'Real estate can generate 1.28 cr man-days in WB'

The real estate sector is expected to generate 1.28 crore of man-days in West Bengal in the future, state Finance Minister Amit Mitra said on Thursday.

Since the Trinamool Congress came to power in the state in 2011, the real estate sector has seen a CAGR of 15.7 percent, he said.

"The real estate sector is the second largest employer in India and West Bengal for both skilled and unskilled workers. It is expected to generate 1.28 crore of man-days in the state in future," Mitra said.

Since 2011, the sector has seen an investment of Rs 40,000 crore in West Bengal where 1.75 lakh housing units have come up creating job opportunities for 40 lakh people, the minister said.

Speaking at an event organized by Credai and real estate consulting firm CBRE here, he said in West Bengal, low-cost housing comprises 60 to 70 percent of the total residential projects completed in the state.

He also urged investors to set up ancillary industries that feed the real estate sector.

"There are 250 units at present, this should go up to 1000," he said.

A report jointly prepared by Credai and CBRE said that the office sector is the frontrunner in the growth of the real estate sector in the state.

The residential sector is also expanding to newer locations in the state along with the growth in logistics infrastructure, the report said.