Mumbai, Oct. 8 -- West Bengal Finance Minister Swapan Dasgupta has urged organised real estate developers to play a larger role in the state's property sector, saying their participation could bring greater order, regulation and accountability to the industry. He made the remarks at the inaugural session of NATCON 2026, organised by the Confederation of Real Estate Developers' Associations of India (Credai) in Kolkata.

Dasgupta alleged that the sector had previously been controlled by developers with political connections who profited at the expense of homebuyers. He said the entry of established and organised players was necessary to improve standards in West Bengal and Kolkata, while distinguishing them from individual operators whom he criticised for lacking accountability.

The minister also called for the removal of laws that he described as impediments to development. He specifically referred to the Urban Land Ceiling Act, saying that legislation dating from the 1970s had been dismantled or addressed in other parts of India but continued to constrain development in the state. He also mentioned barga tenancy, although he noted that it was primarily a rural rather than an urban issue.

Dasgupta criticised the state's 34-year Left Front rule and the subsequent 15-year Trinamool Congress administration, saying Kolkata had experienced a prolonged period of weak economic momentum. He said the state had fallen off India's map for nearly 50 years but was now positioned to rebuild its prospects and create a more buoyant future.

The minister praised Credai for selecting Kolkata to host its flagship event. Credai president Shekhar Patel said technology and innovation would influence the full real estate value chain, including customer understanding, project marketing, planning, construction and operations. Patel said artificial intelligence could support better decision-making, improve efficiency and help create a more transparent and responsive industry, adding that technology needed to be applied meaningfully rather than adopted merely as a trend.

Published by HT Digital Content Services with permission from Construction World.