West Bengal considers levying betterment fee on commercial plots near infra projects
March 12, 2017

West Bengal government is thinking of announcing a betterment fee on large plots around infrastructure projects being sold for big-ticket commercial projects. Landowners near major roads and flyovers tend to reap hefty profits with the land prices soaring after the announcement of infrastructure projects. The government intends to claim a share of this profit via the direct levy which has been proposed in the draft West Bengal Town and Country (Planning and Development) Amendment Bill, 2017. The… Read More

Redevelopment deals in Kolkata surge by 30% in 3 years
February 27, 2017

Redevelopment deals in Kolkata’s real estate have jumped by about 30 percent in the last three years, even though realty traction remained sluggish over the same period. Industry experts have welcomed this trend as it would likely revive the city’s realty sentiments. Samantak Das, Chief Economist and National Director, Knight Frank, commented that while residents had been holding on to ancestral properties due to emotional reasons, redevelopment is finally picking up in Kolkata. This has… Read More

Land mutation rates hiked in Kolkata
February 21, 2017

West Bengal government has revised land mutation rates in an attempt to augment revenues. The hike varies from 40-100 percent with an additional increment on the basis of land size. While the mutation rates for agricultural land have witnessed the minimum hike, commercial properties have recorded the highest jump in mutation charges. The mutation fee structure has been announced under three broad heads - agricultural land, non-agricultural land, commercial land, and non-commercial land or homestead… Read More

West Bengal state budget includes incentives for timely property registrations
February 13, 2017

While presenting the state budget for 2017-18, West Bengal’s Finance Minister, Amit Mitra announced a 20 percent rebate on registration fees of properties if the buyers get the registrations done within a year of the project completion. This decision is aimed at encouraging timely registration of properties to avoid delaying stamp duty and registration collection that often runs into Rs 4,000 crore a year. This announcement will help property buyers to reduce their acquisition cost.… Read More

Kolkata Port Trust land likely to be leased for township development
February 12, 2017

The Kolkata Port Trust (KoPT) is planning to lease out its land for the development of townships. A proposal for the same has been sent to the Centre for approval. Once the Union Cabinet approves the plan, KoPT will prepare a township policy on the lines of the Mumbai Port Trust and invite bids from developers. The central government’s reply is expected in a month. KoPT intends to lease out about 2,724 acres of prime land in… Read More

Procedural delays may hamper affordable housing vision in Kolkata
February 5, 2017

While the government has given a major boost to affordable housing in its latest budget, Kolkata realtors are sceptical about the effectiveness of the proposed measures. This is primarily on the back of the delays that still hound project approval procedures. Bolstered by the infrastructure status accorded to affordable housing, developers in Kolkata are keen to launch 1-2BHK units in the segment. However, they have expressed concerns about procedural delays that could lead to cost… Read More

Salt Lake in Kolkata to get a facelift
January 14, 2017

As per the Nabadiganta Industrial Township Authority’s (NDITA) development plans, Salt Lake and the areas in its vicinity are set to receive an upgrade. NDITA official data reveals that about 1.5 lakh people commute every day for work to Sector V in Salt Lake. With a residential population of 400, the state's Information Technology (IT) hub needs to spruce up the civic infrastructure, including setting up a Town Hall-like building, a food court, and multilevel… Read More

Biogas buses to be launched soon in Kolkata
January 10, 2017

Kolkata is expected to be the first city in India to have buses running on biogas. As per various sources, 12 such 60-seater non-AC buses will start operating on 12 routes in the city, the first of which will be launched by the end of March 2017. Biogas is produced from animal, plant, and human waste. Principally consisting of methane, bio-gas is a colourless, non-toxic, and flammable gas that can be used as a fuel… Read More

Bidhannagar corporation brings 70,000 properties in its tax net
January 8, 2017

Bidhannagar Municipal Corporation (BMC) intends to bring about 70,000 properties in the corporation area in its tax net. These properties do not have any holding numbers and do not pay any tax even though they avail of all civic services. The decision is aimed at increasing the civic body’s revenue collection. BMC plans to charge a quarterly amount of Rs 250 as service tax from these property owners in order to bring them at par… Read More

