Dr. V.P. Joy, Central Provident Fund Commissioner and Dr. M. Ravi Kanth, CMD HUDCO signed a Memorandum of Understanding (MoU) in the august presence of Union Minister of Urban Development, Housing & Urban Poverty Alleviation, Shri M. Venkaiah Naidu and the Minister of State (Independent Charge), Labour & Employment, Shri Bandaru Dattatreya for facilitating “Housing for All by 2022” here today.

By taking one step forward to achieve Hon’ble Prime Minister Shri Narendra Modi’s vision of Housing for all by 2022, EPFO has amended EPF Scheme 1952 vide Gazette notification No. G.S.R. 351(E) dated 12th April, 2017 to provide assistance in acquiring affordable houses to the EPF members by allowing withdrawal from the provident fund to the extent of 90% of the total PF accumulation and also facilitating payment of installment of housing loan. The major objective of this scheme is to assist in building houses for workers integrating with housing programmes of the Central and State Governments.

The salient features of this scheme are:-

1. Bringing together all stake holders namely, workers, employers, financial institutions & housing agencies to provide workers’ need for Housing.

2. Forming Housing societies for collective action, ten or more members can register a society. Society will arrange housing units from public/private housing providers, apply to the concerned PF office through the society for getting Certificate of Fund & Contribution.

3. Channelizing the corpus of EPF savings to build affordable housing for the working class, withdrawal of up to 90% of accumulations in members Provident Fund Accounts is allowed.

4. Banks/Financing Agencies can make use of certificate issued by Commissioner to arrive EMI for withdrawal under Para 68 BD (3) of EPF Scheme.

5. Full/ Part repayment of loans out of monthly P.F. Contributions.

6. Eligibility condition relaxed for such withdrawal, now membership period of EPF reduced from 5 years to 3 years.

7. Members can avail interest subsidy up to 2.20 lakh in Credit Linked Subsidy Scheme (CLSS) through Ministry of Housing and Urban Poverty Alleviation through its Nodal Agency HUDCO and National Housing Bank for those members whose annual income is less that the amount specified in Pradhan Mantri Awas Yojna.

8. Individual housing loan repayment can be done by authorizing EPFO to pay installments directly to the lending agency.

PIB

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The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for disinvestment of 10% paid up equity of Housing and Urban Development Corporation Ltd. (HUDCO) out of Government of India’s shareholding of 100% through Initial Public Offering (IPO) in the domestic market as per the Securities and Exchange Board of India (SEBI) Rules and Regulation.

The paid up equity capital of HUDCO is Rs.2001.90 crore and Government of India owns 100% 0f the equity at present. Net worth of the Company is approximately Rs. 7,800 Cr.

HUDCO was incorporated on 25th April 1970 as a wholly owned Government of India Enterprise under the administrative control of Ministry of Housing and Urban Poverty Alleviation with the objective of providing long term finance for construction of houses for residential purposes. It also finances and undertakes housing and urban development projects in the country.

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Certain allottees of the scheme have made allegations regarding dwelling units constructed by Central Government Employees Welfare Housing Organization (CGEWHO) inter-alia regarding poor quality, incompetency, mismanagement, misappropriation of funds and delay in completing the project. This was stated by Shri Ajay Maken, Union Minister of Housing & Urban Poverty Alleviation (HUPA), in the Lok Sabha today, in a written reply to a question by Shri N.S.V Chitthan, Shri Sanjay Bhoi & Shri A. Ganeshamurthi.

The Minister further stated that Government had issued directions to CGEWHO to get a third party post construction quality audit done. Accordingly CGEWHO had engaged Housing & Urban Development Corporation (HUDCO) for post construction quality audit. The report submitted by HUDCO points out some non-rectifiable defects as well as some rectifiable defects in construction. Based on this report, CGEWHO has been asked to take measures to rectify the rectifiable defects and make financial recovery from the contractor for non-rectifiable defectsin terms of the agreement.

The Minister further stated that the matter is being further investigated and anybody found guilty will not be spared, the Minister added.

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