21 Dec 2023

Casagrand, a prominent South Indian real estate developer has introduced Casagrand Dior, an upscale residential community in Chennai's Kilpauk. Comprising 30 meticulously designed 3 and 4-bedroom apartments, the project offers a seamless blend of functionality and aesthetics, with prices starting from Rs.2.71 Crores. Casagrand Dior boasts contemporary architecture with features like a glass façade, grand entrance arch, and landscaped block entrances. Casagrand Dior caters to the growing demand for exclusive, well-located residences. The apartments prioritize spacious living, double balconies, and maximum ventilation. Apart from excellent connectivity and accessibility, the units are complemented by ultra-luxurious amenities, including a rooftop cabana, private barbecue station, and fitness frame.Read more

02 Dec 2023

In Mudaliarkuppam, along Chennai's East Coast Road, unauthorized sea-view villas and apartments have sparked environmental concerns. Following a complaint by Thazuthali kuppam villagers, the National Green Tribunal (NGT) is investigating these constructions which allegedly lack mandatory clearances. State officials confirm some buildings violated planning permissions, while environmentalists warn of potential ecological impacts on local fisheries and erosion patterns. The issue, involving private properties, a church, and a school in restricted zones, highlights the need for stringent adherence to environmental regulations in sensitive coastal areas. The NGT is set to revisit the case next month.Read more

01 Dec 2023

Chennai-based WorkEZ, a managed office and co-working space provider, is set to invest Rs 63 crore in its expansion across Chennai, Bengaluru, and Coimbatore. Leasing four new centres, including spaces in Velachery and Alwarpet in Chennai, Bengaluru, and Coimbatore, the company's managed office space portfolio now spans 1.1 million square feet. WorkEZ aims to achieve a six-million-square-foot overall portfolio by FY2028. With an annual growth rate exceeding 50 percent, the company reported over 90 percent occupancy across its eight operational centres in Chennai and marked profitability in FY23 with a CAGR of just over 150 percent.Read more

25 Nov 2023

Fortune Hotels, an ITC group member, unveiled its latest additions: a brownfield resort in Uthandi, Chennai, and a 100+ room conversion hotel in Hosur, Bangalore. These hotels are set to open in a few months, enhancing Fortune Hotels' portfolio with 64 alliances in 54 Indian cities. Managing Director Mr. Samir MC expressed excitement about the growth potential of the Hosur and Chennai properties. The Fortune Beach Resort ECH Chennai offers aesthetically designed rooms, multiple dining options, banquet facilities, and modern amenities suited for a suitable getaway. Meanwhile, Fortune Hosur, catering to business travellers, is undergoing refurbishment and will feature stylish rooms, dining outlets, a spa, and banquet venues.Read more

21 Nov 2023

The Madras High Court directed authorities to compensate 39 individuals with Rs 5,000 each for land parcels earmarked for acquisition but left undeveloped, citing a lack of implementation of development plans by the state government. Justice B Pugalendhi expressed dissatisfaction with the government's failure to acquire properties within the stipulated five-year period, deeming them lapsed reservations. The judge ordered the release of petitioners' lands from the respective development plans and mandated the Director of Town and Country Planning to pay compensation within a month, highlighting broader concerns about the government's commitment to plan implementation and the need for just compensation.Read more

11 Nov 2023

Repco Home Finance has recorded a 37.88% surge in net profit for Q2 FY24, reaching Rs 98.10 crore alongside a 20.89% increase in total income. The board has sanctioned fundraising through NCDs and CPs totalling Rs 450 crore. Loan sanctions and disbursements grew by 4% and 7%, respectively, with a stable loan spread of 3.4%. GNPA and NNPA ratios improved significantly, and the capital adequacy ratio stood at a strong 35.8%, signalling a robust financial standing and a confident stride forward in the housing finance market.Read more

