Kolkata’s new property tax system finds few takers
May 29, 2017

The new property tax computation system, Unit Area Assessment (UAA), announced in Kolkata appears to have few takers. Out of the 7.5 lakh taxpayers in the city, less than 5,000 have signed up for the new regime which is scheduled for a May 31 rollout. The reasons vary from technical incompetency to lack of unawareness among the public. Citizens complain that the faulty online application is creating issues in filling up forms. Further, the system appears… Read More

West Bengal to allow residents to purchase government housing units
May 27, 2017

In a surprising move, West Bengal government has announced that the present and former government employees staying in government housing estates can now purchase the flats. This offer is also being extended to those illegally residing in government-owned buildings as the state does not want to evict them. The rate of purchase is yet to be fixed by the state. Once the government decides the purchase value, the occupants will have to pay the amount… Read More

Kolkata to have country’s first underwater metro tunnel
April 21, 2017

The underwater tunnel, for the Phase II of East-West Metro Project in Kolkata, will be built below the Ganga river bed and is going to be the first of its kind in the country as building a tunnel under the river had never taken place in India before. Afcons-Transtonnelstroy, the agency to build the tunnel between Howrah Maidan and the upcoming Mahakaran metro station has already started the construction work on the tunnel, which will… Read More

Kolkata to invest Rs 1,650 crore for port development
April 8, 2017

Competing with Orissa’s Dhamra Port which recently started inaugurated its container terminal, the Kolkata Port Trust (KoPT) is planning to invest Rs 1,650 crore for port development in the state. The authority is worried that Dhrama Port may claim business from the state’s ports and is taking steps to avoid such a situation from arising. Haldia port is set to see investments worth Rs 1,650 crore to construct additional berths outside the lock gates over… Read More

Townships at Rajarhat, Amtala in West Bengal get one step closer to execution
April 1, 2017

The West Bengal government recently granted the provisional permission to two private players to develop township projects in the state. These ambitious projects will be executed in Rajarhat and in Amtala. While the project near Amtala requires almost 233 acres of land, the Rajarhat township will cover 80.29 acres. The state government has asked the Housing and Urban Development Corporation Ltd (HIDCO) to issue provisional certificate to Forum Properties, which has been selected to develop… Read More

Kolkata witnesses a revival in office space demand
March 31, 2017

Industry experts state that the office space market in Kolkata appears to be moving towards a demand-driven scenario. The city is witnessing a rise in office space demand on the back of the stable government and ample investment opportunities. Stable supply of quality space has also contributed to the rise in demand. The year 2016 recorded a supply of 4.7 million sq ft of office space in the city with hardly any new launches in… Read More

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

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