Builders will no longer have to surrender excess land for public housing under the now-defunct Urban Land (Ceilings and Regulation) Act (ULCRA). The Supreme Court on Tuesday accepted the consent terms signed between the state government and the builders’ body, Maharashtra Chamber of Housing Industry.
The agreement states that builders can now just pay a onetime premium to the government for retaining the excess lands instead of handing them over for public housing. Although ULCRA was repealed in 2007, the state government had held that those builders who had not surrendered their land when the law was in force were still liable to do so.
