Tag: Chennai

Latest StoriesRegulatory

Chennai collects ₹910 crore in property tax, eyes ₹1,100 crore goal

CHENNAI: During the first half of the 2025–26 financial year, the Greater Chennai Corporation collected ₹910 crore in property tax, aiming for a target of ₹1,100 crore from April to September. Civic officials announced plans to ramp up collection efforts to meet the financial goal. To enhance compliance, the Corporation is providing various online and offline payment solutions, as well as sending reminders to defaulters. In past years, the civic body organized special camps specifically for property tax collection; however, this year saw no such events, as more taxpayers opted for online payments. Officials noted that digital reminders and simplified…

CommercialLatest Stories

CapitaLand India Trust Sells CyberVale, CyberPearl for ₹11,031M

NEW DELHI: CapitaLand India Trust (CLINT) has made an agreement to sell CyberVale in Chennai and CyberPearl in Hyderabad to an unrelated third party for ₹11,031 million (around S$161.7 million). The assets will be sold at about a 3% premium over their independent valuations as of December 31, 2024. The expected net proceeds from the sale stand at ₹10,828 million (approximately S$158.8 million). CyberVale features roughly 0.8 million sq ft of an IT special economic zone (SEZ) and about 0.2 million sq ft designated as a free trade warehousing zone in Mahindra World City. CyberPearl is an IT park that…

CommercialLatest Stories

Prime Offices Fund buys 2.4M sq ft in Chennai for ₹2,550 crore

NEW DELHI: The Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), has successfully acquired a 2.4 million sq ft office campus located in Porur, Chennai. This asset was purchased through a full buyout from Keppel’s real estate division for approximately ₹2,550 crore. The campus is leased to Global Capability Centres (GCC) and domestic technology firms. Gaurav Puri, the Chief Investment Officer at NCW, stated, “As we continue to expand, our focus remains on high-quality ‘offices-of-the-future’ that align with our investors’ expectations.” NCW is a collaborative venture between Nuvama Asset Management…

Latest StoriesRegulatory

SC Rejects ED Appeal in Tamil Nadu Sand Mining Case

CHENNAI: The Supreme Court has affirmed a ruling by the Madras High Court that dismissed the Enforcement Directorate’s (ED) investigation into an alleged multi-crore sand mining scam in Tamil Nadu, including the seizure of various properties linked to miners and their associates as proceeds of crime. A division bench consisting of Justice Dipankar Datta and Justice Augustine George Masih rejected the ED’s appeal against the high court’s decision from July 16, 2024. According to the High Court’s division bench, the central issue was not whether illegal sand mining was occurring in Tamil Nadu, but whether the ED could act under…

CommercialLatest Stories

Keppel to sell Chennai’s One Paramount office park for ₹2,750 crore

Representative image Singapore-based Keppel plans to sell its One Paramount office park in Porur, Chennai, to Prime Offices Fund, managed by Nuvama Asset Management and Cushman & Wakefield (NCW), for approximately ₹2,750 crore, according to sources familiar with the issue. This development highlights the growing investor interest in India’s expanding office market. One Paramount spans 2.4 million square feet and is a Grade-A tech park hosting global tenants like Genpact, Maersk, UPS, VMware, and Hitachi Energy. The property is part of a 12.6-acre development. “The transaction not only showcases the asset’s institutional quality and high occupancy rates but also empowers…

IndustryLatest Stories

TN CM Calls for Priority on Patta, Tax, Water Petitions

CHENNAI: On Friday, Chief Minister M.K. Stalin instructed officials to give priority to petitions concerning patta transfers, property tax, drinking water connections, changes to ration card addresses, and grievances from farmers while inspecting an Ungaludan Stalin camp in T Nagar. During his visit to the grievance redressal camp in Ward 133, Stalin emphasized the need to address requests from individuals with disabilities carefully and ensure timely resolution of petitions under the Kalaignar Magalir Urimai Thittam. He directed officials to accept applications even from residents arriving after official hours and to ensure they are processed promptly. In reviewing the camp’s operations,…

CommercialLatest Stories

Tamil Nadu Housing Board Offers Affordable Commercial Hubs

CHENNAI: The Tamil Nadu Housing Board (TNHB) is positioning its new commercial complexes throughout Chennai as affordable hubs, providing space at rates of ₹88–118/sqft, which is nearly 20% cheaper than private rentals. The first occupants include agencies such as the Employee’s Provident Fund Organisation (EPFO) and GST. TNHB has already sold its complexes in Chintamani and Anna Nagar to government bodies, including the TN Real Estate Regulatory Authority. Additionally, seven new complexes have emerged in prime areas such as Ashoka Colony in KK Nagar, Mogappair, CIT Nagar, Arumbakkam, Ashok Nagar, Peters Colony, and Besant Nagar. With metro connectivity and central…

Latest StoriesRegulatory

Madras HC Bans Resorts and Hotels in Elephant Corridor

CHENNAI: The Madras High Court has reinforced a total ban on commercial activities in the Segur Plateau Elephant Corridor, following the findings of the Segur Plateau Elephant Corridor Inquiry Committee established by the Supreme Court. This prohibition extends to all resorts and hotels. The landowners are permitted to maintain and cultivate their properties in an environmentally friendly way that does not disturb the elephants, without installing artificial barriers like electric fences. This was affirmed by a special bench comprising Justice N Sathish Kumar and Justice D Bharatha Chakravarthy. The bench reiterated that the committee’s findings, led by former judge Justice…

CommercialLatest Stories

Amazon Leases 220,000 Sq Ft Office in Chennai

BENGALURU: Amazon Development Centre India has secured a lease of 220,000 sq ft from WeWork in Chennai, marking the largest single office transaction in the city this year. The 40-month lease aims to accommodate over 3,500 work units. This deal underscores Amazon’s expanding footprint in southern India and the rising demand for flexible office spaces among corporations seeking scalable work environments in India’s top markets. “Amazon’s move to sign the biggest office deal in Chennai in the first half of 2025 reflects its confidence in the city’s talent pool and infrastructure,” stated a senior industry executive familiar with the transaction.…

Housing FinanceLatest Stories

Sundaram Home expands to Karnataka, targets ₹60 crore in EB loans

CHENNAI: Sundaram Home Finance has entered the Karnataka market with plans to disburse Rs 60 crore in its first year of operations in the state under its Emerging Business segment. In the initial stage of expansion, the Chennai-based firm intends to open 8-10 branches in Tier II and III towns in Karnataka, according to a press release issued on Tuesday. Sundaram Home Finance is a subsidiary of Sundaram Finance Ltd. The company currently operates over 50 branches in Tamil Nadu and Andhra Pradesh within the Emerging Business segment, having disbursed Rs 200 crore in this category last year. The Emerging…