07 Nov 2023

CapitaLand Investment has inaugurated the first phase of its International Tech Park in Chennai, covering 1.3 million square feet and marking a significant economic boost for the region. The entire project, valued at Rs 1600 crore, is set to accommodate 50,000 IT engineers, aligning with the government's vision for Chennai as a tech hub. Securing international investments, including $262.5 million from Mitsubishi Estate Co. Ltd, demonstrates the project's appeal. CapitaLand Investment's substantial commitment underscores its dedication to Chennai's infrastructure development, supporting the city's progress and growth.Read more

07 Nov 2023

In response to increased property taxes, revised electricity rates, and heightened water charges, the Greater Chennai Corporation has doubled company taxes and building permit fees, imposing these changes through a recently approved resolution. While residential buildings under 100 square meters remain unaffected, larger structures will see increased fees, with commercial buildings and industrial properties also subject to higher charges. Simultaneously, company taxes have tripled, with varying rates based on annual investments. Additionally, the cost of demolition permits has doubled. These changes aim to enhance revenue collection and transparency while ensuring fairness in property and company taxation in Chennai.Read more

03 Nov 2023

Popular real estate developer Casagrand recently launched Casagrand Palm Springs, a posh residential complex in Medavakkam Extension in Chennai. The project consists of 352 well-designed 2 and 3 BHK apartments with over 75 amenities. The price starts at just Rs. 4099 per sq. ft., which is much less than Medavakkam's normal pricing at Rs. 6500 per sq. ft. Medavakkam, a popular destination, is just 5 minutes away from the property, thus offering easy access to a number of social amenities. With a focus on open areas, the property features a 6,200 sq. ft. swimming pool, a 13,000 sq. ft. clubhouse, and a variety of amenities suitable for all age groups. Casagrand's dedication to offering reasonably priced luxury living alternatives in a prime Chennai location is reaffirmed with this launch.Read more

26 Oct 2023

In a recent development, the Madras High Court has rejected a set of petitions filed by Neomax and its subsidiary companies, including Garlando Properties, Transco Properties, Tridas Properties, and Glowmax Properties. The pleas sought the appointment of a commission, led by a retired high court judge, to address land settlements for depositors. Allegations of money fraud were raised against the companies by the Madurai EOW police in June. Deposit-holders had made advance payments for land purchases, backed by booking confirmation receipts.Read more

25 Oct 2023

Operator of co-living spaces Settl is getting ready to open ten new locations in Chennai, which will involve a major expansion. Settl, which currently oversees 3,500 beds in Bengaluru, Gurugram, and Hyderabad, is meeting the increasing need for high-quality, completely managed rental properties. Chennai is an unexplored market with a ton of opportunity for co-living communities. By the conclusion of the fiscal year, the corporation hopes to have increased the number of beds in the city from 300 to 1,000. Their well-placed closeness to major business areas seeks to facilitate hassle-free managed living while cutting down on working professionals' commuting hours.Read more

25 Oct 2023

The Chennai Metropolitan Development Authority (CMDA), in partnership with Cushman and Wakefield, has initiated a comprehensive study titled 'Housing Demand and Supply within Chennai Metropolitan Area (CMA).' This study aims to address the complexities of housing development in the Chennai Metropolitan Area through data-driven decision-making. The study covers various growth corridors within the CMA and examines multiple demand drivers, including floor space index (FSI) increases and the transfer of development rights. The recent expansion of the Chennai Metropolitan Area's footprint to 5,904 square kilometres has prompted the CMDA to formulate both the third master plan for the original area and a strategic regional plan for the newly added regions.Read more

24 Oct 2023

Six years after launching a Geographic Information System-based building reassessment drive, the Greater Chennai Corporation (GCC) has assessed only a fraction of buildings with deviations. Out of 310,139 identified buildings, only 30,000 have been reassessed and added to property tax records, leading to a revenue loss of Rs 250–300 crore. Revenue officials attribute the delay to various tasks, such as addressing Covid-19, elections, and welfare schemes. Universities, marriage halls, and commercial buildings are among the major violators. A dedicated team and expedited reassessment are proposed solutions. Deputy Commissioner R. Lalitha pledges to resume the drive.Read more

