Kolkata real estate: 60% of stalled projects may get clearance within days
Kolkata's real estate sector may see a revival soon, as over half of the stalled projects are likely to receive clearance. With approvals anticipated before mid-August, this comes after a thorough review triggered by a warehouse collapse. The government's proactive stance will not only rejuvenate construction activities but also provide a much-needed boost to the workforce in the industry.
Kolkata residents waiting for stalled real estate projects to resume construction could soon see progress, with over half of nearly 600 projects expected to receive approval within days, according to Sushil Mohta, president of CREDAI West Bengal. The Kolkata Municipal Corporation ordered the scrutiny following the collapse of a warehouse at Taratala, which led to construction work being suspended for revalidation.
Around 330 projects have already received approval from the technical committee and await clearance from the high-level committee, Mohta revealed after a CREDAI delegation met with Chief Minister Suvendu Adhikari. The government has made significant progress in reviewing proposals, appreciating time-bound undertakings for minor deviations to allow stalled work to resume while maintaining compliance.
However, around 120 projects have yet to submit required forms, and about two dozen are likely to receive notices over flaws, unlikely to secure clearance. The real estate sector, which attracts around Rs 20,000 crore in annual investment and contributes approximately Rs 7,000 crore to the state's exchequer, could benefit from the government's approach, benefiting the sector's supply chain and the large workforce it supports.
CREDAI Kolkata president Apurva Salarpuria emphasized that the government's approach would help restart construction activity, while Sidhart Pansari, past president of CREDAI Kolkata, highlighted that proposed reforms in industrial policy, land laws, and approval systems would create a stronger investment ecosystem and support long-term urban development in the state.
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