In an electronic auction, Godrej Properties won the right to purchase 7.44 acres of property in Kolkata's New Alipore from the West Bengal Housing Infrastructure Development Corporation. Godrej Properties intends to build a luxurious group home project with an estimated developable potential of over 9.8 lakh square feet and a revenue potential of roughly Rs 1,200 crore on the site thanks to the land acquisition. The demand for luxury residences in Kolkata's real estate market has increased, and Godrej residences' acquisition positions the business to meet the city's expanding need for upmarket residential options.Read more

The Calcutta High Court has ruled that buying property in a wife's name by the husband does not always indicate a benami transaction, stating that the source of funds is important but not decisive. The court clarified the two types of benami transactions and emphasized that the burden of proving a transfer as benami lies with the accuser. In a specific case, the court dismissed a son's claim that his father had engaged in a benami transaction by giving a property to his mother. The ruling provides clarity on the matter and highlights the need to consider various factors when determining the nature of a property transfer.Read more

PNT Reporter

As monsoon season approaches, the Kolkata Municipal Corporation (KMC) is taking comprehensive measures to ensure residents' safety. With around 2,300 insecure structures, KMC is prioritizing repairs and demolition of high-risk buildings, while revising building codes to improve safety standards. Borough-specific teams are being established to monitor dilapidated buildings and relocate tenants as needed. Additionally, KMC is collaborating with local disaster management authorities to develop a comprehensive disaster response plan, aiming to minimize potential damages and loss of life during upcoming storms and future natural disasters.Read more

PNT Reporter

The Kolkata Municipal Corporation is proposing to impose a penalty of up to 30% on property owners who refuse to switch to the Unit Area Assessment (UAA) system, which has been mandatory since April 2017. The KMC is sending notices to property owners to encourage them to switch to the UAA system and streamline the process. The UAA system calculates property tax based on the unit area value of a property and is intended to be more accurate and transparent than the previous system.Read more

PNT Reporter

A pioneering construction and demolition waste recovery plant has begun operations in Rajarhat, Kolkata. The facility, a significant stride towards sustainable waste management, will transform non-biodegradable construction waste into reusable "aggregates" for road paving. Instead of landfill disposal, waste from smaller housing projects will be transported to the Rajarhat plant. The initiative, which could serve as a model for other cities facing waste management challenges, underscores the shift towards a circular economy, where waste is seen as a valuable resource to be reused and recycled.Read more

PNT Reporter

The Kolkata Municipal Corporation (KMC) has announced that it will revoke the trade licence of real estate promoters who dupe flat owners. Previously, the KMC only penalized architects or licensed building surveyors if they failed to provide facilities to flat owners. The KMC will keep a watchful eye on real estate promoters who have fled after constructing an apartment building without applying for a completion certificate. The decision is a step in the right direction to ensure that flat owners receive the necessary amenities and services promised to them and to hold real estate promoters accountable for their actions.Read more

PNT Reporter

In response to a fake call centre racket in New Town, Kolkata, Bidhannagar Police have requested updated tenant lists from local Residential Welfare Associations (RWAs). Authorities plan to conduct surprise visits to verify tenant information, ensuring occupant safety and addressing system vulnerabilities. The recent bust, which exposed fraudulent operators running schemes from residential properties and recovered nearly Rs 4 crore in illegal funds, has prompted the need for an updated tenant database. Local residents have welcomed the initiative for improved community security.Read more