Tag: Chennai

CommercialLatest Stories

Embassy Office Parks REIT’s FY26 NOI Soars 15%

NEW DELHI: Embassy Office Parks REIT (Embassy REIT) has reported a 15% increase in its net operating income (NOI) totaling ₹3,760 crore for the financial year 2025-26. The Board of Directors of Embassy Office Parks Management Services (EOPMSPL), the manager for Embassy REIT, declared distributions of ₹6,161.31 million (or ₹6.50 per unit) for the quarter ending March 31, 2026. This distribution includes ₹132.71 million (₹0.14 per unit) as interest, ₹1,317.57 million (₹1.39 per unit) as dividends, and ₹4,711.03 million (₹4.97 per unit) toward repayment of SPV-level debt. Amit Shetty, CEO of the company, stated, “We successfully leased 6.4 million sq…

Latest StoriesResidential

Manasum Senior Living to invest ₹150 crore in Chennai project

NEW DELHI: Manasum Senior Living plans to invest around ₹150 crore to develop a senior living project called The Madras Pavilion in Chennai, in collaboration with VNCT Global. The project will cover 4.5 acres and include 92 villas and 36 apartments. The villas will range from 897 sq ft to 1,124 sq ft, while the apartments will vary between 685 sq ft and 820 sq ft in 1BHK formats. The company is also considering a ₹550 crore investment to expand its footprint in South and West India. Published On Apr 21, 2026 at 04:00 PM IST Join the community of…

Latest StoriesRegulatory

CBI Examines Ozone Projects, Bankers in Homebuyer Scam

CHENNAI: The Metrozone project in Koyambedu is now under investigation by the Central Bureau of Investigation (CBI) for alleged misconduct involving the subvention scheme and fraudulent actions toward homebuyers through a bank-developer collusion. The CBI’s economic offences wing in Delhi has filed a case against Ozone Projects Pvt Ltd, which is behind the Metrozone project, along with its promoters, directors, and unnamed officials from Axis Bank Ltd and Axis Finance Ltd, interpreting the situation as fraud and corruption as directed by the Supreme Court. The FIR indicates that Ozone Projects’ directors, currently undergoing the Corporate Insolvency Resolution Process (CIRP), allegedly…

Latest StoriesRegulatory

CBI Raids Eight States in Builders-Financial Institutions Case

NEW DELHI: On Tuesday, the CBI executed searches at 77 locations across eight states linked to a builders-financial institutions nexus case, officials reported. The searches included areas in Delhi, Chennai, Puducherry, and Bengaluru, among others. This case was assigned to the CBI by the Supreme Court, which on April 29, 2025, instructed the agency to initiate seven preliminary inquiries against builders in the NCR, notably Supertech Limited. Later that year, the court ordered the registration of 22 cases involving homebuyers in the National Capital Region (NCR) who were misled through the subvention scheme. On September 23 of last year, the…

CommercialLatest Stories

Mindspace REIT Buys 2.6M Sq Ft Chennai Office for ₹2,541 Cr

NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has successfully acquired a 2.6 million sq ft grade-A office property in Chennai for approximately ₹2,541 crore, enhancing its foothold in the southern market. The acquisition involves obtaining 100% equity in the entities that own Commerzone Pallikaranai, situated on the Pallavaram-Thoraipakkam Road (PTR) corridor, a significant office micro-market in Chennai. This transaction has received board approval, along with a planned preferential unit issuance of up to ₹675 crore, pending regulatory and unitholder approvals. The asset features around 1.4 million sq ft of finished office space and 1.2 million sq ft under development,…

IndustryLatest Stories

Prestige and Arihant Groups Acquire Land in Padi, Chennai

Representative Image NEW DELHI: Prestige Group and Arihant Group have acquired a 16.331-acre land parcel in Padi, Chennai. The acquisition is being handled through Canopy Living LLP, a joint venture between Prestige Estates Projects and Arihant Foundations and Housing. The land is planned for a residential project with a total saleable area of approximately 3.6 million sq ft and an estimated revenue potential of around ₹5,000 crore. Irfan Razack, Chairman and Managing Director, stated, “We remain focused on expanding our presence in the city through well-located, high-quality developments.” Published On Mar 27, 2026, at 06:56 AM IST Join over 2…

Latest StoriesRegulatory

Madras HC Notifies Tamil Nadu on PIL for Hill Area Approvals

CHENNAI: An activist has approached the Madras High Court to contest a government order (GO) from the Tamil Nadu government. This order allows urban planning authorities to approve housing layouts in hilly areas and make land-use changes, sidestepping the essential clearance from the Hill Area Conservation Authority (HACA). The court admitted the plea on Wednesday, with the first bench comprising Chief Justice Sushrut Arvind Dharmadhikari and Justice G Arul Murugan directing the state government to respond within four weeks. According to the petitioner, S. Muralidharan, the HACA was established in 1990 to safeguard ecologically sensitive hill regions from the effects…

CommercialLatest Stories

Workday Leases 1.94 Lakh Sq Ft in Chennai for GCC Setup

Workday has secured a lease for 194,000 square feet in Chennai to establish a global capability center, marking one of the largest enterprise office commitments in the city with Brookfield Properties. As per the lease documentation from Propstack, the arrangement between Cowrks and Workday consists of two phases featuring different commercial structures. In Phase I, Workday is leasing 100,000 sq. ft. as a managed office across the 3rd and 4th floors of Building 1C at Millenia Business Park, at an all-inclusive monthly rate of Rs. 310.8 per sq. ft. This rate covers warm shell rent, CAM, capex rent, OPEX, signage,…

CommercialLatest Stories

US Bancorp Discusses 650K Sq Ft Lease in Chennai for GCC

BENGALURU: US Bancorp is negotiating to lease over 650,000 sq ft of office space in Chennai as it establishes its first global capability center (GCC) in India, marking a significant entry into the country’s flourishing offshore operations sector. The proposed office will be located at Embassy Tech Splendid, a commercial campus owned by Embassy Office Parks REIT, using a build-operate-transfer service model with Cognizant Technology Solutions, according to sources involved in the discussion. Under this arrangement, Cognizant will initially manage the center before transferring full operations to the bank. The estimated monthly rental is between Rs 4.5-5 crore, indicating a…

CommercialLatest Stories

TCS Expands Chennai Presence to 7.79 Lakh Sq Ft with New Lease

BENGALURU: Tata Consultancy Services (TCS) has expanded its office presence in Chennai to around 779,000 sq ft with a new lease of 147,000 sq ft at Ozone Techno Park. This move further establishes the city as a strategic hub in TCS’s delivery network across India. The lease agreement, made with Platinum Holdings Private Limited, encompasses space on the fourth and fifth floors of the IT park located on Old Mahabalipuram Road (OMR). According to Propstack, the lease will begin on October 1, 2025, for a duration of 53 months, with a rental rate of Rs 45 per sq ft per…