This Article is From Nov 26, 2011

Indiabulls gets green notice for Mumbai projects

Indiabulls Real Estate on Tuesday was issued notice by Maharashtra Pollution Control board for violation of environmental norms in its multicrore projects in central Mumbai.

Its projects are Indiabulls Finance Centre and Indiabulls Sky, an upcoming residential tower. IndiaBulls Finance centre, comprises a cluster of 3 buildings - almost fully complete.

Both projects fall inside the Elphinstone Mill compound, classified as Plot 612, and 613 in city records. Indiabulls says the stop work notice they have received from the MPCB applies only for their residential tower and not for their finance center , since the finance centre has been classified as an IT Park.

The company further says as per 2003 rules, IT projects are exempted from taking a no objection certificate from MPCB.
But the pollution Control Board on its order clearly says that the stop work order applies to all projects in the Elphinstone compound.

The MPCB order states that as per IT & ITES policy of 2003 of government of Maharashtra, cannot be treated as an exemption from the EIA Notifications, which is pertaining to your site at CS No 841 & 882, Lower Parel Divn. (G Ward) and not pertaining to your site at Final plot NO 612 & 613 of TPS Mahim, Mumbai.

YP Singh, social activist and lawyer said, “Even preliminary work can’t be done without environment clearance. In this case, work was complete on 3 buildings of Indiabulls Finance Centre, and was on in the fourth case. Hence MPCB had to issue a notice."

The stock of the company opened at Rs 102.55 to hit a low of Rs 97.6 and finally closed the day at Rs 106.35 on the news.