NEW DELHI: The state-owned NBCC (India) Ltd has finalized a settlement with the Government of National Capital Territory of Delhi (GNCTD) to resolve long-standing litigation regarding a 42.46-acre land parcel in Sultanpur–Ghitorni village, south Delhi.
As part of the agreement, the land will be split evenly between NBCC and GNCTD, with the company receiving a 21.23-acre portion.
NBCC is set to pay a one-time land premium of ₹135 crore, joined by a lump-sum interest of ₹15 crore, totaling ₹150 crore to the GNCTD’s Land & Building Department for dues related to its share of the land. Additionally, arrears on ground rent will be calculated at 2.5% per annum from 2006 on this premium, bringing the total expenditure to an estimated ₹220 crore.
The company will also transfer ground rent and premium amounts collected for land portions used by the National Buildings Organisation (NBO) and the Delhi Metro Rail Corporation (DMRC) up to 2025. This includes approximately 2.5 acres for the NBO and around 12.45 acres for the DMRC. Furthermore, NBCC will reimburse ₹2.82 crore for the premium paid by DMRC and any premium received from NBO for land already transferred.
Once payment is completed, GNCTD will issue a perpetual lease deed for NBCC’s 21.23-acre share. The settlement provides development rights in line with the Master Plan for Delhi (MPD-2021), allowing for sub-leasing and mixed-use development compliant with zoning regulations.
The mixed-use project planned for the land is expected to generate approximately ₹8,500 crore in revenue.
