Pradip Chopra
The Economic Times
Like most other states, West Bengal is forging ahead with the development of its urban infrastructure. The state has recently reduced the stamp duty from nine percent to seven percent on sale of property and is planning to further reduce it to five percent in order to source funds under the Jawaharlal Nehru National Urban Renewal Mission.
Major construction activities that have taken place during the last five years have led to the size of the construction and development business to grow 15 times over in the last five years. During the next two-three years, at least five Special Economic Zones, 30 shopping malls, about 200 million sq ft of residential area and 50 million sq ft of IT Park and commercial spaces would be ready.
The construction and the infrastructure development sector in West Bengal is the fastest growing sector of the state's economy and is the second largest employer after agriculture. Already five of the local B-Schools are offering Real Estate and Construction Management courses and four of the ITI's (Industrial Training Institutes) are being upgraded to 'Centre of Excellence' for training construction workers.
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