NBCC To Develop Rs 8,500 Crore Mixed-Use Project On 21-Acre South Delhi Land After Settlement
NBCC will develop a mixed-use real estate project on 21.23 acres in South Delhi after settling a land dispute with the Delhi government.Summary
State-owned NBCC has reached a settlement with the Delhi government regarding a long-standing dispute over 42.46 acres of land in Ghitorni, South Delhi. As per the agreement, the land will be equally divided between NBCC and the state government, granting NBCC a 21.23-acre parcel. NBCC will pay a total of Rs 220 crore to the Delhi government, including a land premium of Rs 135 crore, interest of Rs 15 crore, and arrears of ground rent. The settlement allows NBCC to develop a mixed-use real estate project on the land, in accordance with Delhi’s Master Plan 2021, with the potential to generate approximately Rs 8,500 crore in revenue through around 4.45 lakh sq metres of built-up area. The terms of the settlement will be submitted to the High Court of Delhi for approval.
(Source：Ndtv Profit)