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Updated: September 20, 2013 03:09 IST

HUDCO launches HuNNY for small towns and cities

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S.V. Ranganath, Chief Secretary, and V.P. Baligar, CMD, HUDCO, at the South India Real Estate Conference in Bangalore on Thursday. Photo: G.R.N. Somashekar
The Hindu S.V. Ranganath, Chief Secretary, and V.P. Baligar, CMD, HUDCO, at the South India Real Estate Conference in Bangalore on Thursday. Photo: G.R.N. Somashekar

To prevent unplanned development in four small towns and cities in the State, Housing and Urban Development Corporation Ltd. (HUDCO) has been extending mortgage-based financial aid, HUDCO Chairman and Managing Director V.P. Baligar said here on Thursday.

The funding has been extended under HUDCO Nava Nagar Yojana (HuNNY) that focuses on planned development by assisting local planning authorities through technical, financial and marketing assistance across the country.

In Karnataka, Tumkur and Koppal have received Rs. 60 crore and Rs. 25 crore, respectively, while it is in the process of extending assistance in Gadag and Chikmagalur for formation of layouts.

“There are about 8,000 towns and cities in the country and smaller towns are witnessing unplanned development. HUDCO will fund the planning authorities for organised growth. This funding is based on mortgage of land,” Mr. Baligar told presspersons. “We are funding for land acquisition too,” he added.

Besides, HUDCO has received a proposal from the Karnataka Police Housing Corporation for construction of police quarters at a cost of Rs. 1,846 crore, he said.

Among other funding for government agencies, HUDCO has extended a loan of Rs. 216 crore to the Bruhat Bangalore Mahanagara Palike and Rs. 1,200 crore to Bangalore Metro Rail Corporation Ltd. of which Rs. 650 crore has been released.

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