Delhi Government, NBCC Reach Settlement Over 42.46 Acres of Ghitorni Land

A long-pending dispute over 42.46 acres of land in Sultanpur/Ghitorni village has been resolved through an agreement between NBCC (India) Limited and the Delhi Government. The decision was taken in a meeting chaired by Delhi Lieutenant Governor Vinay Kumar Saxena.

Equal Division Between NBCC and Delhi Government
Under the terms of the settlement, the 42.46-acre land parcel will be divided equally between NBCC and the Delhi Government, giving NBCC 21.23 acres for development. NBCC will be required to make pending payments related to its share before proceeding with development.

Payment Details
NBCC will pay the Land and Building Department a total of ₹150 crore, comprising a one-time land premium of ₹135 crore and ₹15 crore as lump-sum interest. Additionally, the land premium will include arrears of land rent at 2.5% per annum from 2006, bringing the total payment to ₹220 crore across all dues.

Development and Master Plan Compliance
Upon completion of the payments, the Delhi Government will transfer 21.23 acres of land to NBCC. The company will then be allowed to undertake development as per the Master Plan-2021, with provisions for mixed land-use development in accordance with city zoning regulations.

Projected Revenue
The development is expected to generate approximately ₹8,500 crore in revenue for NBCC. The company will also submit an application to the High Court to withdraw its pending petition, following notification of the settlement.