The NT parliament passed the Territory Coordinator Bill on Tuesday night, despite strong opposition from leading Indigenous groups and legal experts.
The new law creates an office with the power to override more than 30 laws relevant to projects of "economic significance".
The new laws also allow the Territory Coordinator Minister, a role held by Chief Minister Lia Finocchiaro, to modify or exclude other Territory laws applicable to the same projects.
The 32 laws the Coordinator and Minister can override under the new system include the building, water, environment protection and radiation protection acts.
Last November, the coordinator draft laws were released for public consultation, with 94 per cent of the hundreds of public submissions received being opposed to the proposal.
A second draft was introduced to parliament in February then sent to the parliamentary Legislative Scrutiny Committee, which is effectively controlled by the government.
On Tuesday Deputy Chief Minister Gerard Maley said the government had accepted eight of 25 recommendations made by the committee. However, Traditional Owners warned that the Committee made only "minor" recommendations.
One recommendation rejected was that the appointment of the Coordinator be made only after an endorsement from parliament.
Another rejected recommendation was that compensation for damage to land should be determined by the minister or an independent third-party. Instead, the Coordinator Bill as passed leaves this power with the Coordinator.
All four of the Territory's Land Councils opposed the Bill, as did the Larrakia Nation, Aboriginal Peak Organisations NT, and the Nurrdalinji Aboriginal Corporation.
In a submission to the Legislative Scrutiny Committee, Greg McIntyre SC, a former Law Council of Australia president who represented Eddie Mabo in the landmark native title case, wrote: "This is an extraordinary piece of legislation which gives unprecedented powers to a public servant… It is a very unusual piece of legislation to have before any parliament."
"It has extraordinary powers of allowing this Territory Coordinator to step into the place of existing decision-makers to vary conditions which they previously placed upon approvals," he warned.
Mr Maley claimed the Coordinator would give the NT a "competitive edge to attract investment that would otherwise go interstate".