Tag: Chennai

Latest StoriesRegulatory

Madras HC Examines CMRL’s ₹93 Crore Payment to Landowners

CHENNAI: The Madras High Court has ordered an investigation into the ₹93.4 crore compensation disbursed by the Chennai Metro Rail Limited (CMRL) for the acquisition of 20.6 acres of land in 1975. This decision comes after setting aside various appeals related to the matter. A division bench consisting of Justices S.M. Subramaniam and Mohammed Shaffiq issued this order on Friday, responding to appeals from CMRL, Chennai Metropolitan Development Authority (CMDA), and others. The case pertains to the acquisition of land in Koyambedu for a housing scheme in 1975, which was later designated for the Koyambedu market and bus terminus projects.…

CommercialLatest Stories

Smartworks Leases 1.68 Lakh Sq Ft in Kolkata; 91Springboard Expands

Representative image NEW DELHI: Smartworks Coworking Spaces (Smartworks) has signed a lease for 1.68 lakh sq ft in Kolkata with a leading global provider of information technology, consulting, and business process services. The IT firm’s new office will be set across two locations, Victoria Park and Mediasiti, both situated in Salt Lake City, Sector V. The transaction was facilitated by JLL India as the advisory partner. Currently, the company manages a portfolio of 14 million sq ft across 14 cities. 91Springboard expands with over one lakh sq ft in Bengaluru and Chennai 91Springboard has introduced two new hubs: one in…

CommercialLatest Stories

Embassy REIT to invest ₹3,700 crore in 7.2 million sq ft office project

NEW DELHI: Embassy Office Parks REIT (Embassy REIT), managing a vast 51 million sq ft office portfolio with a 93% value occupancy rate and 40.9 million sq ft of income-generating assets, is gearing up for its next expansion phase. This includes a pipeline of ₹3,700 crore in ongoing construction, scheduled for completion over the next three to four years. The REIT has 7.2 million sq ft currently in development that is projected to yield approximately ₹630 crore in net operating income (NOI). Four months into his role, CEO Amit Shetty emphasizes the need to enhance growth strategies through asset upgrades,…

IndustryLatest Stories

Bhasyam Developers Acquires Chennai Plot from Standard Chartered for ₹1,200 Crore

Representative AI image Realty developer Baashyaam Group has successfully purchased the renowned 5.5-acre Standard Chartered Bank property located in Nungambakkam, Chennai, for approximately Rs 1,200 crore. This marks it as the largest recorded land transaction in the city’s recent history, according to insiders involved in the deal. “The centrally positioned land is set to be redeveloped into a luxury residential and retail-focused project, driven by substantial demand, the strategic location, and the size of the property,” mentioned a source. This acquisition is expected to boost Chennai’s luxury housing market, which is facing significant supply constraints as prime land parcels in…

IndustryLatest Stories

Chennai Builders Urge Govt to Halt Road Grid Plan Enforcement

CHENNAI: Realtors are urging the state government to intervene and halt the CMDA’s enforcement of its grid road plan, which they claim lacks a proper government order. In a letter addressed to Chief Secretary N. Muruganandam, the realtors pointed out that some CMDA officials have been applying the grid layout when processing planning and development applications. “We have brought this to the government’s attention, as the scheme is flawed. The grid proposal disrupts already approved buildings, necessitating a complete re-evaluation. CMDA has been implementing this without statutory approval, leading to numerous projects being on hold, which causes significant hardship for…

Latest StoriesRegulatory

ED Arrests Arihant Shelters’ Director in ₹18 Crore Scam

CHENNAI: The Enforcement Directorate (ED) has arrested Aashish Jain, the director of Chennai-based real estate company Arihant Shelters, as part of an ongoing investigation into a money laundering case involving government (OSR) land sold to private parties through falsified documentation. These lands were later purchased at inflated prices for the Sipcot and NHAI projects. The arrest occurred following searches conducted on November 19 across 15 locations in Chennai, Kanchipuram, and Chengalpet connected to a Prevention of Money Laundering Act (PMLA) case initiated by the ED. Aashish is scheduled to appear before a magistrate on Tuesday, according to ED sources. Arihant…

Latest StoriesRera

RERA Boosts Property Deal Transparency: Tamil Nadu Chairman

MADURAI: Homebuyers often face challenges due to a lack of information when purchasing properties. However, with the implementation of the Real Estate (Regulation and Development) Act (RERA), buyers can now easily verify project details through the official website, according to Shiv Das Meena, chairman of the Tamil Nadu Real Estate Regulatory Authority (TNRERA). Speaking at an awareness program on Saturday, Meena introduced an explanatory manual on RERA regulations, emphasizing the Act’s role in promoting transparency, accountability, and credibility in the real estate sector. He noted that RERA has revolutionized the home buying process in the state by establishing a safer…

Latest StoriesRera

RERA Boosts Transparency in Tamil Nadu Property Deals

MADURAI: Homebuyers often face challenges due to limited information during property purchases. However, with the implementation of the Real Estate (Regulation and Development) Act (RERA), they can now easily verify project details via the official website, according to Shiv Das Meena, chairman of the Tamil Nadu Real Estate Regulatory Authority (TNRERA). During an awareness program held on Saturday, Meena introduced an explanatory manual on RERA regulations, emphasizing the Act’s role in promoting transparency, accountability, and credibility within the real estate sector. He noted that RERA has transformed the home-buying process in the state, establishing a secure and trustworthy investment atmosphere.…

Latest StoriesResidential

Hiranandani Expands into Senior Living with 1M Sq Ft in Chennai

Representative Image NEW DELHI: Hiranandani Communities, part of the Niranjan Hiranandani Group, has partnered with GTB Group to venture into the senior living sector. The Elements project, covering 4.5 acres, has a development potential of one million sq ft and will be situated in Hiranandani Parks, Oragadam—a planned township in Chennai. The estimated total project value is ₹300 crore and will be executed in two phases. It is set to include 400 residences, with prices starting from ₹60 lakh. Niranjan Hiranandani, founder and chairman, commented, “The Hiranandani Parks, Oragadam township aims for an ambitious topline revenue of ₹4,000 crore, as…

InfrastructureLatest Stories

Tidco seeks TN government’s approval for Global City project

CHENNAI: The Tamil Nadu Industrial Development Corporation (Tidco) has requested administrative approval from the Chengalpet district collector to acquire 1,945.19 acres of both patta and government land from six villages in Maduranthakam taluk for the upcoming global city project, according to Tidco’s managing director, Sandeep Nanduri. This initiative aligns with the state government’s announcement in the 2025 budget regarding the development of a 2,000-acre global city near Chennai, which will feature IT parks, trade zones, residential complexes, leisure areas, and advanced infrastructure. The first phase is anticipated to commence soon, with Tidco assuring efficient connectivity to Chennai via metro rail,…