Nava Raipur Atal Nagar Becomes India’s First 'Debt-Free' Planned City
The smart city is located approximately 20 km from the old Raipur city.
Nava Raipur, the new hi-tech capital region of Chhattisgarh, has reportedly achieved a milestone by becoming the first fully debt-free city in India.
The Naya Raipur Development Authority, established in 2006 as an independent nodal agency with the mandate of building a smart city, has successfully cleared its entire outstanding debt of Rs 1,788 crore, borrowed from the Centre and nationalised banks, PTI reported.
Located approximately 20 km from the old Raipur city, Nava Raipur has been designed from scratch, with phased developments underway to realise Prime Minister Narendra Modi’s vision of 'Developed India @2047'. Chief Minister Vishnu Deo Sai stated, "This significant milestone is set to accelerate the pace of infrastructure development and implementation of new projects in this modern and carefully planned capital city of Chhattisgarh."
The state government is focused on transforming Nava Raipur into a modern, employment-driven city with world-class facilities, attracting significant private investments, according to PTI.
The NRDA had previously availed substantial loans primarily for land acquisition, construction of roads, government offices, and institutional facilities. However, servicing the debt and associated interest payments had placed pressure on the Authority’s cash flow. "With financial discipline, strategic planning, and transparency, we have not only achieved debt freedom for the Authority, but also paved the way for self-sufficiency and greater heights of development," the Chief Minister added.
Through the third supplementary budget for 2024–25, the state government allocated Rs 1,043 crore to the Nava Raipur Atal Nagar Development Authority, along with additional funds for industrial areas, further boosting revenue generation.
Now debt-free, all properties under the Authority are unencumbered, facilitating smoother transactions and commercial activities. This will fast-track infrastructure projects, enhance public services, and support new initiatives such as medical tourism, textile industries, and the development of Nava Raipur as a major hub for the modern IT sector, PTI reported.
(With inputs from PTI).
