West Bengal's Finance Minister, Swapan Dasgupta, recently expressed the state government's commitment to abolishing the longstanding urban land ceiling law, which he described as a significant barrier to development. Speaking at the 24th CREDAI NATCON in Kolkata, Dasgupta highlighted that laws from the 1970s continue to hinder progress in urban development, despite being revoked in other parts of the country. He emphasized that the urban land ceiling must be eliminated to facilitate growth and attract organized real estate developers to the state.
Addressing the challenges facing West Bengal, Dasgupta stated that land-related issues in rural areas must also be rectified as the state seeks to expand its industrial base, including factories, logistics centers, and technology parks. He acknowledged that overcoming these obstacles would require a humane approach and a degree of generosity, but insisted that they are essential for fostering growth. The Minister pointed out the significant opportunities available in Kolkata and West Bengal for redevelopment and modernization, particularly following years of limited investment in housing and urban infrastructure.
In a subsequent media interaction, Dasgupta called for enhanced regulation and greater involvement from organized developers. He underscored the necessity for a structured system that ensures accountability and the enforcement of laws such as the Real Estate (Regulation and Development) Act (RERA). The Finance Minister asserted that organized developers have a crucial role in revitalizing Kolkata's aging housing stock, emphasizing that businesses require a stable environment characterized by peace, law, order, and effective administration, rather than merely financial incentives.
CREDAI Chairman Boman Irani echoed Dasgupta’s sentiments, stressing the importance of redevelopment in Kolkata and the transformative potential of artificial intelligence within the real estate sector. Irani noted that AI is already revolutionizing customer interactions and building design processes, significantly reducing the time required for tasks that previously took weeks. Furthermore, CREDAI President Shekhar Patel reported a positive trend in Kolkata's real estate market, stating that sales in the first half of the year had reached approximately 70% of the previous year's total, suggesting a projected growth of over 20% compared to the prior year. Additionally, CREDAI West Bengal President Sushil Mohta advocated for a more robust township policy and a transferable development rights framework, drawing inspiration from successful models implemented in states like Gujarat and Maharashtra to promote satellite-town development without extensive government land acquisition.
