Kolkata bets on real estate to unlock West Bengal’s growth potential
Speaking at the inaugural session of NATCON 2026, Dr Swapan Dasgupta, Minister-in-charge, Finance Department, Government of West Bengal, said Kolkata and West Bengal offered significant opportunities for development and urged developers to invest in the state.
- Oct 3, 2026,
- Updated Oct 3, 2026 4:35 AM IST
West Bengal is looking to real estate and large-scale development projects to unlock the state’s economic potential, with the state government calling for greater participation from organised developers. The pitch came at CREDAI’s 24th NATCON in Kolkata, where industry leaders discussed the next phase of India’s real estate growth.
Speaking at the inaugural session of NATCON 2026, Dr Swapan Dasgupta, Minister-in-charge, Finance Department, Government of West Bengal, said Kolkata and West Bengal offered significant opportunities for development and urged developers to invest in the state.
“Kolkata is a city of rich past, but now let’s hope we can have an optimistic future. Kolkata and West Bengal present the greatest opportunity for development in India because we need to upgrade at every level,” Dasgupta said.
He also called for the removal of impediments to development, including the Urban Land Ceiling, and said organised developers would be required to execute the state’s planned mega projects.
“The state has to realise its true potential. We invite you to come, invest and develop my city and my state,” he said.
Real estate growth extends beyond metros
The focus on Kolkata comes as India’s real estate sector expands beyond traditional metropolitan centres. A report released by CREDAI in collaboration with ANAROCK Research & Advisory estimates that the Indian real estate market grew from $120 billion in 2017 to around $600 billion in 2025. It is projected to reach $1 trillion by 2030 and nearly $5.8 trillion by 2047.
The report also points to the growing importance of infrastructure, connectivity and emerging urban centres in shaping the next phase of real estate development.
CREDAI President Shekhar G Patel said Kolkata’s economic depth and position as a gateway to eastern India could give it an important role in this transition.
“As infrastructure and connectivity improve across West Bengal, they can strengthen economic corridors, bring emerging cities into larger development networks and unlock new opportunities for housing, businesses and investment,” Patel said.
He added that bringing NATCON to Kolkata was aimed at focusing industry attention on the opportunity in eastern India and creating a dialogue on how real estate and infrastructure could contribute to more connected and competitive cities.
Housing and new asset classes drive growth
The broader real estate outlook remains supported by residential demand and the expansion of newer asset classes. Residential sales value across India’s top seven cities increased from ₹2.35 lakh crore in FY22 to ₹6.10 lakh crore in FY26, according to the CREDAI-ANAROCK report.
Quarterly residential sales have remained above ₹1.3 lakh crore for seven consecutive quarters. Meanwhile, tier-II and tier-III cities are emerging as new centres of activity, alongside growth in data centres, warehousing and hospitality.
The report projects real estate’s contribution to India’s GDP to rise from 6% in 2017 to around 13% by 2030, while employment in the sector is expected to reach 30 million by then.
West Bengal is looking to real estate and large-scale development projects to unlock the state’s economic potential, with the state government calling for greater participation from organised developers. The pitch came at CREDAI’s 24th NATCON in Kolkata, where industry leaders discussed the next phase of India’s real estate growth.
Speaking at the inaugural session of NATCON 2026, Dr Swapan Dasgupta, Minister-in-charge, Finance Department, Government of West Bengal, said Kolkata and West Bengal offered significant opportunities for development and urged developers to invest in the state.
“Kolkata is a city of rich past, but now let’s hope we can have an optimistic future. Kolkata and West Bengal present the greatest opportunity for development in India because we need to upgrade at every level,” Dasgupta said.
He also called for the removal of impediments to development, including the Urban Land Ceiling, and said organised developers would be required to execute the state’s planned mega projects.
“The state has to realise its true potential. We invite you to come, invest and develop my city and my state,” he said.
Real estate growth extends beyond metros
The focus on Kolkata comes as India’s real estate sector expands beyond traditional metropolitan centres. A report released by CREDAI in collaboration with ANAROCK Research & Advisory estimates that the Indian real estate market grew from $120 billion in 2017 to around $600 billion in 2025. It is projected to reach $1 trillion by 2030 and nearly $5.8 trillion by 2047.
The report also points to the growing importance of infrastructure, connectivity and emerging urban centres in shaping the next phase of real estate development.
CREDAI President Shekhar G Patel said Kolkata’s economic depth and position as a gateway to eastern India could give it an important role in this transition.
“As infrastructure and connectivity improve across West Bengal, they can strengthen economic corridors, bring emerging cities into larger development networks and unlock new opportunities for housing, businesses and investment,” Patel said.
He added that bringing NATCON to Kolkata was aimed at focusing industry attention on the opportunity in eastern India and creating a dialogue on how real estate and infrastructure could contribute to more connected and competitive cities.
Housing and new asset classes drive growth
The broader real estate outlook remains supported by residential demand and the expansion of newer asset classes. Residential sales value across India’s top seven cities increased from ₹2.35 lakh crore in FY22 to ₹6.10 lakh crore in FY26, according to the CREDAI-ANAROCK report.
Quarterly residential sales have remained above ₹1.3 lakh crore for seven consecutive quarters. Meanwhile, tier-II and tier-III cities are emerging as new centres of activity, alongside growth in data centres, warehousing and hospitality.
The report projects real estate’s contribution to India’s GDP to rise from 6% in 2017 to around 13% by 2030, while employment in the sector is expected to reach 30 million by then.