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Realty stocks soar on repeal of Urban Land Ceiling and Regulation Act

November 29, 2007

Close to 15,000 acres would be released in Mumbai for development following the repeal of Urban Land Ceiling and Regulation Act. The bill for the repeal of Urban Land Ceiling and Regulation Act (ULCRA) had been on the agenda of the state legislature for the last two sessions. In April this year, the Maharashtra government moved a resolution to repeal ULCRA on the last day of the Assembly session.

Shree Ram Urban Infrastructure (up 10.38% to Rs 395), Anant Raj Industries (up 12.89% to Rs 359), Housing Development & Infrastructure (up 5.11% to Rs 798.80), Peninsula Land (up 5.22% to Rs 133), Unitech (up 5.24% to Rs 378.25), Bombay Dyeing & Manufacturing Company (up 4.38% to Rs 697), Phoenix Mills (up 3.45% to Rs 2,300) and DLF (up 1.65% to Rs 894) edged higher.

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