State-owned NBCC (India) Ltd on Friday announced that it will develop a large mixed-use real estate project in south Delhi after settling a long-standing land dispute with the Delhi government. The project is expected to generate an estimated revenue of around ₹8,500 crore.
In a regulatory filing, NBCC said it has reached a settlement with the Government of the National Capital Territory of Delhi (GNCTD) over a 42.46-acre land parcel located in Sultanpur–Ghitorni village. As part of the agreement, the land will be equally divided between the two parties, with NBCC receiving 21.23 acres.
The Delhi government will execute a perpetual lease deed in favour of NBCC for its share of the land. The company will have development rights in line with the Master Plan for Delhi (MPD-2021), allowing sub-leasing and mixed-use development as per city zoning norms.
As part of the settlement, NBCC will pay a total of ₹220 crore to the Delhi government. This includes a one-time land premium of ₹135 crore, a lump-sum interest payment of ₹15 crore, and arrears of ground rent calculated at 2.5% per annum from 2006.
The settlement will be placed before the Delhi High Court, following which NBCC will file an application to withdraw the related writ petition.
Separately, the company said the development on its allotted 21.23-acre parcel is expected to generate a built-up area of approximately 4.45 lakh square metres. The project is projected to deliver revenues in the range of ₹8,500 crore upon completion.
NBCC operates in project management consultancy and real estate development, and the Ghitorni project marks a significant addition to its development pipeline in the National Capital Region.
