Joint sector real estate ventures to close in West Bengal
The West Bengal Government is planning to exit the joint sector real estate ventures or special purpose vehicles that it had once set up. According to Alapan Bandhopadhyay, Principal Secretary, State Housing and Transport Department, these joint ventures will not be the mainstay of the housing department.
The joint sectors that they have set up are now getting closed. They were entered to create the cross subsidy component; which has now come under a cloud as stated by Alapan Bandhodhyay during a seminar organised by the National Association of Realtors (NAR).
Bandhopadhyay, however, neither clarified by when these joint ventures would be closed. He also did not take any specific queries on the matter. According to sources, the Government has already engaged a professional firm to review the operations of these joint venture companies. The matter could not be independently verified.
It has still not been quite clear as by when the joint ventures will be closing but this once set up plan by the West Bengal Government might take some time till it stops operating. The matter has also not been made very clear to individuals.
Source: The Hindu Business Line
Alapan Bandhodhyay, joint venture companies, Kolkata, National Association of Realtors, State Housing and Transport Department
