

Summary

HUDCO was incorporated as The Housing and Urban Development Finance Corporation Private Limited on April 25, 1970, as a private limited company under the Companies Act, 1956, and granted a certificate of incorporation by the then Registrar of Companies, Delhi. Subsequently, name of the Company was changed to Housing and Urban Development Corporation Limited and a fresh certificate of incorporation dated July 9, 1974, was issued by the then Registrar of Companies, Delhi & Haryana. Presently, the Company is a public sector undertaking engaged in providing loan financing for housing and urban infrastructure projects in India. In 1977, HUDCO launched rural housing schemes for providing loan assistance for construction of rural houses. In 1986, the company established the Human Settlement Management Institute, the research, and training division of the company. In 1988, the company commenced urban infrastructure financing. In 1996, the company 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. In 1999, HUDCO began retail financing under the brand name HUDCO Niwas. In 2012, the companys profit after tax (PAT) crossed Rs 600 crore marks. During the financial year 2011-2012, the company raised Rs 5000 crore through an issue of tax-free bonds, as allocated by the CBDT in its budget allocation for the year, including Rs 4684.7 crore raised through a public issue of tax-free bonds.... Read More