Kolkata real estate: 60% of stalled projects may get clearance within days
Kolkata real estate projects that were previously stalled for safety revalidation are expected to receive clearance soon. CREDAI officials indicate that 60% of the 600 affected projects will resume construction shortly, providing a boost to the local economy and employment.
Why it matters
The resumption of these projects is critical for the regional economy, as the real estate sector is a major driver of investment and jobs in West Bengal.
Kolkata homebuyers awaiting the resumption of construction on stalled real estate projects could soon get some relief, with over half of projects under scrutiny expected to get approval. Around 60% of nearly 600 projects are expected to receive clearance within days, while most of the remaining projects are likely to get the green signal before August 15, CREDAI West Bengal president Sushil Mohta said.The scrutiny was ordered by the Kolkata Municipal Corporation for projects above four floors following the collapse of a warehouse at Taratala. Construction work on the projects was suspended for revalidation because their approvals had been issued under the previous TMC government.The progress in the review could allow construction activity to restart on a large number of projects.
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