NBCC Settles Govt Dispute, gets 21-ACRE Land for Project

State-owned NBCC on Friday said it will get a 21.23-acre land parcel in south Delhi as its share following settlement of a dispute with the Delhi Governmentand the company will develop on this site a mixed-use real estate project with an estimated revenue of about `8,500 crore. NBCC will have to pay `220 crore to the Delhi government. In a regulatory filing on Friday, NBCC informed that “a settlement has been reached between NBCC Ltd and the Government, NCT of Delhi (GNTCD) to resolve the long pending litigation regarding a land admeasuring 42.46 acres in Sultanpur/Ghitorni village in Delhi.”

As per the settlement, the total 42.46-acre Ghitorni land will be equally divided between NBCC and the state government. Accordingly, NBCC will get 21.23-acre land. The state Government will execute a perpetual lease deed in favour of NBCC for this land. “The approved terms will grant development rights to NBCC in accordance with the Master Plan for Delhi (MPD-2021), permitting sub-leasing and mixed-use development under city zoning,” the company said.