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Mamata Banerjee, the Chief Minister of West Bengal, has extended an invitation to the Confederation of Real Estate Developers' Associations of India (CREDAI) to capitalize on the state's new land policy and increase their investments within the region. The Chief Minister highlighted that the state government has shifted its land policy's primary focus from leasehold to freehold, aiming to facilitate and expedite property development.
Alongside the implementation of the freehold policy, she suggested that the government was working on streamlining and expediting the clearance process. Banerjee also informed CREDAI that the state possesses a significant land bank, offering opportunities for their involvement in projects related to logistics clusters and manufacturing clusters. She encouraged the real estate body to consider developing housing options for the economically weaker sections of society.
Moreover, Chief Minister Banerjee voiced her concern over unscrupulous developers who fail to deliver on their promises after accepting advance payments from homebuyers. She urged CREDAI to take action against such developers and even suggested the possibility of blacklisting them.
On the same day, Chief Minister Banerjee unveiled a report jointly prepared by CREDAI and Liases Foras, shedding light on key urbanization trends and housing demand projections in India, with a particular focus on West Bengal.
According to the report, India's urban population stood at 31% in 2011, and this figure is expected to climb to 39% by the end of 2036. Notably, West Bengal is anticipated to experience even more rapid urbanization. In 2011, 32% of the state's population resided in urban areas, and this proportion is projected to reach 42% by 2036.
Over the period from 2011 to 2036, it is estimated that there will be a net increase of 15 million individuals living in urban regions. This demographic shift necessitates a substantial increase in housing supply. The report indicates that by 2036, Bengal will require an additional 3.5 million housing units due to population growth, while India as a whole will need a staggering 64 million new housing units.
This collaboration between the state government, CREDAI, and Liases Foras underscores the recognition of the critical role the real estate sector plays in addressing the evolving housing needs of West Bengal's expanding urban population. It also serves as a testament to the government's commitment to creating an environment conducive to real estate investment and development while ensuring housing accessibility for all segments of society.
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