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State-owned NBCC has reached a settlement with the Delhi government to resolve a long-pending land dispute, under which it will receive a 21.23-acre land parcel in Ghitorni, south Delhi. The land forms part of a larger 42.46-acre site that will be equally divided between NBCC and the state government. NBCC plans to develop a mixed-use real estate project on its share, with estimated revenue of around INR 8,500 crore. As part of the settlement, the company will pay a total of INR 220 crore to the Delhi government, including land premium, interest and arrears of ground rent. The settlement is to be submitted before the Delhi High Court.
State-owned NBCC has secured a 21.23-acre land parcel in Ghitorni, south Delhi, following a settlement with the Delhi government to resolve a long-standing legal dispute over a 42.46-acre site. The agreement was disclosed earlier this week through a regulatory filing by the company. Advertisement
Under the settlement terms, the total land parcel in Sultanpur and Ghitorni village will be divided equally between NBCC and the Government of the National Capital Territory of Delhi. The state government will execute a perpetual lease deed in favour of NBCC for its share of the land.
NBCC stated that the approved terms grant the company development rights in line with the Master Plan for Delhi 2021, allowing for sub-leasing and mixed-use development in accordance with city zoning regulations. The company plans to develop the land as a mixed-use real estate project.
Separately, NBCC said the resolution brings an end to years of litigation and administrative disputes related to the property. The development on the allotted land is expected to result in a built-up area of around 4.45 lakh square metres, with estimated revenue generation of approximately INR 8,500 crore.
As part of the settlement, NBCC will pay a one-time land premium of INR 135 crore and a lump-sum interest amount of INR 15 crore to the Delhi government's land and building department. In addition, the company will pay arrears of ground rent at 2.5 per cent per annum on the premium from 2006. The total financial outgo for NBCC under the settlement amounts to INR 220 crore.
The settlement is to be placed before the Delhi High Court, following which NBCC will file an application to withdraw the related writ petition. NBCC is engaged in project management consultancy and real estate development activities across the country.
Source - PTI
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