Co-op Fed to make cheap flats

The Uttaranchal Cooperative Marketing Federation made its foray into housing business today. It will construct flats at cheaper rates.

Chief Minister N D Tiwari formally launched a new society being floated by the Federation at a function here.

Speaking at the inauguration, Tiwari asked the Federation to seek loan facilities from banks at higher interest rates.

"To construct flats at cheaper rates, we must take loans from our own state cooperative banks," Tiwari said. This would also help in lowering the costs of flats, he said.

Stating that the new housing society would turn out to be a milestone in the burgeoning housing sector, Tiwari congratulated the Federation on taking such an initiative to provide succor to people.

Earlier, speaking on the occasion, Pramod Kumar Singh, chairman of the Federation said the new society was already a member of the National Cooperative Federation. Also, all other necessary requirements had been completed, he said. "We are ready to move into the housing sector for providing comfortable and good flats to people," Singh said.

He said the new society was also looking to buy new land in the state to construct small flats. The Federation would start construction activities from the next financial year by constructing two-room sets, he said.

Singh also said surplus fund to the tune of Rs 450 crore lying with various cooperative banks of the state would also be utilised for construction activities.