The maiden Budget of West Bengal’s first BJP government drew a positive response from the real estate sector on Monday, with developers and property consultants welcoming the focus on infrastructure creation, industrialisation, ease of doing business and the proposed review of the Urban Land Ceiling Act, while calling for deeper land reforms to unlock growth.

Industry stakeholders said the Budget’s proposals, including a Rs 5,000 crore support package for industrial corridors, clusters and parks, major connectivity projects, monetisation of surplus government land, and a proposed greenfield airport at Kalyani, could spur demand for residential, commercial and logistics real estate across the state.

Mehul Mohanka, chairman, Confederation of Indian Industry Eastern Region, called it “a forward-looking roadmap for infrastructure-led growth and industrial competitiveness,” adding that litigation-free land was critical to large investments.

“The emphasis on metro rail expansion, including studies for new metro rail projects in Durgapur, Asansol and Siliguri, is a welcome step, as improved urban mobility will support workforce movement, ease congestion and strengthen productivity in key industrial centres,” Mr. Mohanka said.

Finance Minister Swapan Dasgupta in the budget proposed deep-sea port at Dadanpatrabar in Purba Medinipur on a public-private basis, a greenfield airport on 1,000–1,500 acres near Kalyani to ease congestion at Kolkata airport, and a feasibility study for metro links between Durgapur–Asansol and Siliguri–Jalpaiguri.

Harshavardhan Neotia, chairman, Ambuja Neotia Group said that what is particularly encouraging about this Budget is that it looks at growth as an ecosystem rather than a collection of individual initiatives.

“Investments in regional connectivity through new airports and infrastructure, the focus on education and healthcare capacity, the proposed industrial development initiatives, and the emphasis on employment generation together have the potential to expand economic activity well beyond the traditional growth centres of the State,” he said.

Taranjit Singh, chairman, ASSOCHAM (The Associated Chambers of Commerce and Industry of India) Eastern Region welcomed the first Budget of the new State government and appreciate its emphasis on laying a clear roadmap for accelerating economic growth through infrastructure development, enhanced revenue mobilization, and improved public service delivery. “The Finance Minister’s articulation of the state’s development agenda in alignment with the vision of Viksit Bharat reflects a constructive approach towards fostering inclusive and sustainable growth” Mr. Singh said.

Priti A. Sureka, president Merchant Chamber of Commerce said that the budget provides a prescription for all around development with focus on holistic growth of West Bengal. Ms. Sureka highlighted the setting up of Tea workers development board, IT hub and a semiconductor unit at Durgapur and emphasis laid on electric vehicles and renewable energy.

Another decision in the budget that caught support of the industry captions was the decision to re-examine the Urban Land (Ceiling and Regulation) Act, 1976.