The Hindu Business Line : `ULCRA repeal will help real estate biz'

The repeal of the Urban Land Ceiling Regulation Act (ULCRA) by all the States will help the real estate business to grow at 14 per cent by 2011-12 and substantially increase its contribution to the national GDP from the current level of one per cent, according to a paper released by the Associated Chamber of Commerce and Industry of India on real estate. With the annulment of ULCRA by all States, the real estate sector alone will create an additional four million job opportunities and curtail the skyrocketing property prices by at least 40 per cent in the next five to six years, according to the paper. The other issues that restrict the growth of the sector include high stamp duty, obsolete rental and foreclosure laws and building code standards.

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