NBCC Resolves Dispute with Delhi Government, Set to Develop Major Real Estate Projects in South Delhi

New Delhi: State-run NBCC (India) has finalized a significant real estate development project in Delhi, spanning 4.5 million sq ft, with a revenue potential of Rs 8,500 crore. This project marks a major milestone in the company's strategic expansion and development initiatives in the capital.

NBCC has reached a settlement with the Delhi government to resolve a long-standing litigation over a 42.46-acre land plot in Sultanpur, South Delhi. The settlement will pave the way for the execution of this ambitious project, addressing the growing demand for high-quality real estate in the region.

As part of the settlement, the 42.46-acre land will be equally divided between NBCC and the Delhi government. The Delhi government will execute a perpetual lease deed in favor of NBCC, granting the company development rights in accordance with the Master Plan for Delhi (MPD-2021). This plan allows for mixed-use development and sub-leasing, aligning with the city's zoning regulations.

NBCC will pay a one-time land premium of Rs 135 crore and an interest of Rs 15 crore to the Land Building Department of the Delhi government to resolve any outstanding dues related to its share of the land. Additionally, NBCC will pay arrears of ground rent at 2.5% per annum from 2006 on the said premium. The total amount for these payments will be approximately Rs 220 crore.

NBCC will also transfer the ground rent and premium received for the land utilized by the National Building Organization (NBO) and the Delhi Metro Rail Corporation (DMRC) until 2025. The company will reimburse Rs 2.82 crore towards the premium paid by DMRC and any premium received from NBO for portions of the land already transferred.

The settlement will be submitted to the High Court of Delhi, and NBCC will file an application for the withdrawal of the Writ Petition (Civil) (WPC) related to the dispute. This move will ensure a smooth and transparent legal process, further solidifying the partnership between NBCC and the Delhi government.

The demand for high-rise condominiums, once predominantly seen in Gurugram and Noida, is now extending to Delhi. Projects like DLF One Midtown, The Leela Sky Villas, Risland Sky Mansion, Kailasa, and Tripundra by TARC, along with The Amaryllis by Unity Group, are setting new standards for luxury vertical living in the region. NBCC's project is expected to contribute significantly to this trend, providing high-quality residential and commercial spaces that meet the needs of modern living.

This development aligns with NBCC's broader strategy to expand its portfolio and enhance its presence in key urban centers. The project in South Delhi is not only a testament to the company's commitment to sustainable and innovative real estate development but also a reflection of its ability to navigate complex legal and regulatory landscapes to achieve its goals.