Karnataka to take up urban development projects
HUDCO has extended Rs 2,500 crore loan to Karnataka for various housing projects.
Bangalore: Housing and Urban Development Corporation (HUDCO) on Friday said it has extended Rs 2,500 crore loan to the Karnataka government for various urban development and housing schemes.
"HUDCO has extended Rs 2,500 crore loan to the government for various urban development and housing schemes," HUDCO Chairman and Managing Director V P Baligar said addressing a GIM session here.
Baligar said Bruhat Bangalore Mahanagar Palike (BBMP), Rajiv Gandhi Housing Corporation (RGHC) and Bangalore Metro Rail Corporation Limited (BMRCL) would implement the schemes.
HUDCO would extend Rs 1,500 crore loan to BMRCL to take up Namma Metro Phase I and II works, Baligar said. "...Rs 500 crore loan will be extended for taking up works under Phase I of the Metro project and Rs 1,000 crore loan for the second phase."
The cost of Phase II has been pegged at around Rs 21,000 crore for the 72.1-km route network with 69 stations and the rolling stock. It will see extension of the East-West and North-South Corridors of Phase I till the periphery of the city. The eastern extension will be the longest (15.5 km), from Byappanahalli to Whitefield.
The Namma Metro Phase II will also have 61 stations, of which 12 will be underground in the 14-km underground route network of the Gottigere-Nagavara trunk line.
HUDCO will extend Rs 500 crore loan to RGHC to implement housing scheme, Baligar said adding that another Rs 500 crore loan will be provided for taking up urban development project.
He said there was a need for investing Rs one lakh crore for taking up housing schemes and Rs five lakh crore for urban development.