Chhattisgarh State Housing Association has turn out to be free from the debt of LIC after 22 years. Chhattisgarh State Co-operative Housing Federation has achieved this success by getting a reduction of Rs.250 crore 55 lakh from Life Insurance Corporation of India, Mumbai by one-time settlement scheme in lieu of reimbursement of principal quantity of solely 17 crore 96 lakh. This data was given by the President of Chhattisgarh State Cooperative Housing Association, Mr. Ashok Agrawal within the twentieth Annual General Meeting of the affiliation organized at Vrindavan Hall, Raipur. Shri Aggarwal mentioned that it is a massive achievement for the housing sector. Chhattisgarh State Cooperative Housing Federation is the primary high cooperative union within the state to realize this achievement, which is exemplary for different establishments.
In reality, this legal responsibility was given to the Chhattisgarh State Co-operative Housing Federation because of the state reorganization by the Madhya Pradesh State Co-operative Housing Federation. In the state of affairs of August 2021, a requirement of Rs 268 crore 52 lakh was made in opposition to the mortgage from Chhattisgarh Housing Association. Chhattisgarh Housing Association entered right into a one-time settlement with LIC Mumbai as per the Gujarat sample within the mentioned case and managed to free itself from debt by making a one-time fee of solely Rs.17 crore 96 lakh. Chhattisgarh Housing Federation is the primary such apex cooperative establishment within the state, which has made itself debt free underneath the settlement.
President of Chhattisgarh State Housing Association Shri Ashok Agrawal mentioned that the whole credit score goes to Shri Satyanarayan Sharma, former president and director of the union, who was additionally the president of National Cooperative Housing Association of India, New Delhi. Due to his efforts this plan grew to become profitable. Apex Bank Chairman Shri Baijnath Chandrakar mentioned that Chhattisgarh State Cooperative Housing Federation has achieved an ideal success by getting a reduction of Rs.250.55 crore from Life Insurance Corporation of India. Other entities must also attempt to do away with such exemptions and liabilities. He mentioned that the coaching heart of Apex Bank has been allotted by the federal government at Naya Raipur. Similarly, the housing affiliation has additionally been advised to make each effort on its half for allotment of land for business actions.
The former president and director of the union, MLA Mr. Satyanarayan Sharma mentioned that the housing affiliation has been free of the debt of Life Insurance Corporation of India, during which all of your efforts are concerned. Mr. Sharma mentioned that in the course of the undivided Madhya Pradesh authorities, one-third of the land was allotted to the Housing Board and to the event authorities. But the land was not allotted to the housing affiliation. The land allotted to the Chhattisgarh Housing Association was canceled, on account of which the work of funding has not been began by the Chhattisgarh Housing Association but. If Apex Bank offers mortgage to the housing affiliation, the housing affiliation can undertake financing as per its aims. For this, he advised the current representatives of major home building cooperatives that if they’ve open land then they will do a three way partnership with the housing affiliation. In this normal assembly, different topics together with the annual price range for the approaching monetary yr had been authorized.
Before the Annual General Meeting of the monetary yr 2021-22, the assembly of the Board of Directors of the Association was concluded, during which President Shri Ashok Agarwal, Vice President Smt. Shanti Salaam and all of the members of the Board of Directors, MLA Shri Satyanarayan Sharma, Smt. Sandhya Meshram, Shri D.P. Tavari, Registrar Representative Shri Sitaram Tiwari, Deputy Secretary Finance Department, Shri Ashok Thakur, Divisional Divisional Manager, Life Insurance Corporation of India Raipur and Smt. Savitri Bhagat Managing Director had been current.
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