President of India-Backed HUDCO Signs MoU with Delhi Development Authority, (DDA)
The stock gave multibagger returns of 180 per cent in just 1 year whereas BSE Sensex Index is up by 17 per cent.
Housing and Urban Development Corporation Limited (HUDCO) and the Delhi Development Authority (DDA) have joined forces to enhance urban development in Delhi. On December 10th, 2024, both organizations signed a Memorandum of Understanding (MoU) in New Delhi. This strategic partnership aims to leverage HUDCO's expertise in housing, urban development, and infrastructure to support DDA's ongoing projects.
Through this MoU, HUDCO will provide comprehensive capacity-building programs for DDA officials. These programs will equip DDA personnel with the latest knowledge and skills in project management, financial planning, and other relevant areas. Additionally, HUDCO will offer its consultancy services to DDA for a wide range of projects, including affordable housing, commercial developments, institutional facilities, and mixed-use developments. This collaboration is expected to significantly contribute to the development of Delhi's urban landscape.
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Earlier, HUDCO signed a Memorandum of Understanding (MoU) with NBCC (India) Limited in New Delhi. The MoU aims to develop a 10-acre land parcel owned by HUDCO in Noida into an institutional complex. This complex, spanning 8.71 lakh square feet, will include office space, studio apartments, conference facilities, and retail and common areas. NBCC will be responsible for the entire project, from concept to commissioning.
Housing and Urban Development Corporation Limited provides financial assistance for housing and urban infrastructure development projects. The Company offers loans for housing projects such as urban and rural housing, community toilets, water supply, roads and transports, and power projects. Housing and Urban Development serves customers in India. The company has a market cap of over Rs 50,000 crore and its maximum stake is owned by the President of India (75 per cent as of September 2024). Additionally, the Life Insurance Corporation of India (LIC) own an 7.92 per cent stake in the company.
The stock gave multibagger returns of 180 per cent in just 1 year whereas BSE Sensex Index is up by 17 per cent. Investors should keep an eye on this mid-cap PSU stock.
Disclaimer: The article is for informational purposes only and not investment advice.