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| 09 January 2009 |
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Now that the Urban Land Ceiling Act is repealed in Maharashtra, considerable portions of land will be released in central areas of cities. However, these are out of the reach of middle-income buyers to begin with, so they will not benefit. The land locked under the ULCRA and now being reverted to its owners has appreciated in tandem with market dynamics since the passing of the Act 22 years ago. The Central Government had not considered states like Maharashtra and Andhra Pradesh when it repealed the ULCRA in other states like Gujarat, Karnataka and Punjab. It had its reasons, but it became evident that the ULCRA rendered valuable land useless for all practical purposes. In India, land constitutes approximately 50% of the price of real estate.
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