NBCC chairman-cum-managing director Anoop Mittal has also been made an accused in the case.
Special judge Arvind Kumar granted relief to Kulkarni on a personal bond of Rs 1 lakh and a surety of the same amount.
The court yesterday granted bail to a suspected middleman, Rishabh Agrawal, in the case.
It had on January 5 reserved its order on the bail applications of Kulkarni and Agrawal after hearing arguments from defence advocates and the CBI.
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It alleged in the FIR that the contract to redevelop the prime land at Pragati Maidan was awarded to Shapoorji Pallonji and Company Pvt. Ltd. and Shapoorji Pallonji Qatar WLL for Rs 2,149.93 crore by NBCC.
Mumbai-based Capacite Structures was trying to get that work from Shapoorji Pallonji on sub-contract.
Kulkarni had approached Agrawal, the suspected middleman having good contacts with public servants, for getting the sub-contract in favour of the company, it alleged.
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