Steps to improve waterways in city

By Our Staff Reporter

CHENNAI, JUNE 2. The Union Environment Ministry is in touch with funding agencies to obtain finances at low rates of interest for the city waterways improvement project, Mr. T. R. Balu, Union Minister for Environment and Forests, said here today.

Inaugurating the Rs. 42-lakh office-cum-commercial complex of the Nanganallur Cooperative Building Society, he said HUDCO and National Housing Bank had indicated their willingness to offer about Rs. 600 crores at the interest rate of about 7 per cent. However, their offer was subject to the approval of the Cabinet. The National Housing Bank had agreed to provide Rs. 75 crores at 7.5 per cent interest.

This would be in addition to the Environment Ministry's provision of Rs. 500 crores for the project, he said and added that about Rs. 1,400 crores was needed for improving the city waterways, apart from the Rs. 300 crores already given by HUDCO for the work.

Commending the performance of the Society, he said the housing societies could perform better, if they paid attention to repayment and recovery. Over-dues had become a bane of some of the societies and many would not have gone bankrupt if they had concentrated on collection and recovery.

The State Housing Minister, Mr. K. Pitchandi, said the current year allocation for housing finance was about Rs. 700 crores.

The chairman of the Tamil Nadu Co-operative Housing Federation, Mr. Chengai Sivam said Rs. 2,763 crores had been channelised through the societies to over 10-lakh beneficiaries in the State from the year 1992. The Nanganallur society had obtained Rs. 30 lakhs from the Federation for construction of the 10,000 square feet complex.

Mr. R. S. Bharati, society chairman, said the non-performing assets of the Nanganallur society, which had a turnover of Rs. 9 crores was less than four per cent. In addition to the loan, the society had spent Rs. 12 lakhs on the building, which would be let out for commercial purposes.

Mr. R. Nallathambi, Registrar, Cooperative Housing Federation and Mr. M. A. Vaidyalingam, MLA, were among those who spoke on the occasion.

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Section  : Southern States
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