Nila Infrastructures: GHB Cancels Redevelopment Project Worth ₹142.73 Cr

Nila Infrastructures Ltd has been informed by Gujarat Housing Board (GHB) about the cancellation of the Nirmal Apartment redevelopment project. The project, awarded on October 27, 2023, involved constructing 300 HIG residential units and 18 commercial shops. GHB has decided not to proceed, citing a change in plans. Consequently, Nila Infrastructures' order book position is reduced by the project's development cost, estimated at INR 142.73 Crores. The Earnest Money Deposit (EMD) furnished by the company will be returned by GHB.