There you have it Aseem! It is the Agra mixed passenger hauled by an Agra Cantt. WG 8838 arriving at Okhla station. The faint building you see in the background is Oberoi New Delhi Hotel which was built in 1965.
The picture itself is taken from Okhla North Cabin which does not exist anymore.

What are the places that are likely to have quadruple tracks way back in 72? Also, the photo itself seem to be taken from an overbridge. Also, note the faint building in the background towards right. Also there are no MG tracks. Does anybody know if Ashram bridge existed way back in 72? It has to be somewhere along NDLS - NZM - TKD line.

You got it spot on Shirish except for the train. This is 24 Bombay Janata Exp. at Platform No. 2 of New Delhi station which used to depart at 1530 at the time(18 Madras Janata Exp. Dep. was 1030). New Delhi station had only five platforms and only Paharganj side entry/exit. Towards the northeast (Ajmeri Gate/G.B. road) was a goods yard cum parcel office.

The clue is in the background!
Also note that there is a perpective distortion and distances are compressed in the image as it is taken with a telephoto lens.

My guess is New Delhi, overbridge north of stn above tender of loco, Ajmeri gate to the right of the photo.
From the angle of shadows, it may be 18 Up Janata Exp to Madras.
Nice photo!

@Srini - Can't be Vinay Nagar / DSJ for the following reasons. There are no tracks in the DSJ yard that join so sharply from the left (if we're looking North as you suggest). Secondly, the tracks after crossing the Moti Bagh flyover go straight rather than turn right as you can see in the distance. This can also be the Lajpat Nagar triangle between Okhla and NZM.

To me this looks like Delhi Safdarjung (then called Vinay Nagar) with the Chanakyapuri - Moti Bagh ROB in the background. The NRM is located just behind the ROB but I think that the NRM was established later in 1975 or 1977.

Monstorous...

Majestic...

Blast from the past...