Kolkata developers deprived of high rises due to sops policy
Kolkata – The serious issue regarding land and sops policy is highly affecting the West Bengal’s real estate market.
During an inauguration of a three day conclave on Bengal Builds with top city and few pan India developers as invitees, Chief Minister, Mamta Banerjee quoted that the state is in deep debt to offer freebies to developers.
However, the developers feel that there can be a little ray of hope if the state withdraws the urban land ceiling act and addresses the issue land availability specially the process involved in conversion of agricultural land to residential land.
As a past president of Confederation of Real Estate Developers Associations of India (CREDAI) and a city based realtor, Santosh Rungta added issues surrounding height of buildings, availability of land, converting land to residential land, etc. need to be reported for a favorable environment for urban development.
To look after this matter a task force is appointed to submit its report to the Chief Minister within 15-days. This task force comprises of state Urban Development minister, Finance minister and Commerce and Industries minister and representatives from the different city-based chambers of commerce.
West Bengal is among few states to have a legislation like the ULCA which is the major hurdle in developing new townships . According to the Act, the ceiling limit on vacant land in a category ‘A’ city like Kolkata is 7.5 cottah or about 500 square meters. Adi Godrej, Chairman of Godrej Properties was the first person to demand to repeal ULCA.
Commonfloor feels that if the scenario doesn’t changes then surely there will be no growth of real estate developers in West Bengal.
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