West Bengal has taken a key decision to give more push to the real estate boom. It announced plans to review the Urban Land Ceiling Act (ULCA). It explained that this decision has been taken to attract large investments including foreign ones, in the real estate sector. The state’s finance minister, Chandrima Bhattacharya, announced this in regard to the 2024–25 budget. As a result of this decision, land conversion from leasehold to freehold will be accelerated, and connectivity will be enhanced through strategic infrastructure projects. West Bengal is one of the few states that did not repeal the law after the Centre made it. In this context, the real estate world leaders are happy with the decision to review the law. The old laws act as a hindrance to investments, and reviewing them will create more space for investments and new employment, stated Credai West Bengal President Sushil Mehta.
