Godrej for scrapping Urban Land Ceiling Act in Bengal

Godrej Properties, part of Godrej Group, expressed its keenness in undertaking more real estate investments in West Bengal, especially in residential projects.

"Already four projects are going on and talks for three to four projects are currently on," Group Chairman Adi Godrej said during an informal chat with media.

Expressing reservation on the Urban Land Ceiling Act in West Bengal, Godrej said, “Many states have done away with this outdated legislation. It is not a good to continue with this Act."

While expressing the group’s intention to increase its presence in residential sector in Kolkata to meet the demand, he said, "There is more demand for residential property in Kolkata. As economic activity and the IT scene (in Bengal) improve, we might go in for commercial projects too.

Officials from the company said two new residential projects are likely to take shape in the coming days. Godrej Properties has four ongoing projects in Kolkata and outskirts.