Regime change lifts hopes of Bengal realtors
New Delhi: The new government in West Bengal is expected to trigger a spurt in real estate activity in Kolkata and nearby cities of West
New Delhi: The new government in West Bengal is expected to trigger a spurt in real estate activity in Kolkata and nearby cities of West Bengal, with developers betting on land reforms, including the repeal of the Urban Land (Ceiling and Regulation) Act, 1976, to unlock land for development and attract fresh investments."We have strong expectations from the current government in West Bengal and are encouraged by its focus on development and investment," said Saket Mohta, managing director, Merlin Group. "The real estate sector has the potential to emerge as a major growth engine for the state, and we hope the government will accelerate key reforms and infrastructure initiatives."Bengal finance minister Swapan Dasgupta recently said the state government is in the process of simplifying the land ceiling law to address a long-pending demand from industry.West Bengal has secured investment commitments worth more than ₹28,000 crore in the first two months of the BJP government, with several thousand crore more in the pipeline."The new government is working on land reforms that will help boost demand for real estate," said Sidharth Pansari, director at Primarc Group.
"New urban areas have not grown in Kolkata, unlike in other metro cities, which has restricted growth. The government is focusing on industrial growth, which would mean more jobs and demand for housing. We expect the sector to grow as, after decades, we have the same government at the Centre and in the state."Enhanced connectivity across Kolkata
is fostering the emergence of new residential and commercial corridors, unlocking fresh investment opportunities and reshaping the urban landscape. The sector is likely to get further momentum if accompanied by swifter government approvals and efforts to improve the ease of doing business."Real estate has flourished in an environment of economic confidence," said Harshavardhan Neotia, chairman, Ambuja Neotia
Group. "People invest in homes, workplaces and businesses when they see a state moving forward with a clear vision and opportunities for growth."Developers highlight that West Bengal has significant inherent strengths, and with sustained policy support, efficient execution and constructive public-private collaboration, it is well positioned to unlock its full potential as a leading growth engine for Eastern India.
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