West Bengal minister calls for organised real estate sector in Kolkata

PTI, Oct 3, 2026, Kolkata: Alleging that Kolkata's real estate business has been left in the hands of sharks with political connections, West Bengal Finance Minister Swapan Dasgupta on Friday urged organised realtors to set up mega projects in the state.

Addressing a national conference organised by realtors' organisation Credai here, he also called for regulation and accountability from industry players.

The minister emphasised the need for scrapping certain laws, such as the Urban Land (Ceiling and Regulation) Act, 1976, which he termed "impediments to development".

"The real estate business in Kolkata has been a scandal, and I choose that word deliberately because it has been left in the hands of sharks with political connections who have made a fortune by short-changing people," he said.

"We need to get the organised sector into West Bengal and Kolkata so that a degree of order and regulation and accountability can be brought into this, which is why I feel all of you are needed because you represent the organised force. You're not the standalone sharks," Dasgupta said during the event.

The minister said he is welcoming all of those big developers who will build the mega projects which the government has in mind.

On the sidelines of the programme, he said that over the past 20-25 years, the state has seen the landscape of urban areas being "vitiated by people who call themselves promoters or developers, who are basically nothing short of criminals".

There are too many people who have suffered as a result of this, and an organised system is required to bring everything in order.

"We need RERA (Real Estate Regulation and Development Act) to be put into full operation here, which is why the organised sector is welcome. I think their presence will play a very important role in redeveloping Kolkata, which needs a renewal of housing," Dasgupta said.

He assured realtors that the government will create conditions so that they can operate their businesses with responsibility.

The minister said there are certain legislative issues which need modification.

"We have certain laws which date back to the '70s, which the rest of India has abolished, but we, for reasons left unsaid, didn't. One of them is the Urban Land Ceiling Act. It is an impediment and a deterrent to development. It has to go," he said.

He also stated that another issue is the law related to barga land which is agricultural land cultivated by a sharecropper.

"It's not an urban issue; it's a rural issue. But in the coming days, as the state will have more factories, logistical bases, technology parks and others, these laws will come into effect, and are basically impediments to growth," he said.

Dasgupta stressed these issues would have to be overcome with "a measure of humaneness and a degree of generosity".

He said the government may consider diluting Section 14Y provisions of the Land Reforms Act to facilitate setting up of industries. This pertains to the scope of exemption from holding land beyond a ceiling limit.

Dasgupta emphasised that the state must prioritise the interests of the larger community over individual interests.

"Industries which had so far bypassed us are now coming back to at least smell the place to see whether anything is there," he said, hailing the realtors' organisation for choosing Kolkata for its event.

Apparently criticising the 34-year Left Front rule and 15 years of TMC dispensation, Dasgupta claimed that for a very long time, Kolkata used to boast that it had a very rich past, but a very gloomy present.

"Now we can hope that we can at least have a far more buoyant and optimistic future. For nearly 50 years, we unfortunately fell off the map of India. Now we are back. I promise you, we are back, and we will make up," the minister said.

His comment came when the government is expected to come out with an industry policy soon.

Asserting that West Bengal presents the greatest opportunity for investors, he said the state is crying out for modernisation and upgradation.