Kolkata: Credai’s national conference returned to India after 16 years with Kolkata as the host city, turning the spotlight on Bengal’s real estate potential, affordable housing stress and the sector’s rapid shift towards artificial intelligence.Credai national chairman Boman Irani said Kolkata was chosen because it combined the glorious past with great future potential. “Real estate can become a major driver for the state, given that the sector supports 265 allied industries. When real estate grows, everything grows,” he said, adding that Bengal had a “golden opportunity” if developers and govt moved together.While Credai national president Shekhar Patel said he had “fallen in love with Kolkata”, president-elect G Ram Reddy said the three-day conference had drawn such strong interest that registration had to be closed ahead of schedule. Over 1,200 delegates are attending the convention.Addressing Natcon 2026, state finance minister Swapan Dasgupta said Kolkata, after living for decades on the memory of its past glory, was now looking at a buoyant and optimistic future, with the state determined to make up for lost time. “West Bengal is crying out for modernisation and upgradation,” he said.He said the sector in Kolkata had suffered from shortchanging and unorganised operators, and invited credible developers to participate in mega projects the state had in mind.Dasgupta pointed to outdated laws, including Urban Land Ceiling Act, 1976, and West Bengal Land Reforms Act, 1955, as impediments to growth that would have to be addressed with “humaneness and generosity” but ultimately removed.A major theme at the conference is Credai’s push to change the definition of affordable housing. Developers said the current price cap of Rs 45 lakh, fixed in 2019, had become unrealistic because land, approval and construction costs had risen sharply. They argued that the category should be defined by area, not price. “The cap should be increased to Rs 90 lakh,” said Patel.Credai has suggested that govt give maximum benefits to home buyers. Credai has been lobbying the housing ministry, finance ministry and NITI Aayog to also increase the size of affordable housing in metro cities from 60 sq m to 90 sq m and in non-metros from 90 sq m to 120 sq m.The concern is urgent because affordable housing’s share in residential sales has fallen from about 50% to 14%.Technology is the other big focus. Reddy said AI would be a boon for Indian real estate and would create jobs rather than destroy them. Credai has set up an AI innovation hub and is using tools for marketing, design checking and project planning. Developers expect AI to improve material use, speed up approvals, support robotic construction and eventually enable 3D printing for low-rise homes.Speakers also called for redevelopment, township policies and outdated land laws in Bengal to be addressed, saying Kolkata’s resurgence had begun.
