ULC Act A Deterrent in WB Progress

Real estate industry has sought scrapping of the Urban Land (Ceiling and Regulation) Act, 1976, in West Bengal and also urged the state government to adopt ‘China plus one policy’ in the state for attracting Indian as well as trans-national companies. As per the Act, no one can hold more than 7.5 cottah in urban area in the state. It has emphasised that to send a good message to investors, particularly attract domestic and foreign investment in townships, logistics, commercial and residential real estate, scrapping the urban land ceiling act as a first preference, alternatively, bringing the enabling clause in Urban Land Ceiling Act, whereby the development becomes faster without any bureaucratic hurdle or a backdoor method. Currently, the developers are making multiple hundreds of companies etc, which is cumbersome and not investor-friendly. They have also urged for rationalization of circle rates specially for land and quick approval process. “We are looking at non fiscal measures from the Government in the form of quicker approval process....automatic extension of all approvals in line with extension granted by WBHIRA....relook at Urban Land Ceiling Act to make it development friendly and rationalisation of circle rates,” said Nandu Belani, President, CREDAI Bengal.