Hudco to provide Rs1L cr loan for 12 satellite townships in state

Patna: Housing and Urban Development Corporation Limited (Hudco) on Friday signed a memorandum of understanding (MoU) with the Bihar govt’s urban development and housing department (UDHD) to provide long-term financing of Rs 1,00,000 crore for the development of 12 greenfield satellite townships across the state.Urban development and housing department principal secretary Vinay Kumar and Hudco chairperson and managing director Sanjay Kulshreshtha exchanged the agreement at Sankalp Sabhagar in Lok Sevak Awas in the presence of CM Samrat Choudhary.Under the MoU, loans will be availed of by statutory authorities identified by the state govt for specific projects. The financing package offers flexible terms, including a moratorium period and a repayment tenure of up to 25 years.Samrat said the agreement would mark a milestone in Bihar’s urban development. The proposed townships will cover more than 3 lakh acres with farmers becoming stakeholders through a land-pooling model. He said the state govt would mobilise Rs 1,00,000 crore through Hudco for the 12 new townships, while another Rs 6,00,000 crore was expected through external investment.Samrat said the planned satellite townships would be modern, organised and future-ready, offering better housing, advanced civic amenities and an improved quality of life.

He added that the initiative would accelerate Bihar’s economic growth by attracting large-scale private and institutional investment, boosting construction activity and creating lakhs of direct and indirect jobs as well as self-employment opportunities.The 12 greenfield townships will feature essential urban infrastructure, including modern road networks, drinking water supply, sewerage systems, electricity, green spaces, educational and healthcare facilities, besides commercial and social infrastructure.

The govt aims to provide residents with world-class urban living standards through planned development.Samrat said Bihar was committed to planned, balanced and inclusive urbanisation. He described the Hudco agreement as a major step towards taking the state’s development to new heights and positioning Bihar among the country’s leading states in modern urban development. He said the govt would work towards achieving 35% urbanisation.