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Delhi Land Deal: NBCC to Earn ₹8,500 Crore
27 Dec
Summary
- NBCC will develop a mixed-use project on 21.23 acres in Ghitorni.
- The company anticipates a revenue of ₹8,500 crore from the development.
- A settlement with the Delhi government resolves a long-standing land dispute.
State-owned NBCC has reached a settlement with the Delhi government concerning a 42.46-acre land parcel in Ghitorni village. As a result, NBCC will receive 21.23 acres of this prime South Delhi land, resolving years of litigation. The company is poised to develop a mixed-use real estate project on this site, which is projected to yield a revenue of approximately ₹8,500 crore.
The agreement requires NBCC to pay a total of ₹220 crore to the Delhi government, including a one-time land premium, interest, and arrears of ground rent. The settlement terms allow NBCC development rights in accordance with the Master Plan for Delhi (MPD-2021), permitting mixed-use construction under city zoning regulations.
The development on NBCC's allotted land is expected to create a built-up area of around 4.45 lakh square meters. This major real estate venture signifies a significant step for NBCC in monetizing its land assets and contributing to urban development in Delhi.
