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ULCRA controversy still resumes

1 Comment Sub Category:Mumbai,Other cities,Realty News Posted On: Jul 18, 2012

The draconian Urban Land Ceiling (Regulation) Act (ULCRA) was scrapped by the Maharashtra government four years ago, which still continues to be a bitter issue between the state and builders.

Though nearly forty notices were issued from past one year by the state urban development department to return the tenements to government, many developers challenged them saying their land was exempted long back under the Act.

As per the government, these developers must provide for these low-cost houses. According to an official estimate, the state government is still to recover 1,284 tenements from various city builders under the Ulcra.

With many of the builders having already sold these tenements illegally, the government has now asked them to pay money instead at the market rate at which the flats were sold.

To read more real estate news:

How to buy or sell a house on loan 

Bureaucrat sets right construction approval system 

Source: Post noon

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