New Delhi: State-owned NBCC (India) Limited will develop a 21.23-acre prime land parcel in Ghitorni, South Delhi, following a settlement with the Government of NCT of Delhi (GNCTD) that brings an end to a long-pending legal and administrative dispute over land in Sultanpur–Ghitorni village.
The settlement, covering a total land area of 42.46 acres, was finalised through a resolution issued after a meeting chaired by the Lieutenant Governor of Delhi.
Under the agreement, the land will be divided equally between NBCC and GNCTD, giving NBCC development rights over 21.23 acres.
As part of the settlement, NBCC will pay a one-time land premium of Rs 135 crore and a lump-sum interest of Rs 15 crore to the Land and Building Department, GNCTD. In addition, the company will pay arrears of ground rent at 2.5 per cent per annum from 2006 on the said premium, taking the total payout to around Rs 220 crore.
NBCC will also transfer to GNCTD the ground rent and premium received for land used by the National Buildings Organisation (2.5 acres) and the Delhi Metro Rail Corporation (12.45 acres) till 2025, and reimburse Rs 2.82 crore towards premium paid by DMRC.
After full payment, GNCTD will execute a perpetual lease deed in favour of NBCC. The company will be allowed mixed-use development and sub-leasing in line with MPD-2021.
The project is expected to yield about 4.45 lakh sq m of built-up area and generate revenue of around Rs 8,500 crore.