Mumbai land freed !

Maharashtra government has repealed the Urban Land Ceiling Act. Industry analysts see this as the precursor to a revolution in residential real estate around Mumbai. Around 15,000 acres is expected to become available for residential development in and around Mumbai. In addition, repealing of the act reduces cost of construction by Rs 200 per sq. ft.

Experts feel that while this may not affect South and Central Mumbai, prices of flats in suburbs where such land is released may come down thereby benefiting the middle class buyers and possibly reigniting the real estate boom.