Latest News

January 25, 2014

WB govt lauded for move to rationalise property valuation

WB govt lauded for move to rationalise property valuation

The state chapter of Confederation of Real Estate Developers` Associations of India (CREDAI) has lauded the state government`s move towards the rationalisation of property valuation across the city.

The government has revised the valuation of built-up space in certain localities for residential sectors and for offices in sector V, Salt Lake. The other areas in the city such as Behala, Thakurpukur, Kolkata Main, Lake Town and the city`s outskirts Madhyamgram, Garia, Narendrapur, Barasat, Konnagar and Rishra are places where property valuation would be rationalised.

Mr Sushil Mohta, Vice-president, CREDAI Bengal said: “The revival of the IT industry is directly linked to the state`s economy. We are happy to see that the government has acted swiftly to mitigate the difficulties of the IT and office segments, especially in Salt Lake sector V which had earlier suffered in terms of business.”

Mr Harsh Vardhan Patodia, president of CREDAI Bengal, said: “Rationalisation of property valuations by bringing in the circle rates to realistic market levels becomes extremely significant. It was crucial to infuse a positive sentiment in the market to support the home owning aspirations of millions of buyers, especially in the LIG and MIG category.”