At a time when Mumbai is on the verge of witnessing an infrastructure overhaul of sorts, Housing and Urban Development Corporation Limited (HUDCO) is in the city finalising finance for several cash-strapped state agencies requiring funds for their ongoing and new projects.
Sanjay Kulshrestha, Chairman and Managing Director told FPJ that he has had a series of meetings with state government officials, Maharashtra State Road Development Corporation (MSRDC), Mumbai Metropolitan Region Development Authority (MMRDA) and Mumbai Metro Corporation to finalise projects that HUDCO would be financing to the tune of Rs30,000-Rs40,000 crore.
Infrastructure projects in Mumbai
With several mega infrastructure projects in Mumbai at various stages of completion, state bodies are reported to be facing a resource crunch. They are seeking funds from the Union government and the Mumbai Mahanagar Palika to expedite their projects.
Kulshrestha added that some key projects that were discussed in the course of the meetings on Friday include the Mumbai Metro, Samruddhi Express, Coastal Road, Redevelopment projects in Thane, Pune Ring Roads and some projects in Jalna and Nanded. In addition, HUDCO would also be financing affordable housing projects under the Pradhan Mantri Awas Yojana in Yevatmal and Chandrapur.
“Right now we are at the final discussion stage with several Maharashtra state bodies and within the next one month we will be able to make a formal announcement on this front,” he said. He pointed out that the outstanding loans in Maharashtra were to the tune of Rs7500 crore as of now.
HUDCO's Friday meeting
Addressing a press conference in Mumbai, Kulshrestha said that the HUDCO Board of Directors in its Board meeting held on Friday approved the limited reviewed Financial Results for the third quarter ending December 2023 (fiscal year 2023-24).
The company reported a remarkable 33.33% increase in the Profit After Tax (PAT) Year over Year (YoY) and 14.94 % increase Quarter on Quarter (QoQ).
The revenue from operations recorded a growth of 10.04 % year on year (YoY) and 7.93 % increase
quarter on quarter (QoQ). This performance is attributed to consistent growth in the Loan Book from Rs79,290 crore to Rs84,424 crore YoY and a significant reduction in Net NonPerforming Assets (NPAs) from 0.96 % to 0.44% YoY.
