NBCC settles dispute with Delhi government, two execute real estate projects in South Delhi

New Delhi: State-run NBCC (India) will execute one of the biggest real estate project of Delhi spanning across 4.5 million sq ft with a revenue potential of Rs 8,500 crore.

NBCC has reached to a settlement with the Delhi government to resolve the long pending litigation regarding a 42.46 acre land in Sultanpur in Delhi.

ET, in July, this year had reported about the NBCC’s plan for a real estate project in South Delhi.


As per the settlement, the total 42.46-acre land will be equally divided between NBCC and Delhi government.

For this 21.23-acre of land, Delhi government will execute a perpetual lease deed in favour of NBCC. 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.

NBCC will pay a one-time land premium of Rs 135 crore and interest of Rs 15 crore to the Land Building Department, of the Delhi government, to resolve dues relating to its share of the land.

NBCC will also pay arrears of ground rent at 2.5% per annum from 2006 on the said premium. The total amount for the above shall be approximately Rs 220 crore. NBCC shall also transfer the ground rent and premium received by it for land utilized by NBO (2.5 acres) and DMRC (12.45 acres) till 2025. NBCC will reimburse Rs 2.82 crore towards premium paid by DMRC and any premium received from NBO for portions of land already transferred.

The settlement will be submitted before the High Court of Delhi and NBCC will file an application for withdrawal of WPC.

The demand for high-rise condominiums, once seen specifically in Gurugram and Noida, has now transcended to Delhi, with projects like DLF One Midtown, The Leela Sky Villas, Risland Sky Mansion, Kailasa and Tripundra by TARC and The Amaryllis by Unity Group setting standards for luxury vertical living.