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Assocham real estate sector specific report showed that for the financial year 2013 there has been no investment in realty, either domestic or foreign, in West Bengal. The news is surprising given that foreign and local investors have pledged Rs. 42000 crores for real estate development. In 2011-12 the State saw an investment of Rs. 1200 crore in real estate and the outstanding investments at the end of March 2013 stand at Rs. 37000 crores. Almost all states have shown a declining trend in realty investments except for Gujarat that showed an increase of 700 percent, from Rs. 2000 crores to Rs. 17000 crores. Gujarat is where Tatas chose to set up their Nano project after facing severe demonstrations in West Bengal. Apparently, this may still be rankling in the mind of Mamata Banerjee who has promised that land acquisition will not pose a hindrance to industrialization, especially for those with projects in hand. A core committee on industry chaired by her and attended by leading lights of the industrial world discussed this issue at length and explored possibilities to smooth out the process and boost economic development. The CM seems tied in to realty and development activities. While on a visit to Darjeeling Hills, she had a meeting with the Gorkha Janamukti Morcha chief Bimal Gurung and promised development. Her proposals included setting up an industrial town in Falakata, a film city in Siliguri, tourism hub in Banarhat in Jalpaiguri and other projects in Terai and Dooars areas.
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