Union Bank of India takes over NRDA's property after loan default
Real Estate

Union Bank of India takes over NRDA's property after loan default

Chhattisgarh’s swanky new capital, Nava Raipur, is in focus for all the incorrect reasons after the Union Bank of India took ‘symbolic possession’ of a defaulter property of Naya Raipur Development Authority (NRDA) after it failed to repay a loan of Rs 317.79 crore.

Union Bank of India’s mid-corporate branch released a public notice in newspapers on taking symbolic control of 2.659-hectare land of NRDA after releasing a demand notice on August 2, 2021, asking for repayment within two months.

Created as a greenfield state-of-the-art capital of Chhattisgarh, the idea Nava Raipur was created by the then chief minister Ajit Jogi instantly after the state was carved out of Madhya Pradesh in November 2000. The Raman Singh government, which headed the state for 15 years, implemented the capital project and built large-scale infrastructure to make it a well-planned city for the future. NRDA handles the affairs of the capital project.

BJP vice-president and former CM Raman Singh told the media that the bank is taking over government property for default of the loan.

Opposition leaders told the media that the state government is already deep in debt as it has availed loans of over Rs 51,000 crore between December 2018 and October 2021.

Image Source

Also read: Loan defaults on affordable housing rose 7.2% in June: ICRA

Chhattisgarh’s swanky new capital, Nava Raipur, is in focus for all the incorrect reasons after the Union Bank of India took ‘symbolic possession’ of a defaulter property of Naya Raipur Development Authority (NRDA) after it failed to repay a loan of Rs 317.79 crore. Union Bank of India’s mid-corporate branch released a public notice in newspapers on taking symbolic control of 2.659-hectare land of NRDA after releasing a demand notice on August 2, 2021, asking for repayment within two months. Created as a greenfield state-of-the-art capital of Chhattisgarh, the idea Nava Raipur was created by the then chief minister Ajit Jogi instantly after the state was carved out of Madhya Pradesh in November 2000. The Raman Singh government, which headed the state for 15 years, implemented the capital project and built large-scale infrastructure to make it a well-planned city for the future. NRDA handles the affairs of the capital project. BJP vice-president and former CM Raman Singh told the media that the bank is taking over government property for default of the loan. Opposition leaders told the media that the state government is already deep in debt as it has availed loans of over Rs 51,000 crore between December 2018 and October 2021. Image Source Also read: Loan defaults on affordable housing rose 7.2% in June: ICRA

Next Story
Infrastructure Urban

What Industry Wants!

The construction industry is gearing up for Budget 2025 with high expectations. As one of India’s key economic drivers, the sector is eagerly anticipating reforms and policies to address pressing challenges such as high input costs, funding gaps, and sustainability demands. Industry leaders across real estate, infrastructure, construction materials, and logistics have shared their wishlists, urging the government to focus on GST rationalization, increased CAPEX, and green initiatives.This year’s budget presents an opportunity for the government to not only tackle existing bottlenecks but a..

Next Story
Infrastructure Urban

Messe Stuttgart, Startup India Tie-Up to Boost Funding

The logistics market in India is poised for significant growth, with a projected revenue of $357.3 billion by 2030. Despite this huge potential, a recent McKinsey & Company report highlights the decline in logistics funding following the pandemic that remains a significant concern. After receiving unprecedented funding of $25.6 billion in 2021, venture capital investment in logistics startups fell sharply to $2.9 billion in 2023—a nearly 90 per cent decrease, marking the lowest since 2015. This pullback from investors is attributed to several factors, including high interest rates, a glo..

Next Story
Infrastructure Transport

JK Tyre Strengthens Road Safety Commitment

Reinforcing its unwavering commitment to road safety, JK Tyre & Industries, a leader in the tyre manufacturing industry, partnered with the Delhi Traffic Police to organise a comprehensive Road Safety Awareness Week. This initiative, held as part of National Road Safety Month (January 1–31, 2025) spearheaded by the Ministry of Road Transport and Highways (MoRTH), aimed to foster responsible driving habits and reduce road accidents. Under the theme ‘Sadak Suraksha Jeevan Raksha,’ the initiative commenced on January 16, 2025, at the Delhi Police Traffic Training Park, BKS. The program feat..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000