Semarnat may lift closure seals on developments in March or April

The Secretariat of Environment and Natural Resources (Semarnat) and representatives of developments that were closed since last year reached an agreement in December. They would submit the Environmental Impact Statement, which Semarnat would review in a shorter timeframe. Once approved, the seals would be removed, and developers would withdraw from legal proceedings.

Approximately 22 real estate developments were closed over a year ago, affecting around 880 units valued at a minimum of $400,000 each, totaling an estimated 6 billion pesos.

Presenting the Environmental Impact Statement entails additional costs for developments, but they are optimistic about government support to regularize the situation. In exchange for lifting the closure seals, construction companies agreed to drop legal actions against the Federal Government.

Any new development will now consider submitting the Environmental Impact Statement before commencing construction. The meeting involved representatives from Semarnat and the Federal Attorney for Environmental Protection (Profepa).

LLM