Latest News | Real Estate in Bengal in Good Health, STATECON to Showcase Investment Opportunities: CREDAI

Kolkata, Sep 1 (PTI) The real estate sector in West Bengal is in good shape, with no major projects currently stalled mid-way, Credai West Bengal President Sushil Mohta said on Friday.

Mohta announced that STATECON 2023, a real estate event, will be held on September 4 in Kolkata with the presence of Chief Minister Mamata Banerjee. The event aims to showcase the real estate opportunities in the state to top realty companies from across the country.

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"The state's real estate sector is expected to grow at a faster pace in the coming years due to factors such as increasing urbanization, rising disposable income, and government support," Mohta said, reacting to the Amitabh Kant Committee report.

The Amitabh Kant Committee, formed by the Centre, recently recommended a series of concessions and exemptions for builders on stalled projects across the country.

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Mohta announced that STATECON 2023, a real estate event, will be held on September 4 in Kolkata with the presence of Chief Minister Mamata Banerjee.

The event aims to showcase the real estate opportunities in the state to top realty companies from across the country.

Real estate contributes about 10 per cent to the state's GDP.

Mohta said that the state government has taken several initiatives to promote the real estate sector, such as providing incentives to developers and streamlining approval processes.

This year's STATECON 2023 theme is 'Showcasing Real Estate & Urbanization as Drivers of Economic Growth and Employment.'

The event will witness the participation of domain experts, thought leaders, industry stalwarts, as well as key government officials, who will deliberate and discuss upcoming opportunities and challenges in the real estate sector.

Sidharth Pansari, a CREDAI functionary, said, "It is expected that the rate of urbanization in Bengal will increase to 42 per cent in the state from the current 36 per cent over the next few years, resulting in the addition of almost 8 million people to urban West Bengal in this period."

"Bengal promises to be Eastern India's gateway. Its population is predicted to touch 103 million by 2036, with an increase of 15 million people in urban areas. The urbanization rate in West Bengal is higher than that of the country," Mohta added.

The 2023 event is expected to attract over 1,000 participants nationwide.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)