+
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

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code