The Maharashtra government on Thursday repealed the three-decade-old Urban Land Ceiling and Regulation Act (ULCRA) at its Assembly session in Nagpur. The repeal, done after months of delay and debate, could free up as much as 500 hectares (1,234 acres) of land available for development, Chief Minister Vilasrao Deshmukh said.
The Maharashtra government has repealed the three-decade-old Urban Land Ceiling and Regulation Act. The repeal of the ULCRA will free up more land available for development.
Rating agencies think repealing the archaic law would help attain greater transparency and efficiency and reduce problems in accessing funds overseas.
Call it an impact of the hopes of rate cuts in the country or renewed interest by foreign investors, BSE's Realty Index has outperformed big brother Sensex in the last 11 trading sessions - from the day when the Maharashtra government scrapped the Urban Land Ceiling and Regulation Act (Ulcra), which is expected to free 17,000 acres of land in Mumbai.
Real estate stocks spurted by 6 per cent as news of the Maharashtra Assembly's approval of the proposal to repeal the Urban Land Ceiling and Regulation Act (ULCRA) trickled in. The BSE Realty Index shot up by 1.54 per cent or 154 points to end the day at 10,223.93 points.
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