Govt. nod for Rs.338.72-cr HUDCO loan

The Government gave permission to the Greater Hyderabad Municipal Corporation (GHMC) to submit a loan proposal to HUDCO in a phased manner to draw up to Rs.338.72 crore for construction of one lakh two-bedroom houses. Municipal Commissioner B. Janardhan Reddy had informed the Government that Rs.448.42 crore was needed to complete 24,648 housing units constructed under the JNNURM and Vambay housing schemes and after removing Rs.140.70 crore towards the beneficiary contribution and bank loan, the loan requirement would be Rs.338.72 crore – Rs.307.72 crore and 10 per cent interest of Rs.31 crore. The funds will be utilised for taking up water supply to 14 housing colonies outside the municipal corporation limits by the Water Board. Chief Minister, K. Chandrasekhar Rao, had earlier directed the GHMC to approach the HUDCO for the loan to complete the ongoing works and also to identify new locations for taking up housing in G plus three, five and nine floors. The permission was given on the condition that the civic body pays guarantee commission at two per cent consolidated for the entire guarantee period to the Government.