NBCC to Develop ₹8,500 Crore Real Estate Project in South Delhi

State-owned NBCC has settled a land dispute with the Delhi government and will develop a mixed-use real estate project on a 21.23-acre site in south Delhi. The project, generating around ₹8,500 crore revenue, involves a ₹220 crore payment to the Delhi government and the execution of a perpetual lease deed.

On Friday, state-owned NBCC announced its acquisition of a 21.23-acre land parcel in south Delhi, resolved through a settlement with the Delhi government. The company plans to develop a mixed-use real estate project on this site, with an estimated revenue of ₹8,500 crore.

NBCC will need to make a ₹220 crore payment, comprising a one-time land premium, interest, and ground rent arrears, to the Delhi government. The land dispute settlement involves equal distribution of a 42.46-acre parcel between NBCC and the state government, with the latter executing a perpetual lease deed in NBCC's favor.

The recent legal settlement allows NBCC to proceed with development rights per the Master Plan for Delhi 2021. The expected built-up area is 4.45 lakh square meters. The project marks a significant real estate venture resolving years of litigation in the Ghitorni region.