West Bengal Finance Minister Swapan Dasgupta stated that real estate left to sharks with political links ruined Kolkata’s market. Addressing the CREDAI national conference in Kolkata on Friday, he urged organised realtors to enter the state. Consequently, he called for strict industry regulation, accountability, and major policy reforms.
Minister slams corrupt networks and invites big developers
“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,” Dasgupta said.
Therefore, he invited major national developers to construct large-scale projects across the state. Furthermore, he promised that the government would build a business-friendly environment for responsible players.
| Policy Reform Objective | Key Legislation Affected | State Government Purpose |
| Urban Land Reforms | Urban Land (Ceiling and Regulation) Act, 1976 | Remove bottlenecks to unlock land development |
| Rural & Logistics Development | Barga Land Laws | Facilitate technology parks, factories, and hubs |
| Industry Regulation | Structured Policy Framework | Replace corrupt operators with organised realtors |
Outdated land laws hamper economic growth
Additionally, the finance minister highlighted outdated laws that act as severe impediments to development. Specifically, he targeted the Urban Land Ceiling Act of 1976, which rest of India has already abolished. Meanwhile, he noted that laws governing barga land must also evolve to support factories, technology parks, and logistics hubs.
Thus, the government aims to prioritize community progress over standalone individual interests. Furthermore, Dasgupta noted that industries are finally returning to explore investment potential in West Bengal. Consequently, he assured investors that Kolkata is leaving its past stagnation behind to secure a vibrant, buoyant future.
