Directorate building of Science and Technology at New Capital Complex, Kohima. (Morung Photo)
Our Correspondent
Kohima | May 15
The Housing and Urban Development Corporation (HUDCO) has launched a new scheme called “Rent-to-own scheme” during its 43rd annual day celebration at New Delhi recently.
This was stated by HUDCO Kohima regional chief L.M.Yanthan here Monday during its 43rd annual day celebration.
This scheme is part of the effort to make “Housing for all” a reality, he said. He said the salaried people, especially the lower rung employees are one of the groups that find it very difficult to own a house in their career span of their service.
In this scheme, the state governments/agencies can avail HUDCO loan and build a house on an acquired land and rent it to its employees. This rented house on initial will later be transferred to the occupants over time subject to the condition “that the House Rent Allowance (HRA) along with certain additional amount, as consented by the employees, will be deducted from the salary that will be used by the agency to repay the Equated Monthly Installment (EMI) requirements to HUDCO.”
HUDCO Kohima regional office caters to the need of Nagaland, Manipur, Arunachal and Mizoram, as well as at national level.
HUDCO Kohima regional office was established in 2000. During the past years of operation, it had given loan assistance as well as GoI action programme to the four states of Arunachal, Manipur, Mizoram and Nagaland.
Some of the important constructions taken up in the state of Nagaland through the loan assistance given by this office include; construction of Nagaland Legislative Assembly, Legislators’ Home, Nagaland Commissioner’s office as well as Deputy Commissioner’s offices, Kohima and directorate buildings of medical, treasury, industries, IPR, land resources, science and technology at New Capital Complex, Government Rental Housing at Dimapur, departmental staff quarters in various districts of Nagaland.
Yanthan said the above enumeration of buildings are all at the structural level but the most important objective of such finances are to create state as well as national assets and conducive environment for enhancement of efficiency and effectiveness in delivery of goods to the people as “ we serve as well as improve individual’s living standard of the people.”
Mentionably, HUDCO, a premier National level techno-financial institution was established in 1970 (as fully owned Government of India enterprise) which is under the Ministry of Housing and Urban Poverty Alleviation (MoHUPA).
Its main thrust is on financing and undertaking housing and urban development projects.
Yanthan said that HUDCO provides long term finance to undertake housing and urban infrastructure development programmes in the country.
It also promotes, establishes, assists, collaborates and provides consultancy service for the project of designing and planning of works relating to housing and urban development in India. Above all, HUDCO lays considerable emphasis on the housing need of the deprived economically weaker sections and low-income groups.
To achieve this end, Kohima regional chief said, HUDCO, in its vision and mission for the people, has adopted “Profitability with social justice” as its motto.
In this vision HUDCO envisions “to be among the world’s leading knowledge hubs and financial facilitating organizations for habitat development.” Its primary mission is to promote sustainable habitat development to enhance the quality of life, Yanthan added.
