Overview
- The 42.46-acre Sultanpur–Ghitorni parcel will be split equally, allotting 21.23 acres to NBCC under the settlement.
- NBCC will pay a Rs 135 crore premium, Rs 15 crore as lump-sum interest, and arrears of ground rent at 2.5% per annum from 2006, taking its total outgo to about Rs 220 crore.
- NBCC will transfer to GNCTD ground rent and premium received up to 2025 for land used by NBO (2.5 acres) and DMRC (12.45 acres) and reimburse Rs 2.82 crore earlier paid by DMRC.
- After full payment, GNCTD will execute a perpetual lease for NBCC’s share with rights aligned to MPD-2021 that permit mixed-use development and sub-leasing.
- The agreement will be placed before the Delhi High Court, and NBCC says it will seek withdrawal of its pending writ petition, while planning a project expected to yield about 4.45 lakh sq m of built-up area and roughly Rs 8,500 crore in revenue.