Milan Real Estate Probe Unleashes Urban Planning Controversy

A Milan court has freed Manfredi Catella, Coima SGR's founder, from house arrest amid an ongoing urban planning inquiry. This investigation scrutinizes Milan's recent real estate boom, with concerns over expedited building permits. Key officials, including the city's mayor, are implicated. The probe, prompted by resident complaints, has stalled construction since 2022.

A Milan court released Coima SGR founder Manfredi Catella from house arrest on Friday, amidst a probe into Milan's urban planning, sources confirmed to Reuters. The court lifted the July 31 precautionary measure against Catella with no alternative restrictions.

Manfredi Catella, who relinquished his CEO duties at Coima following his arrest, was unavailable for immediate comment. The investigation, driven by Milan prosecutors, scrutinizes the roles of top city hall officials, including Mayor Giuseppe Sala, in the property market surge influenced by the city's development over the past decade.

Locals' dissatisfaction over high-rise construction fueled the investigation into alleged abuses in accelerating building permits. The probe halted Milan's construction boom, underway since the 2015 Expo exhibition, as legal scrutiny emerged in 2022.