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

22 Jan 2022 CW Team

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

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..