The Housing and Urban Development Corporation on Monday signed an agreement with French government for financing a pilot heritage housing project in Ahmedabad.
Under the provision of the agreement, the pilot project would be developed through a special Hudco Niwas scheme in the walled city of Ahmedabad and the French government would extend a one-time grant assistance to Hudco for interest subsidy.
The agreement was signed by Hudco Chairman L M Mehta and Ambassador of France Dominique Girard, in the presence of Urban Development Minister Ananth Kumar.
The scheme would extend Hudco Niwas loan to beneficiaries at a subsidised rate of 5 per cent, instead of 10 per cent rate, while the interest subsidy would be provided in terms of grant by the government of France.
The project aims at developing a financing model that can be replicated for financing heritage structures revitalization programme in other cities, Kumar said.
Hudco has set aside Rs two crore for developing a model demonstration-cum-funding project for 30 houses in the walled city of Ahmedabad, Mehta said.
French ambassador Girard termed the initiative as the first of its kind comprehensive exercise by the government of France to preserve the heritage buildings in India which have rich architectural history.
