The Bengal Authorities has decided to amend the Thika Tenancy Act, that has the potential to unlock over 2600 acres of solid residential real estate in Kolkata and Howrah for redevelopment.
The quantum of land in the city translate to 8 Sq. Km. or 2100 acres equal to 27 salt lake stadiums and will comprise prime property in Kolkata location.
All the properties in the city under the Thika Tenancy Act, that is a little less than the size of an assembly constituency, is distributed across KMC wards one to one hundreds, or the old location of the city and 520 acres in Howrah.
The state cabinet on March 7 took the decision to do away with the G+2 (9.5meterss) bar on structures built on such lands, which will pave the way for the development.
'Vertical expansion will add to the city's open spaces'
The state has drawn up two possible plans for redevelopment. Plan A allows the thika tenant along with the Bharatiya to construct the premises under thika tenancy jointly on their own following KMC apartment low. Although, even if the thika tenant gets permission for third floor building, he or his bharatiyacan't sell any portion of the apartments as the residential plot belongs to the government.
The Plan B Relates mostly to the construction of the 12 bug slums in Kolkata property market where the dwellers do not have the funds of Banking access to make flats on their own.
Here, the government will step in to build fourth floor, fiveth floor standalone Flats and accommodate the thika tenant and his bharatiya.
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