Market dynamics behind rising estate prices: Sen

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Express news service

Posted online: Friday , February 22, 2008 at 01:50:58
Updated: Friday , February 22, 2008 at 02:10:14

Kolkata, February 21 Stating that market dynamics are governing property prices in and around the city, state minister for commerce and industries Nirupam Sen today indirectly told IT companies not to make a hue and cry about it. “If people want market economics to function then one has to play by the rules of the market,” Sen said at an interactive session at an IT seminar here.

“If there is a demand-supply gap, then the prices are bound to go up. A greater demand than supply for land is, in fact, a positive sign that investors are willing to come to the state. The price that one pays for the land does not remain very significant in the long run.”

The minister, however, said the state government is making all efforts to get space for two major IT firms — Wipro and Infosys— around the city.

“The IT department is looking into the matter. I am sure the issue will be resolved in the next few months,” he added.

Pointing to the spurt in industrial activity in the state, the minister said land prices have shot up even in places like Bankura, Purulia and West Midnapore. The state government has made repeated requests to the Centre urging it to release the lands of the defunct public sector units for industrial purposes, he said.

“The Sen-Raliegh cycle factory that was liquidated, 10 years ago, is lying completely useless and the West Bengal government had asked the government of India to release the land. But they said that it could not be done,” the minister added.

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