Tamil Nadu government has ordered the Cooperative Housing department to find out ailing housing societies and liquidate the ones that are incapable of revival, News Indian Express.
537 housing societies, out of the total 733 are in the red and have pending accumulated loans amounting to Rs 2,839.74 crore.
Earlier speaking in a review meeting, Tamil Nadu chief secretary had said housing societies that are financially very weak should be liquidated.
Officials say the department has helped construct 11.65 lakh houses at a cost of Rs 4,845 crore, a total of 57,387 members who had taken loan of Rs 1,108 crore are yet to pay back an outstanding amount of nearly Rs 2,839.