Serbian Planning and Construction Act Further Revised to Promote Investments into Real Estate Development

The validity of local conditions, one of the initial and most important documents in the permitting process showing what investor can build on certain piece of land, is to be extended from one to two years. The deadline to commence work under construction permit is also to be extended from two to three years from the issuance of the permit, to allow more time for investors to raise funds. Although the proposed amendments are welcome, there is room for further improvement. Milan Dakic, partner at BDK Advokati, discussed the remaining pitfalls of the Planning and Construction Act in the June edition…

The Great Istanbul Tunnel Project

The three-level subsea tunnel under Istanbul’s Bosphorus Strait will connect the city’s two sides (European and Anatolian) with one railway and two highways. Trains will pass through a tube in the middle, while tubes below and above will be for vehicular transit. The tunnel will be integrated into nine subway lines, the TEM Motorway, the E-5 Motorway and the Northern Marmara Motorway. Around 6.5 million passengers are expected to use the tunnel on a daily basis once it is completed in the next five years.

Halkali - Kapikule Railway Line Project

This railway project will connect North Sea, the Baltic Sea, the Mediterranean and the Black Sea. Thus, Turkey’s long lasted reputation of being a junction between East and West in the transport sector is planned to be strengthen with this project. It aims not only to connect but also to reduce carbon emissions and make electrically-driven railways. The tender process for the consultancy for the project has started. The construction works are be tendered by the end of 2018.