West Bengal Grants Exemption for Land Ceiling Gap to Realty Projects
Real estate projects in West Bengal can breathe in relief as the state government took a liberal stand. The West Bengal government is granting exemption under section 14Y of the West Bengal Land Reforms Act so as to boost realty-related investments. This release will allow township projects to acquire more land than the previous limit of 24 acres.
The state assembly had cleared the West Bengal Land Reforms (Amendment) Bill 2014, and now the current liberation will appeal to projects like logistics hub, township, terminal hub or transportation. Earlier, suggestions from relevant ministries were sought by the government to amend the Section 14Y of the West Ben gal Land and Land Reforms Act, 1955.
According to this Act, exemptions for land ceilings can be granted to certain categories in the industry. Modern ventures like information technology did not get roped into the amendment as only mills, tea gardens, factories, breeding firms and workshops were entitled to the exemption before the amendment was passed.
Furthermore, with the amendment in place, developers would get an added time of five years in total for the completion of the project instead of the three years granted earlier. Partha Chatterjee, West Bengal education minister, feels this as a pro-industry move, through which industrial plans and projects would benefit greatly.
However, the move was me with a brick wall from the opposition. According to CPI(M) leader Surjya Kant Mishra, the government is aiming for the promotion of real estate business in the state so as to mask its failure in bringing industry in the state.
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