Mumbai, Dec 20: Shiv Sainiks on Thursday took to the streets in Mumbai to protest against the Maharashtra government's decision to scrap the Urban Land Ceiling Act that led to freeing up large tracts of prime real estate.
Maharashtra recently scrapped a law that controls urban land holdings, potentially freeing up large tracts of prime real estate in the financial hub of Mumbai and sending shares of property firms sharply higher. The repeal of the Urban Land (Ceiling&Regulation) Act could free up to 25,000 hectares of land and attract foreign builders, says a government spokesman.
"Shiv Sena has always protested against the decision of the Maharashtra government to abolish ULC (Urban Land Ceiling Act) and will continue to do so," said Uddhav Thackeray, executive president of the party.
The repeal of the law is also expected to rein in land prices in Mumbai and make housing cheaper for millions of middle class families.