Housing and Urban Development Corporation has posted a net profit of Rs 286,51 crore (Rs 286.51 billion) during the first nine months of 2003-04, a 96 per cent growth over the corresponding period in the previous year.
"Hudco posted a net profit of Rs 107.06 crore (Rs 1.07 billion) for the third quarter ending December 31, 2003, which was in keeping with its commendable all round performance during the first two quarters of the current year," its chairman and managing director P S Rana told a press conference in New Delhi on Wednesday.
On the operations front, he said in line with the impressive achievements of the corporation in the previous year, Hudco has sanctioned 199 schemes involving a project cost of Rs 11,275.80 crore (Rs 112.76 billion) during the first nine months of 2003-04 with its loan commitment of Rs 4679.73 crore (Rs 46.80 billion).
He said in the first six months of 2003-04, 123 schemes with a total project cost of Rs 2129.09 crore (Rs 21.29 billion) were sanctioned involving Hudco's loan component of Rs 1307.52 crore (Rs 13.07 billion).
Rana said Hudco's assistance in housing would enable construction of over 345,000 dwelling units across the country.
As part of its new initiatives, Hudco has taken up establishment of demonstration units as centres of urban excellence throughout the country. These could be replicated on a larger scale to provide quality infrastructural facilities in major cities. A 'Hudco Bazar' is also proposed to be set up in the capital, he added.