 In order to create development control norms, the Ministry of Urban Development constituted the 'New Delhi Redevelopment Advisory Committee' (NDRAC) in 1972, when the redevelopment of the areas around the walled city, north of Connaught Place and on Prithviraj Road was taken up.In 2013, it was reported that the market value of the of land in private hands in the LBZ had increased eightfold in the previous ten years, from around Rs 6,100 crores to Rs 49,000 crores.In June 2014, Rajiv Rattan, India bulls co-founder, bought a plot for Rs 220 crore.