Neelotpal tied for the first place with four other GMs gleaning seven points in the nine-round tourney that ended at Spain's San Sebastian yesterday to become the country's 14th GM.
England's GM Stuart Conquest was ultimately declared champion because of his better tie-break score.
Neelotpal had got both his earlier norms in Spain last year at the Sort International Open and Benasque International Open.
As Neelotpal already has an ELO rating of 2500, he becomes a GM with immediate effect, an Alekhine Chess Club release said here.
The title will be confirmed at the Fide conference in May, before the Chess Olympiad, at Turin, Italy.
The 23-year-old player learnt his initial moves at the Alekhine Chess Club and then graduated to the Goordicke National Academy. He is now employed with the ONGC.