Godrej for more real estate investments in Bengal

Delhi NCR: The Godrej Properties, part of the USD 4.1 billion Godrej Group, says it is keen in undertaking more real estate investments in West Bengal, primarily in residential projects.

"Already four projects are going on and negotiations for three to four projects are currently on," Group chairman Adi Godrej said during an informal media interaction last evening.

"The Bengal government should do away with the Urban Land Ceiling Act. Many states have done away with this antiquated legislation. It is not a good thing to continue with the Act," he said.

According to him, the Group was keen on new residential projects in Kolkata apart from the expansion of its animal feed plant in the state,

"Right now there is more demand for residential property here on Kolkata. As economic activity picks ups and the IT scenario (in Bengal) improves we might go in for commercial projects here," Godrej said.

Officials said two new residential projects are likely to take shape in the coming days.

Godrej Properties has four projects in Kolkata and its outskirts.

Godrej said the Urban Land Celing Act is a hindrance for real estate projects in the state.

Source:http://zeenews.india.com/business/realestate/latest-news/godrej-for-more-real-estate-investments-in-bengal_113861.html