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

Real Estate

08 May 2026

Integrated Waterproofing Strategies

Waterproofing buildings used to be an annual pre-monsoon affair but the evolution of real-estate development has changed that approach. In new developments, developers are weaving waterproofing solutions into both the design and construction phases, an approach that Nikhil Madan, Managing Director, Mahima Group, says, “is all about ensuring lasting durability [of the building] and keeping lifecycle risks including water seepage and extensive maintenance to a minimum.”Watertight by designAluminium formwork systems aren’t commonly thought of as a waterproofing tool but at the Mahima Group,..

GROHE Showcases Water-Led Design At Milan

GROHE unveiled its GROHE SPA Aqua Sanctuary at Milan Design Week 2026, transforming Piccolo Teatro Studio Melato into an immersive showcase of water, design and wellbeing. Built on the philosophy of ‘Wellbeing Through Water’, the installation reimagined bathrooms as holistic spaces for relaxation, rejuvenation and self-care.The Aqua Sanctuary was presented through three interconnected sanctums. The first showcased the 3D-printed GROHE SPA AquaTree shower and faucet, highlighting bespoke innovation and biophilic design. The second featured the Atrio Private Collection and GROHE SPA x Buster..

Rahee Group Expands Rail Manufacturing Capacity

Rahee Group has outlined a multi-year investment roadmap to expand its operational footprint and strengthen manufacturing capabilities for India’s growing railway and urban transit sector. The Group is expanding in Odisha with a new Track Component Casting Unit, for which the groundbreaking ceremony was held on 8 April 2026 in the presence of Odisha Chief Minister Mohan Charan Majhi.The Group’s flagship EPC arm, Rahee Infratech Ltd, continues to focus on complex rail infrastructure projects, including track systems, bridges, viaducts and ballastless infrastructure. Its wholly owned subsidi..