Realtors in West Bengal welcomed the BJP's call to revoke the Urban Land Ceiling (ULC) Act, a move expected to attract significant investments and streamline land aggregation for industries, thus boosting state revenues and improving housing affordability. This position differs from the current government's approach.
In a landmark move, West Bengal's real estate sector has lauded the BJP's advocacy for repealing the Urban Land Ceiling (ULC) Act, which could potentially transform the state's industrial and commercial landscape. This legislative change is seen as vital for attracting substantial investments and facilitating large-scale land aggregation, pivotal for modern infrastructure growth.
Nitesh Kumar, MD and CEO of Emami Realty, stated that the repeal could unlock investments worth Rs 20,000 crore, enhancing state revenues through increased GST collections and bolstering housing affordability. The industry considers the BJP's proposal as a game-changer, promising a more robust economy through improved land utilization methods.
Samik Bhattacharya, BJP state president, highlighted the urgent need for government intervention to create viable land banks. This vision starkly contrasts with Mamata Banerjee's stance on direct land procurement by industries. Supporting the BJP's move, industry leaders argue that the outdated ULC framework hinders urban progression, calling for streamlined land assembly and simpler approval processes.
(With inputs from agencies.)