History

Date of Registration : 14.06.1986.

Date of Starting : 18.06.1986.

Area of operation : Entire Union Territory of Puducherry.

Objectives

To collect Deposits & Loans.
To Grant Loans
Construction of new house / Purchase of Ready built house / Flats.
Improvement or additions to existing houses (Vertical / Horizontal).
Purchase of house sites.
Repairs, Renewals, Additions, Expansions & Improvements to existing house or Flat.
Redemption of Loans obtained from any other institutions.
To carry out Buying, selling, Hiring, Letting & Developing of Land.
To construct and Sell houses, Flats, Residential, Shopping and Office Complex.
To purchase and sell building materials.
To undertake Job works.
To inspect the affiliated primaries.

To serve, guide and Promote housing cooperatives.
To undertake purchase of lands through direct negotiation or through acquisition.
To provide technical, engineering and Architectural consultant services.
To extend legal assistance.
To organize seminars, conferences and training programmes.
To plan for the construction of low cost houses.
To improve social, moral and economic conditions.
To encourage mutual help and cooperation among the members.

Issues

Poor recovery performance due to announcement of waiver of penal interest by Government.
Reimbursement of penal interest pending with Government .
Pending proposal with Life Insurance Corporation of India, to rescheduling the overdue loan for the past 6 years as fresh loan
Poor response from the members of the Primary Cooperative Housing Societies Ltd., for purchase of flats.
Unable to issue fresh loan to the member due to poor recovery performance.
Unable to avail fresh loan from the borrowing agencies due to abnormal overdue
Insufficient allocation of funds in the budget for the interest rebate and interest subsidy

challenges

To become regular re payers to the Life Insurance Corporation of India after obtaining approval of rescheduling the overdue amount as fresh loans.
Realization of project cost by selling of flats.
To improve the recovery performance by taking sale action against the chronicle defaulters .
Issue of fresh loan by availing loan assistance from financing agencies.