They cite three prime reasons for the lack of enthusiasm: First, the act was not effective in ceiling urban-land acquisitions. Second, government-acquired land has already been allotted to various state bodies. Third, the repeal will not immediately push new properties into the market as prices are not encouraging.

According to Sharad Bhansali of Kalpataru Constructions, "For the final repealment to be effected there is still a lot of time. The ordinance will take six months to be enacted after which it will have to go back to parliament for final clearance. Moreover, customers may postpone decision to buy as there is always expectations that prices will dip further." Niranjan Hiranandani of Hiranandani Constructions says,"Repealment of the act will be the perestroika that the real-estate sector was looking foward to for a long time. Prices may not necessarily crash but there will be wider choice for the consumer."

A study on Ulcra by Lloyds Brooke Hillier Parker quotes ministry of urban development ministry report as stating that of the 220,674 hectares of vacant land identified to be in excess of the ceiling, the land actually taken into possession by the state government is only 19,020 hectares. This works out to barely 9 per cent of the total vacant land identified to be in excess of the ceiling. The Maharashtra government has already exempted 200 metres and 300 metres above the 500-metre ceiling from the purview of the act. Instead, a premium equivalent to the differential between the market value and the original price is being charged on this extra bit of land.

"The repealment of Ulcra will push a number of properties into the market. In the stretch between Colaba and Worli alone there are about 100 bungalows whichare likely to come into the market with the repealment," according to SG Maheshwari of Maheshwari & Maheshwari. As per government estimates, in Greater Bombay alone there is about 15,000 acres of excess land under the Ulcra, which is in the possession of big landlords and trustees. Of this, 2,200 acres belong to the Godrej Trust, and another 1,460 acres belong to FE Dinshaw Trust. According to information available, approximately 75 acres of land have been acquired in the last 20 years.

According to a government survey, the land, thus, taken over from various trusts and individuals have already been alloted to third parties for development which means that the allotted land will not be available for development.

The release of mill land in Central Mumbai alone will contribute to about 1,69,099 square metres to the market. Although it is industrial land, and not restrained under Ulcra, the repealment of the act will allow the release of this land easier. In Mumbai, suburbs like Andheri (E), Powai, Bhandupand Mulund, the repealment will allow for a smoother release of industrial land into the market for commercial purposes.