HUDCO to provide ₹11,300 crore for housing and infra in Nagpur, signs MoU with NMRDA

State-owned Housing and Urban Development Corporation Limited (HUDCO) on Monday (September 8) said it signed a memorandum of understanding (MoU) with Nagpur Metropolitan Region Development Authority (NMRDA), Maharashtra, in Mumbai.

The non-binding MoU aims to create a collaborative partnership between the two entities to support land acquisition, housing, and infrastructure development in the Nagpur Metropolitan Region.

Under the agreement, HUDCO will explore funding up to ₹11,300 crore over five years. The funds will be used for key development projects, while HUDCO will also provide consultancy services and capacity-building initiatives to meet NMRDA’s emerging needs.

Also Read: HUDCO likely to hit ₹1.5 lakh crore FY26 loan book goal by December

The MoU was signed in the presence of Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Minister Eknath Shinde, and HUDCO Chairman and Managing Director Sanjay Kulshrestha, along with other dignitaries.

First quarter results

HUDCO’s net profit for the first quarter increased 13% to ₹630.2 crore from ₹558 crore a year ago. Net interest income (NII) or core income for the quarter increased by 32% on-year  to ₹961 crore from ₹724.7 crore.

HUDCO's asset quality saw an improvement on a sequential basis. Gross NPA at the end of the June quarter stood at 1.34% from 1.67% in March, while net NPA improved to 0.09% from 0.25% in March. The improvement in asset quality was courtesy of a long-pending NPA account worth ₹277.68 crore, which was resolved, while four NPA accounts worth ₹7.27 crore were technically written off.

Also Read: HUDCO eyes ₹1.5 lakh crore loan book, zero NPAs by FY26

In its business updates for the quarter, HUDCO's loan sanctions more than doubled from last year, growing by 143% to ₹34,224 crore, while loan disbursements remained largely flat at ₹12,812 crore.

Shares of Housing & Urban Development Corporation Ltd ended at ₹217.54, up by ₹3.20 or 1.49%, on the BSE today (September 8).