Real estate industry in West Bengal is keenly awaiting the release of the proposed urbanisation policy in the state.
The industry hopes that the upcoming urbanization policy would solve the problems surrounding land issues in West Bengal.
It may be noted that real estate developers are not satisfied with the new land policy for government-owned land announced by the state government recently.
According to the policy, land parcels will be allotted for commercial use through auction route, against the earlier mode of a tendering process. Under the policy, land for housing meant for (low income group) LIG, poor or economically weaker sections (EWS) have been kept be exempt from auction.
But realtors feel that the auction route for land allocation may not help solve the acute land shortage for new development.
In its recommendation to a task force in charge of formulating a new urbanization policy for the state, the realtors have demanded waiver of urban land ceiling Act, in case of housing projects reserve 25 per cent of housing units for LIG.
While on one hand, government is unlikely to unlock much of the land for real estate development due to the limited size of state land bank, on the other hand the auction pricing might increase land prices, say developers.
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