Kolkata, Feb 8 (PTI) In a move likely to trigger a real estate boom in West Bengal, the state government on Thursday announced its plan to revisit the Urban Land Ceiling Act (ULCA) aimed at attracting large investment including major foreign capital in the sector.
The move may expedite leasehold-to-freehold land conversion and bolster connectivity through strategic infrastructure projects.
Unveiling the 2024-25 budget, Minister of State (independent charge) for Finance Chandrima Bhattacharya announced that the state would “revisit and examine” the applicability of the Urban Land Ceiling Act and Land Ceiling provisions under the West Bengal Land Reforms Act.” West Bengal was among a few states that did not repeal the Act after the Centre did it.
Industry stalwarts hailed the decision.
“These archaic laws were roadblocks to investment. This revision will unlock immense potential for revenue generation, job creation, and attracting foreign investors,” President of CREDAI West Bengal Sushil Mohta said.
Sidharth Pansari, Director of Primarc Group, lauded the government’s “targeted strategy” encompassing land ownership simplification, land ceiling reassessment, and infrastructure development.
“This paves the way for the housing and allied sectors to flourish,” he stated.
Further sweetening the deal, the government extended the conversion of leasehold land to freehold across all departments and areas.
“This is a game-changer for business ease and investor confidence,” said Mohta, highlighting the move’s potential to draw foreign realty majors.
Pansari echoed the sentiment, terming it a “path-breaking step” that would streamline business operations and attract foreign capital. PTI BSM NN
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