Quote

"To provide for the imposition of a ceiling on vacant land in urban agglomerations, for the acquisition of such land in excess of the ceiling limit, to regulate the construction of buildings on such land and for matters connected therewith, with a view to preventing the concentration of urban land in the hands of a few persons and speculation and profiteering therein and with a view to bringing about an equitable distribution of land in urban agglomerations to subserve the common good."

Reason

This act has had a huge bearing on urban development, by barring development on large tracts of available land. As a result, the act has already been repealed

Repeal

A repeal is the amendment, removal or reversal of a law. This is generally done when a law is no longer effective, or it is shown that a law is having far more negative consequences than were originally envisioned....

 in some states, such as Gujarat.

This act was repealed in November 2007 in the state of Maharashtra

Maharashtra

Maharashtra is a state located in India. It is the second most populous after Uttar Pradesh and third largest state by area in India...

. The repeal was a pre-condition to the state government with a grant under the Jawaharlal Nehru National Urban Renewal Mission

Jawaharlal Nehru National Urban Renewal Mission

Jawaharlal Nehru National Urban Renewal Mission is a massive city modernisation scheme launched by the Government of India under Ministry of Urban Development. It envisages a total investment of over...

 (JNNURM), to be used for major infrastructure

Infrastructure

Infrastructure is basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function...

 development projects (like the Mumbai Trans Harbour Link, the Mumbai Metro Project, the Bandra-Worli, the Worli-Nariman Point sealink and the Mumbai Urban Transport Project

Mumbai Urban Transport Project

The Mumbai Urban Transport Project is a project formulated by the Mumbai Metropolitan Region Development Authority to bring about improvement in traffic and transport situation in Mumbai metropolitan region with the assistance of World Bank...

-II).

However, there is still considerable confusion in the process required for the clearance of land for buildings; the repeal has not had much impact on the ground.
The Maharashtra Government has purchased large tracts of land under provisions of this act, to be used to provide low-cost housing to the common people. However, this land continues to lie vacant.