#RealtyNewsRoundup: Green Approval Must For Big-Ticket Projects In West Bengal

Realty News Weekly Roundup is PropGuide's selection of top stories from the real estate sector.

The West Bengal government has made it mandatory for developers to take a prior environement approval for projects, covering two lakh square feet or more area. Apart from a separate urban ceiling certificate by the revenue department, developers will also have to send a letter of commencement to environment officials, who will then visit the site for a spot survey. Read more

Appealing against the decision of the Bombay High Court to demolish the 31-storey Colaba building located next to defence installations, the Adarsh Cooperative Housing Society has moved the Supreme Court. The matter is expected to come up before an SC Bench today. Read more

In an effort to make real estate invetment trusts (REITs) more attractive to realtors and investors, the Securities and Exchange Board of India (Sebi) has relaxed norms for related party transactions and allowed these trusts to invest more in under-construction assets. The proposed move would allow up to 20 per cent investment by REITs in under-construction projects, up from 10 per cent allowed currently. Read more

To develop a commercial project on 1.3 million-sq ft-area, real estate company Elan Group has bought seven acres on the Dwarka Expressway in Gurgaon from the Essel Group's Suncity Projects for Rs 120 crore. The company also plans to invest Rs 400 crore on construction of this mixed-use commercial project, expected to be launched in October. Read more