Real estate industry has sought scrapping of the Urban Land (Ceiling and Regulation) Act, 1976, in West Bengal and also urged the state government to adopt ‘China plus one policy’ in the state for attracting Indian as well as trans-national companies.
Credai-West Bengal, the apex real estate body in the state along with Credai Bengal, are writing to state government for a series of policy interventions to boost the real estate and the economy.
In a webinar on Saturday with leading real estate players and chamber representatives, state finance minister Amit Mitra had told Bengal Inc that it is not possible for the state to give fiscal stimulus but for policy intervention, he asked them to forward a proposal.
In the letter, real estate bodies pointed out that some policy intervention and reforms are needed to create a positive perception in a demonstrative way.
It has emphasised that to send a good message to investors, particularly attract domestic and foreign investment in townships, logistics, commercial and residential real estate, scrapping the urban land ceiling act as a first preference, alternatively, bringing the enabling clause in Urban Land Ceiling Act, whereby the development becomes faster without any bureaucratic hurdle or a backdoor method.
As per the Act, no one can hold more than 7.5 cottah in urban area in the state.
Currently, the developers are presently using, by making multiple hundreds of companies etc, which is cumbersome and not investor-friendly.
The president of Credai West Bengal, Sushil Mohta, pointed out that this is the right time to demonstrate some visible change in policy and practice to attract companies that are shifting base from China.
According to him, all over the world a new policy is being adopted that is ‘China Plus One Policy’. Major companies in the US, Germany and Japan are either relocating from China or developing additional manufacturing facilities in other countries.
“The West Bengal government must come out with positive image by bringing needful reforms and engage with those companies and offer them West Bengal as an attractive destination for setting up the industries,” he added.
The letter has also urged for rationalization of circle rates specially for land and quick approval process. “We are looking at non fiscal measures from the Government in the form of quicker approval process….automatic extension of all approvals in line with extension granted by WBHIRA….relook at Urban Land Ceiling Act to make it development friendly and rationalisation of circle rates,” added Nandu Belani, president, Credai Bengal.