04 Oct 2023

The Chennai Metropolitan Development Authority (CMDA) sealed a commercial building on Usman Road, T Nagar, following its unauthorized construction. Located at old no. 94, new door no. 162, the building was previously flagged in the T Nagar survey by GCC and CMDA. Despite receiving prior notices and a failed regularization attempt in 1999, the owner did not comply with directives. Consequently, the CMDA took firm action last week by locking and sealing the premises to uphold urban planning regulations.Read more

03 Oct 2023

Bureaucratic hurdles have been causing delays in the approval process for high-rise construction projects in the city, leading the Confederation of Real Estate Developers Association of India (CREDAI) to request Chief Minister M K Stalin's intervention. CREDAI expressed concern over the increasing number of pending files in the housing department, despite certain files being cleared during a high-rise building panel meeting in May 2023. These delays have created financial setbacks for developers, impacted the real estate sector's growth, and eroded investor confidence. The real estate industry has urged the Chief Minister to direct the housing department to expedite approvals and establish a system to prevent future delays. The housing department has acknowledged the issue and promised to investigate and expedite the approval process.Read more

27 Sep 2023

The Enforcement Directorate (ED) has provisionally attached land worth Rs 125.06 crore belonging to Unitech Infopark Limited as part of a money laundering investigation. This action is based on complaints from home buyers related to the Unitech group. The land, located in Nallambakkam, Chennai, comprises 4.79 acres within the Uniworld City township. The ED's probe has revealed alleged proceeds of crime amounting to USD 1.50 crore (approximately Rs 125.06 crore) that were purportedly routed through Narnil Infosolutions Private Limited into Unitech Infopark Limited in 2009-10, with the Chandras, the promoters of Unitech Group, acquiring a 39.83 percent share in the company. The investigation remains ongoing as authorities address money laundering allegations and work to provide relief to affected home buyers.Read more

27 Sep 2023

The Tamil Nadu Urban Habitat Development Board (TNU HDB) has initiated a substantial housing project in Chennai, symbolized by Minister Udhayanidhi Stalin laying the project's foundation stone. With an investment of Rs. 409.74 crore, the project aims to construct 1,800 houses, providing shelter to the economically disadvantaged. TNU HDB has already demolished 7,582 dilapidated houses to pave the way for 9,522 new homes, marking a budget of Rs. 1627.97 crore. This endeavour signifies the government's commitment to affordable housing solutions and community welfare, with expedited construction to swiftly address housing needs in the region and uplift the less fortunate.Read more

27 Sep 2023

Chennai Airport is set to demolish its T3 terminal next month to make way for a modern integrated terminal as part of a major upgrade project worth Rs 2,467 crore. The initial steps involve dismantling electrical equipment, with the demolition expected to last 2-3 months, followed by construction of the new terminal. This project, spread across a vast area, aims to double the airport's passenger capacity to 35 million annually by 2025. The first phase of the new terminal has already opened, signalling progress towards this ambitious goal.Read more

20 Sep 2023

L&T Realty's debut residential project in Chennai, Avinya Enclave, Phase-1, has achieved a complete sell-out within a short time of its launch. Situated in Manapakkam, Chennai, this premium development spans seven acres and comprises four towers with a total of 500 apartments ranging from 2 to 4 BHK units. With prices starting at Rs 90 lakh, the project incorporates state-of-the-art amenities and is designed to provide a holistic living experience. It's part of the upcoming L&T Innovation Campus, offering excellent connectivity, including proximity to the Manapakkam Metro station.Read more

15 Sep 2023

Chennai Metro Rail Limited (CMRL) is seeking a ?150 crore loan to purchase ticketing gates for a section of its phase II project, abandoning a public-private partnership plan. The project with an estimated cost of ?61,843 crore will receive financial assistance from various sources, including Japanese International Cooperation Agency (JICA), Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB). Construction is underway for the 116-km phase II project in different parts of Chennai.Read more