Tag: Kolkata

IndustryLatest Stories

Mahindra Logistics Secures 4.75 Lakh Sq Ft Warehouse in Kolkata

Mahindra Logistics Ltd, part of the Mahindra Group’s logistics and supply chain services, has secured over 4.75 lakh sq ft of warehousing space in Howrah district, near Kolkata, through a long-term lease. This transaction is one of the largest logistics leases in eastern India in recent years. The new lease agreement is for a warehouse in Subharara, Howrah, commencing on April 1, 2025, with a duration of 9 years and 9 months. The monthly rental cost for the space is Rs 97.72 lakh, equating to Rs 20.60 per sq ft. Additionally, a security deposit of Rs 2.93 crore is included,…

Latest StoriesRegulatory

CBI Targets Builders, Financial Officials in Crackdown

Image used for representation. NEW DELHI: The CBI conducted searches at 12 locations across Kolkata, Bengaluru, and Mumbai on Saturday, following the registration of six new cases against builders and financial institution officials for allegedly defrauding homebuyers. The agency is probing a collusion between builders and financial institution officials that deceived homebuyers in these cities, acting on directions from the Supreme Court. The FIRs include Bengaluru-based Ithaca Estate Private Limited, LGCL Urban Homes, Ozone Urbana Infra Developers Pvt. Ltd, Mumbai’s Shashwati Realty Pvt. Ltd, ACME Realties Pvt. Ltd, and Kolkata’s MKHS Housing LLP. Homebuyers approached the Supreme Court after being…

Latest StoriesResidential

Kolkata: West Bengal Lowers Circle Rates in Select Areas

KOLKATA: The state government has revised the circle rates in various localities in Kolkata, including Salt Lake and New Town, addressing concerns that recent increases of 80%-90% significantly raised the financial burden of stamp duty and registration fees for homebuyers. According to insiders from the directorate of registration and stamp revenue in the finance department, this adjustment of the circle rate—which establishes the minimum property price for official sale and purchase registration—was made in response to appeals from organizations such as the West Bengal chapter of the Confederation of Real Estate Developers Association of India (Credai). They pointed out discrepancies…

Latest StoriesRegulatory

No More Hurdles for Chingrighata Orange Line Work: HC

KOLKATA: The Calcutta High Court (HC) announced on Thursday that construction work at the Chingrighata crossing for the Orange Line project can proceed without further issues. This decision came during the hearing of a Public Interest Litigation (PIL) filed by Upamanyu Bhattacharya, which sought urgent court intervention in response to delays in completing the 32km New Garia-Airport metro corridor. The project had been delayed since February 2 due to the lack of a No Objection Certificate (NOC) from Kolkata Police necessary for cordoning off a section of the busy EM Bypass crossing. State Advocate General Kishore Datta informed the HC…

IndustryLatest Stories

First Kolkata property rate hike in 7 years will raise fees

KOLKATA: Property buyers in Kolkata and nearby regions will face increased stamp duty and registration fees due to the government’s revision of circle rates, which have risen by 15% to 90%. The new rates took effect on Wednesday. The circle rate serves as the minimum price set by the government for property registration. According to sources from the finance department, the rate revision comes after a seven-year hiatus and is intended to address the disparity between circle and market rates in many areas. “For instance, some properties are sold for ₹9,000/sq ft while the circle rate is ₹6,000/sq ft. We’ve…

InfrastructureLatest Stories

Kolkata Civic Body Mandates Visitor Parking in Large Projects

Certainly! Here’s a rewritten version of the content you provided: KOLKATA: The Kolkata Municipal Corporation (KMC) has mandated that all residential projects with a built-up area of over 5,000 sq m (approximately 53,000 sq ft) must include parking for visitors. Previously, this requirement applied to projects exceeding 10,000 sq m (100,000 sq ft). To support developers in meeting this requirement affordably, KMC will offer an increased floor area ratio (FAR) to facilitate the construction of additional parking. Of this extra FAR, at least 25% must be allocated for visitor parking. For instance, a project of 50,000 sq ft could potentially…

Latest StoriesRera

West Bengal REAT Dismissing Complaint vs. Sreeram Enterprise

KOLKATA: The West Bengal Real Estate Appellate Tribunal has dismissed a complaint from landowners against Ashok Dutta, owner of Sreeram Enterprise, ruling that pursuing the same claims in multiple legal venues simultaneously is inadmissible. The dispute arose from a development agreement signed on August 17, 2015, between Ashok Dutta and several landowners, including Champak Bhattacharjee, to develop a property at 10, Italgacha Road, Dum Dum, involving the construction of three buildings. However, conflicts among co-owners regarding flat allocations caused delays. Though construction was completed, ongoing disagreements about flat distribution led the complainants to file a case with the State Consumer…

Latest StoriesResidential

No New Rooftop Construction on Residential Buildings: WB Government

Representative AI image KOLKATA: The state’s urban development and municipal affairs department announced on Friday a ban on new rooftop constructions on residential buildings throughout the state. Existing rooftop setups in residential structures must be dismantled, and the rooftops restored for communal use by the residents, according to a Standard Operating Procedure (SOP) released by the department. Current commercial rooftop establishments in non-residential buildings may continue operations, provided they occupy no more than half of the rooftop area, with the remaining space reserved as an emergency refuge. Additionally, buildings featuring rooftop establishments must maintain two unobstructed access points. This SOP…

Latest StoriesRegulatory

Calcutta HC: Building Nod Can’t Be Denied Based on Old Plans

KOLKATA: The Calcutta High Court has ruled that the civic body cannot deny building permits based on a nearly 100-year-old street plan. The court annulled alignments for two streets from 1930 that had never been implemented. The Kolkata Municipal Corporation (KMC) had used this outdated plan to deny building permissions for properties at 74A Christopher Road and 32 Pulin Khatik Road. Justice Rai Chattopadhyay stated, “A plan must be acted upon within a reasonable timeframe. It is unfair for KMC to indefinitely uphold a historical street plan. The legislature allows for cancellation or modification of such plans after 10 years…

IndustryLatest Stories

Realtors Optimistic on Purple, Blue Line Extensions and New Links

KOLKATA: The ongoing expansion of metro networks in urban areas is significantly reshaping the real estate market and influencing home buying trends, according to developers in Kolkata. The introduction of new metro routes has notably decreased travel times, benefiting thousands of daily commuters. This enhanced connectivity is expected to spur the development of offices, healthcare, educational institutions, retail outlets, and entertainment venues in regions such as Howrah, Joka, and northern suburbs of Kolkata. According to Credai West Bengal president Sushil Mohta, a prominent effect will be an increase in the office sector, particularly in Salt Lake Sector V, EM Bypass,…