Most of real estate boom in state from low-cost housing: Mitra

Kolkata: Reiterating that the real estate sector has witnessed a boom since the Mamata Banerjee government assumed office in 2011, state Finance and Industry minister Amit Mitra said on Thursday that out of 1,75,000 residential units, 60 to 70 percent share has been in the area of low-cost affordable housing. The total investment estimate is to the tune of Rs 40,000 crore since 2011.

"Affordable housing in real estate sector has always been a challenge. But since 2011, after our government assumed office, we have launched 1,06,000 units and 60 to 70 percent of it has been low-cost housing. The total employment that has been generated is over 40 lakh," Mitra said at an event, where CREDAI Bengal, in association with its knowledge partner CBRE, released a joint report titled 'West Bengal: A beacon of growth in the East' at Statecon 2019 in Kolkata.

He maintained that the real estate sector has been the second largest employment generator in the country.

The total residential units launched till date since December 31, 2018 is 1,06,000 in number, while that for commercial units is 2,510. Sukhobristi, a major housing scheme at New Town that was stuck for over five years during the Left Front regime, was cleared by the Mamata Banerjee government and 10,000 units have already been delivered.

Meanwhile, CREDAI expressed their gratitude to Mitra for prompt action to clear out IGR inconsistencies in a real estate project in North Bengal. Mitra initiated a meeting with the government, the developer and stakeholders to sort out the logjam in a short time.

Chandrima Bhattacharya, who holds independent charge of the state Housing department, said that since the Housing Industry Regulation Authority (HIRA) came into effect from June 1, 2018 and online registration started from August 1, 2018, the fees that have gone to the state exchequer has been over Rs 9.89 crore.

310 units have been registered and the number of real estate agents who have come under the aegis of HIRA is 194.

Anshuman Magazine, chairman and CEO, India, South East Asia, Middle East and Africa, CBRE, said: "The state's large talent pool, transparent governance processes and much-improved social and physical infrastructure have made its position stronger as a veritable business hub."