Parsvnath Rail Land Project Private Ltd (PRLPPL), a special purpose vehicle (SPV) created to develop this project, has gone into the arbitration process to settle the issue.
Parsvnath through an auction had bought this piece of land located at Sarai Rohilla-Kishanganj in the national capital from RLDA in 2010 for Rs 1,651 crore.
The company has already paid about Rs 1,200 crore against the purchase of this land parcel, sources said.
According to sources, the dispute with RLDA is due to some issues over a land title.
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In May 2013, a development agreement was executed between RLDA and Parsvnath Rail Land Project, the SPV that was also incorporated to implement the project.
Parsvnath had also appointed Callison LLC of USA as architect for the project in co-ordination with architect Sikka & Associates.
The company had reported a consolidated net loss of Rs 8.87 crore for the quarter ended December.
Delhi-based Parsvnath Developers has till date completed 57 projects, measuring 25.94 million sq ft of developed area.
The company, at present, is working on 48 projects covering 68.40 million sq ft. It has a large land bank, which stands at 141.26 million sq ft.