The West Bengal government's plan to re-evaluate the Urban Land Ceiling Act (ULCA) signals a significant shift with potential to rejuvenate the real estate market. Minister Chandrima Bhattacharya's announcement during the fiscal year 2024-25 Budget presentation reflects a strategic intent to scrutinize existing land regulations, aiming to attract substantial investments, including foreign capital. Industry leaders applaud the decision, foreseeing it as a crucial move to eliminate investment hurdles and unlock vast revenue and job creation opportunities. The proposed revisions, coupled with initiatives to simplify land ownership and enhance infrastructure, promise to enhance business ease and instil investor confidence, ultimately fostering growth in the housing and related sectors.
In a significant move that has the potential to ignite a surge in the real estate market in West Bengal, the state government has unveiled plans to reevaluate the Urban Land Ceiling Act (ULCA). The plan aims to entice substantial investments into the sector, including significant foreign capital. The anticipated revision could facilitate the expedited conversion of leasehold properties to freehold status and improve connectivity through strategic infrastructure initiatives.
West Bengal stood out as one of the few states that retained the Land Ceiling Act even after its repeal by the Central Government. Presenting the Budget for the fiscal year 2024-25, Minister of State (Independent Charge) for Finance, Chandrima Bhattacharya, declared the state's intention to revisit and scrutinize the applicability of both the Urban Land Ceiling Act and the Land Ceiling provisions within the West Bengal Land Reforms Act.
The decision received praise from industry leaders, who regarded the move as a pivotal step towards eliminating obstacles to investment. Sushil Mohta, President of CREDAI West Bengal, hailed the decision, stating that these outdated laws had hindered investment. The revision will unlock tremendous potential for revenue generation, job creation, and the attraction of foreign investors.
Similarly, Sidharth Pansari, Director of Primarc Group, commended the government's "focused strategy", which encompasses simplification of land ownership, reassessment of land ceiling regulations, and infrastructure enhancement. Pansari emphasized that these measures would pave the way for growth in the housing and allied sectors.
In a further bid to incentivize investment, the government announced the extension of the conversion of leasehold land to freehold status across all departments and regions. All these initiatives aim at improving business ease and bolstering investor confidence, remarked Mohta, underscoring its potential to lure major foreign real estate players.
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