Business community welcomes ULCA's repeal

Subscribe to Oneindia News

Mumbai, Nov 30 (UNI) Niraj Bajaj, President, IMC, and Vijay Kalantri, President, All India Association of Industries(AIAI), have expressed happiness at Maharashtra govt scrapping its three-decade-old Urban Land (Ceiling and Regulation) Act.

The IMC, in a press release, said this law had artificially kept land becoming available for development. Maharashtra was one of the few stragglers among Indian states that had not repealed the Act despite Centre's repeated requests.

IMC has represented many times to the Maharashtra Government to repeal the Act as it was vitiating the housing and real estate scenario of the country, completely opposite to what it was initially intended for. According to Chief Minister Vilasrao Deshmukh, the Act's repeal could free up some 1,234 acres of land available for development in Mumbai alone. Pune, Nashik and Nagpur will also benefit from the move, Mr Bajaj added.

The AIAI, in a separate press release, said the State will benefit a lot from the scrapping of Urban Land Ceiling Regulation Act (ULCRA) as now, the funds under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) will be available for development and the State further will be able to source funds to the extent of Rs 50,000 crore for the development of infrastructure projects like metro rail, cross harbour link, storm water drains and many other projects.

AIAI further feels that the steps taken by the Government are in the right direction and will help availability of residential housing at an affordable price to low income and middle income groups.

Mumbai Regional Congress President Gurudas Kamat also an, MP has also thanked Maharashtra Government for scrapping ULCRA which will generate a housing boom.

UNI

Please Wait while comments are loading...