Business Daily from THE HINDU group of publications
Friday, Nov 30, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Nov 30, 2007 ePaper | Mobile/PDA Version |
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Real Estate & Construction Government - Policy States - Maharashtra Maharashtra repeals Urban Land Ceiling Act Our Bureau Mumbai, Nov. 29 More land will be available for development in Maharashtra with the State Legislature today resolving to repeal the Urban Land Ceiling Act. The decision drove up share prices of companies such as Godrej and Bombay Dyeing, Century, HDIL and Orbit, said analysts. The BSE realty index rose by 1.54 per cent. The Urban Land Ceiling Act (ULCA) was introduced in 1976 to prevent land hoarding and facilitate the government to execute social and welfare schemes. The Union Government scrapped the Act in 1999. The move is expected to accelerate development in urban areas. Earlier this year, the Union Minister, Mr S. Jaipal Reddy, said funds under the Jawaharlal Nehru Urban Renewal Mission could be released only after the Act was withdrawn. Mr Mohan Deshmukh, President of the Maharashtra Chamber of Housing Industry, said, “It would not have major impact as there is very less land available under the ULCA in Mumbai.” More Stories on : Real Estate & Construction | Policy | Maharashtra
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