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| Maharashtra govt tables ULCRA repeal Bill |
| Wednesday, August 1, 2007 |
Buckling under pressure from the Centre, the Maharashtra government finally tabled the Bill to repeal the Urban Land Ceiling and Regulation Act (ULCRA) in the state legislature today. The matter will come up for discussion tomorrow.
Though Maharashtra is set to be the 10th state to rescind the Act, the impact of the repeal on Mumbai’s realty market is going to be minimal. A major chunk of surplus land is covered by the Coastal Regulatory Zone (CRZ), No Development Zone (NDZ), forests and slums.
Introduced in 1976 with an aim to provide affordable housing to lower- and middle-income groups in urban areas, the Act prohibits any individual from holding more than 500 sq mt of land.
However, companies and trusts were exempted from this provision with a catch that they could use the land only for the purpose for which they had been set up. They were barred from trading these lands or developing housing schemes on these lands.
The Assembly has merely three days in the current session to take up the Bill and it is unlikely that both the Houses of the state legislature would give their nod converting it into a law.
After the Act was repealed by the Centre in 1999, each state had to repeal the respective Act by passing separate Bills since land is a state subject. Taking advantage of this fact, Maharashtra government, along with nine other state governments including Tamil Nadu, West Bengal and Jharkhand chose not to repeal the Act.
However, Jawaharlal Nehru Urban Renewal Mission (JNURM), under which states get funds from the Union government for urban infrastructure projects, made it mandatory to repeal land ceiling Acts to get the aid.
In the absence of repeal of ULCRA, the Maharashtra government, which has planned infrastructure projects worth Rs 40,000 crore for Mumbai’s makeover, stands to lose nearly Rs 10,000 crore as central aid under JNURM.
Source://business-standard.com |
posted by India Properties @ 4:23 AM  |
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