Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
Around 60 per cent of nearly 600 real estate projects under scrutiny in Kolkata are expected to receive clearance within days, while most of the remaining projects could get approval before the August 15 deadline. The scrutiny was introduced by the Kolkata Municipal Corporation for projects above four floors after the collapse of a warehouse at Taratala. Construction at the affected projects had been suspended for revalidation of approvals issued under the previous TMC government. CREDAI West Bengal said the review process has made progress, while projects with incomplete submissions or serious deviations may remain stalled.
Around 60 per cent of nearly 600 real estate projects under scrutiny in Kolkata are expected to receive clearance within days, with most of the remaining projects likely to get approval before the August 15 deadline, according to CREDAI West Bengal president Sushil Mohta.
The scrutiny was made mandatory by the Kolkata Municipal Corporation (KMC) for real estate projects above four floors following the collapse of a warehouse at Taratala. Construction activity at the affected projects was subsequently suspended as approvals issued under the previous Trinamool Congress (TMC) government were taken up for revalidation.
Of the nearly 600 projects under review, around 330, or about 60 per cent, have already received the go-ahead from the technical committee. These projects are now awaiting clearance from the high-level committee before construction activity can resume.
Mohta said the state government had made considerable progress in reviewing the proposals within a short period. He also welcomed the consideration of time-bound undertakings for minor deviations, which could allow construction work to restart while developers complete the required compliance.
The review, however, is not expected to result in clearance for all projects. Sources said around 120 projects have not submitted the required forms and, therefore, remain outside the approval process. Around two dozen projects are also likely to receive notices over identified flaws and may not receive clearance. The civic body has not issued an official comment on these figures.
The scrutiny process had created uncertainty for several projects as construction activity remained suspended pending verification of earlier approvals. The latest progress in clearances is therefore expected to provide some relief to projects that have completed the required technical review and are awaiting the final approval.
The real estate sector is an important contributor to West Bengal's economy. CREDAI said the sector attracts around INR 20,000 crore in annual investment and contributes approximately INR 7,000 crore to the state exchequer. It is also the second-largest employment generator in the state after agriculture, supporting nearly 50 lakh livelihoods.
CREDAI Kolkata president Apurva Salarpuria said the government's approach to clearing eligible projects would help restart construction activity. Resumption of work is also expected to support the wider construction supply chain, including contractors, material suppliers and workers dependent on ongoing projects.
Sidhart Pansari, past president of CREDAI Kolkata, said proposed changes in industrial policy, land laws and approval systems could help strengthen the state's investment environment. He added that reforms in these areas would also support long-term urban development.
With the August 15 deadline approaching, the focus is now on completing the scrutiny and approval process for projects that have met the required conditions. Projects that have not submitted the necessary documents or have serious compliance issues are likely to remain outside the clearance process.
Source PTI
Advertisement
Facebook
Whatsapp
