60% Of Nearly 600 Realty Projects Under Scrutiny In Kolkata Likely To Get Clearance Soon: CREDAI

Around 60% of the nearly 600 real estate projects under scrutiny in the city are expected to receive clearance within days, with most of the remaining projects likely to get the green signal before an 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 scrutiny of projects was made mandatory for projects above four floors by the Kolkata Municipal Corporation following the collapse of a warehouse at Taratala. Following this, construction work at all projects was suspended for revalidation as these approvals were under the previous TMC government.

Of the nearly 600 projects, about 330, or 60%, 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, and appreciated the consideration of time-bound undertakings for minor deviations to allow stalled work to resume while ensuring compliance.

Sources pointed out that around 120 projects have not submited 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 ₹20,000 crore in annual investment and contributes approximately ₹7,000 crore to the exchequer, besides being 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.