29 Nov 07 Urban Land Ceiling and Regulation Act ULCRA Repealed

Finally some good news for Bombay developers. The controversial and useless act, Urban Land Ceiling and Regulation Act ULCRA has finally been repealed. Analysts tracking the real estate space suggest that over 15,000 acres would be released in Mumbai for development now after the Urban Land Ceiling and Regulation Act (ULCRA) is repealed. The ULCRA act prohibited individuals from owning over 500 sq m of land. ULCRAÃ‚Â led to wide scale corruption and swindling of money in Maharastra. Real Estate stocks zoomed today after news that Urban Land Ceiling and Regulation Act (ULCRA) was repealed hit the stock markets.

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