Tag: Chennai

IndustryLatest Stories

Ashiana Housing Allocates ₹425 Crore for FY26 Plans

NEW DELHI: Ashiana Housing is set to allocate ₹425 crore for senior living initiatives during FY26. This budget will cover landowner payouts, construction, execution costs, and other project expenses. A substantial part of this budget is targeted at expanding their senior living offerings, with plans to enter the Mumbai, Bengaluru, and Delhi-NCR markets. In FY25, the company invested ₹213 crore in senior living and recorded a booking value of ₹382 crore. “This year, we aim to launch five new phases in our existing senior living projects, which will encompass roughly 5.71 lakh sq ft of saleable area,” stated Ankur Gupta,…

Latest StoriesRera

20% Extra Deposit for Project Registration Extension: TN RERA

CHENNAI: To protect homebuyers and minimize project delays, the Tamil Nadu Real Estate Regulatory Authority (TNRERA) has mandated that developers seeking project registration extensions beyond one year must deposit an additional 20% of the amounts collected from allottees into the designated project account. This directive is issued under Section 7(3) of the RERA Act, 2016, allowing TNRERA to establish terms in favor of homebuyers rather than outright cancellation of project registrations. Officials state this measure ensures that funds collected from buyers are used for construction rather than diverted elsewhere. TNRERA noted that many project delays are due to insufficient funds…

InfrastructureLatest Stories

Piped Cooking Gas to Reach 20,000 Homes in Chennai’s Outskirts

Representative image created by AI CHENNAI: Approximately 20,000 homes along Old Mahabalipuram Road (OMR), Grand Southern Trunk (GST) Road, and the southern outskirts of the city will be equipped with piped natural gas (PNG) within the next 18 months, according to M Thirukumaran N T, regional head (Kanchipuram) of THINK Gas, which holds licenses for the area. The company currently has 5,500 active domestic connections, with nearly 60% located in Sholinganallur, Thiruporur, Thalambur, and Thaiyur along OMR. “We have developed sufficient infrastructure across OMR, sections of GST Road beyond Tambaram, and the southern suburbs. Expansion is actively underway,” he stated,…

CommercialLatest Stories

IndiQube Falls 15% in Trading Debut on July 30

Shares of IndiQube Spaces dropped nearly 15% on their trading debut on Wednesday, as broader markets remained subdued ahead of an impending U.S. tariff deadline. This scenario values the Indian workspace solutions provider at ₹44.13 billion ($506 million). IndiQube’s debut is notable among a dozen Indian IPOs this month, being only the second to list at a discount. The firm raised $80.3 million through an IPO that was 12.4 times oversubscribed last week, showing strong demand from both retail and institutional investors. Its shares opened at a 9% discount to the IPO price of ₹237 in Mumbai and were down…

Housing FinanceLatest Stories

Sundaram Home Finance Q1 FY26 Net Profit at ₹62 Crore

CHENNAI: Sundaram Home Finance Ltd reported a slight drop in its net profits, reaching Rs 62 crore for the quarter of April to June 2025, as announced on Saturday. In the same quarter last year, the company had a net profit of Rs 66 crore. During the reviewed quarter, disbursements increased to Rs 1,488 crore, compared to Rs 1,353 crore during the corresponding quarter last year. The company also noted growth in its Assets Under Management (AUM), which rose to Rs 18,027 crore as of June 30, 2025, up from Rs 14,533 crore a year earlier. In the June quarter,…

InfrastructureLatest Stories

Chennai clears 2 lakh tonnes of building waste in 6 months

Representative Image CHENNAI: The Greater Chennai Corporation has successfully removed 2 lakh tonnes of construction and demolition (C&D) waste over the last six months across all 15 city zones. The cleanup operation commenced on January 7, initially focusing on seven zones before expanding to all after resolving a legal issue. Supported by Premier Precision Surface, the effort now utilizes 168 vehicles, including earthmovers, tipper lorries, and compact trucks, averaging about 1,000 tonnes of waste clearance per day. Officials stated that the waste is sent to recycling centers located at Kodungaiyur and Perungudi, where it is sorted and repurposed into paver…

Latest StoriesRegulatory

Tamil Nadu revises property valuation methods

CHENNAI: To improve transparency and fairness in property transactions, the state government has revised the stamp rule framework, introducing the concept of “composite value” for apartments and flats while allowing more flexible guideline value revisions. The new regulations, which take effect from June 23, represent a significant change in property valuation practices in Tamil Nadu. The reforms enable the valuation committee to update guideline values at any time during the year, rather than being restricted to a specific month. “Previously, revisions were limited to October. If a decision was made in April to adjust values, we had to wait. Now,…

InfrastructureLatest Stories

Chennai’s Third Master Plan Promises City Growth and Height

Representative image created by AI CHENNAI: Residents can soon expect improved proximity to workplaces, more housing choices, and enhanced civic infrastructure. The Chennai Metropolitan Development Authority (CMDA) is developing its third master plan, which will propose increased Floor Space Index (FSI) in key areas, mixed-use developments, and gradual upgrades to support compact, vertical city growth. The upcoming master plan aims to reshape Chennai’s skyline by boosting FSI in strategically identified zones such as metro corridors, entertainment hubs, commercial centers, and industrial zones to encourage vertical development. “We need to optimize urban space. Strategically increasing FSI near metro stations, shopping malls,…

Latest StoriesRegulatory

Madras HC fines GCC commissioner ₹1 lakh for inaction on illegal builds

CHENNAI: The Madras High Court has levied a fine of ₹1 lakh on Greater Chennai Corporation (GCC) Commissioner J Kumaragurubaran, expressing dissatisfaction over his lack of action regarding unauthorized constructions in the Royapuram zone. The first bench, comprising Chief Justice K R Shriram and Justice Sundar Mohan, has instructed the state government to deduct this amount from the commissioner’s salary and deposit it into the Adyar Cancer Institute’s account. The order was issued in response to a contempt petition filed by advocate N Rukmanganthan, who indicated that the corporation had failed to execute a court order dated April 8, 2022,…

IndustryLatest Stories

Chennai Civic Body Halts Iyra Properties Work Over Cracks

Representative image created by AI CHENNAI: Following significant cracks appearing in roads and buildings in Velachery, the Greater Chennai Corporation (GCC) issued a stop-work order to Iyra Properties for damages due to inadequate construction practices. According to a notice under the Town and Country Planning Act of 1971, GCC mandated the realtor to cease work on Seshadripuram First Main Road due to damage observed in roads, buildings, stormwater drains, and sewer systems. GCC indicated that the roadways and stormwater drainage system collapsed as a result of improper piling and shoring practices at the site. IIT Madras has been engaged to…