Most Kolkata realty projects likely to get clearance by August 15

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 are likely to get the green signal before the August 15 deadline, CREDAI West Bengal president Sushil Mohta said on Thursday.

CREDAI is the apex body of private Real Estate developers in India.

The Kolkata Municipal Corporation made scrutiny mandatory for projects above four floors following the collapse of a warehouse at Taratala. Construction work at all such projects was subsequently suspended for revalidation as the approvals had been granted under the previous TMC government.

Of the nearly 600 projects under scrutiny, about 330, or 60 per cent, have received the go-ahead from the technical committee and are now awaiting clearance from the high-level committee, Mohta said after a CREDAI delegation met Chief Minister Suvendu Adhikari.

Mohta said the government has made “significant progress in a short time” in reviewing the proposals. He also appreciated the consideration of time-bound undertakings for minor deviations, which would allow stalled construction work to resume while ensuring compliance.

Sources said around 120 projects have not submitted the required forms, while about two dozen projects are likely to receive notices over flaws and are unlikely to secure clearance. However, there are no official comments from the civic body.

The real estate sector in the state attracts around Rs 20,000 crore in annual investment and contributes approximately Rs 7,000 crore to the exchequer. It is also the second-largest employment generator after agriculture, supporting nearly 50 lakh livelihoods, CREDAI said.

CREDAI Kolkata president Apurva Salarpuria said the government’s approach would help restart construction activity, benefiting the sector’s supply chain and the large workforce dependent on it.

Sidhart Pansari, past president of CREDAI Kolkata, said the proposed reforms in industrial policy, land laws and approval systems would help create a stronger investment ecosystem and support long-term urban development in the state.