Accommodation for 1000 beds

The RA-WCom informed the community that the 100 crore loan request to the Indian Housing and Urban Development Corporation (HUDCO) for the Governing Board’s proposal to build 1,000 beds had not been approved by the Ministry of Education. The RA-WCom stated that the AVFO appointees had been making statements and claims without having studied the feasibility of their projects beforehand, and without consulting with all the parties involved. The RA-WCom further noted that applying for such loans cannot be done without first consulting the Residents' Assembly or its representatives, and this has not been done. It also observed that the economic setup for such a loan to be repaid from Auroville maintenance seems hardly feasible and that a detailed financial analysis and approval by the residents (who would ultimately be held responsible to repay the loan) is a minimum requirement in a shared economy.