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From: Architexturez-IN <admin-in@xxxxxxxxxxxxxxxxx>
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Date: Mon, 03 Dec 2007 17:18:59 +0530
India's most important city finally has a good shot at urban renewal.
Lawmakers in Maharashtra state, of which Mumbai is the capital, last
week repealed the three-decade-old Urban Land Ceiling Act, voiding the
state's claim on as much as 500 hectares, or 1,234 acres, of private
property.
Analysts say the actual amount of vacant land held in violation of the
law - though not identified by the government for acquisition - may be
10 times that figure.
If all this land becomes available for redevelopment, the acute space
shortage in the city will surely ease. Tenants in Mumbai offices now pay
higher rents than their counterparts in the financial districts of
London, New York and Tokyo.
cont'd....
http://www.iht.com/articles/2007/12/02/bloomberg/sxview.php