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Hudco extends aid to Bangalore Metro

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Namma Metro was all in first page headlines from the day of its announcement in the city. It occupied a space in each and every national and local daily for a long time till it was materialized. After the start of the construction too it was surrounded by many public opinions. But this mega project has a reason to put a smile as an economical sanction has been granted for the better prospect of the Bangalore Metro. According to the sources of www.propertykhazana.com country’s premier financial association – Housing and Urban Development Corporation in short “HUDCO” has put their green signal to extend their support for the first stage of Namma Metro project with a loan of Rs 700 crores. This Metro project is expected to get operational by end of 2013 as stated by top order of BMRC. The first phase is almost been completed for around 7 kilometer out of 42.3 kilometer and will be operational by the last week of this month. The total cost of the project is Rs 11609 as per the inner source of BMRC. But due to some unconditional circumstances the initial investments are merging above the expected value.
Earlier another international helping hand was laid by Asian Development Bank - a Philippines based financing group with 250 million dollar to BMRCL. On the other hand HUDCO is a public sector unit under the ministry of Housing and urban paucity alleviation. Soon there will an agreement between HUDCO and the state government regarding the BMRC project to get appropriate funding towards the successful completion. There was a meeting of D V Sadananda Gowda – Chief Minister of the state with the CMD of HUDCO – V P Baligar on Saturday. The meeting ended with a successful discussion of further aids to the ongoing project of BMRC. HUDCO has a feedback of supporting around 1437 housing and urban construction ventures with an investment of Rs 14,779 crores in Karnataka.

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