Kolkata witnesses boom in warehousing demand
December 21, 2016

Over the last two years, the demand for warehousing space in Kolkata has witnessed tremendous growth. The consumption and manufacturing majors such as Manyavar, Stoppers Stop, Linc, Philips, etc. acquiring about 10 lakh sq ft of land for warehousing has contributed to this growth. The rentals in the segment have also grown from Rs 11-12 per sq ft last year to Rs 15 per sq ft in 2016. Samantak Das, Chief Economist and National Director… Read More

West Bengal toughens stance against air pollution
December 19, 2016

In an attempt to curb pollution in the state, the West Bengal Pollution Control Board (WBPCB) has made it mandatory for construction sites to be covered up. The Board has announced that all construction projects in the state must take conscious steps to control pollution. Residential construction, sewer lines, roads, and other infrastructure projects have also been included in the ambit of the new rule. Non-compliance may lead to penalties as well as cancellation of… Read More

New property tax regime applicable in Kolkata from April 2017
December 18, 2016

After years of deliberation, the Kolkata Municipal Corporation (Amendment) Act, 2016, has finally been passed which paves the way for the new tax regime to be implemented in the city. The new Unit Area Assessment (UAA) method will become applicable from April 2017 and over 6.5 lakh assesses under the Kolkata Municipal Corporation’s (KMC) jurisdiction will switch to the same. The new UAA method involves the division of the city into six categories, A to F,… Read More

New Town Kolkata Development Authority (NKDA) Amendment Bill, 2016, passed
December 12, 2016

Kolkata Assembly has approved the New Town Kolkata Development Authority (NKDA) Amendment Bill, 2016. The NKDA was supposed to collect property tax from New Town residents from 2013. However, the decision was postponed since the authorities wanted to introduce unit area-based property tax similar to Kolkata Municipal Corporation (KMC). To do the same, NKDA will form a committee to determine the base unit area values of vacant buildings/covered spaces of the building, plots etc. keeping… Read More

Korea to develop Kolkata’s New Town as a green city
December 5, 2016

The Housing Infrastructure Development Corporation (HIDCO) will soon be assisted by Koreans to develop Kolkata’s New Town as a green city. A Korean delegation recently visited Kolkata and met HIDCO officers. HIDCO signed a memorandum of understanding (MoU) with Handong Global University, South Korea to have knowledge-based exchange of ideas. The memorandum was signed in the presence of senior West Bengal government officials and bureaucrats from the Korean Embassy. As per the agreement between the… Read More

Kolkata civic body repair dilapidated houses
December 4, 2016

In the wake of rampant building collapses in Kolkata with recent being reported in Pathuriaghata, the Kolkata Municipal Corporation (KMC) has decided to take the matter in its own hands and carry out repairing work of the houses which are in poor conditions or have dilapidated. The move was suggested by Sovan Chatterjee, Mayor during the meeting with the officials of building department after being instructed by Mamta Banerjee, Chief Minister of the state to… Read More

Kolkata’s luxury realty to feel the heat of currency ban
November 12, 2016

Prime Minter Narendra Modi's strike against black money is expected to hit resale and luxury homes market in Kolkata. The annual value of cash deals in these two segments is pegged around Rs 250-300 crore.  The secondary market, which accounts for about 10 percent of the total real estate transactions in the city, is already in distress. The segment witnesses about 20-35 percent of transactions happening in cash. Experts anticipate that it will take some… Read More

West Bengal government takes steps to clean up realty sector
November 12, 2016

The West Bengal government is taking serious steps to make illegal properties on disputed land a thing of the past. The state government will soon make realtors across the state enroll with the West Bengal Real Estate Regulatory Authority (WBRERA) under the central Real Estate Regulation Act, 2016 (RERA) in an attempt to record details of new projects. The information regarding these projects will be made available on the authority's website which will be placed… Read More

Kolkata records subdued office space transactions during Q3: Report
October 28, 2016

According to a recent report by Colliers International, Kolkata failed to witness pickup in office space transactions during the third quarter (Q3) of 2016, with 0.09 million sq ft worth office space being absorbed. Meanwhile, leasing activity remained stable with technology companies taking up a major part at 33 per cent, engineering sector with 25 per cent, and fast-moving consumer goods (FMCG) and pharmaceutical sectors contributing 11 per cent to the transaction volumes. Majority of… Read More

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