Tag: Chennai

Latest StoriesResidential

Stamp Duty Relief for Homebuyers in Tamil Nadu

CHENNAI: Homebuyers in Tamil Nadu purchasing first-sale apartments and villas will benefit from new regulations allowing them to use stamp duty and registration fees previously paid on construction agreements (made before December 1, 2023) as a set-off against the composite value of land and buildings during sale deed registration. According to the new directive, buyers registering composite sale deeds for first sales of apartments, villas, or similar properties can deduct the fees paid on earlier construction agreements for the identical structure. This applies to sales registered from December 1, 2023, onward, provided the construction agreements were registered before November 30,…

IndustryLatest Stories

Prestige Group buys 25-acre site in Medavakkam, Chennai

Representative image NEW DELHI: Prestige Group has secured a 25-acre land parcel in Medavakkam, Chennai. This land holds the potential for approximately five million square feet of development, estimated to generate over ₹5,000 crore in top-line revenue. In early December 2025, Prestige Falcon Realty, a wholly-owned subsidiary, along with Prestige Projects, acquired a partnership interest in Bharatnagar Buildcon LLP, as disclosed in a regulatory filing. The subsidiaries invested ₹938.75 crore through capital and current account contributions in the LLP. As a result of this acquisition, the company now indirectly holds a 66.93% partnership interest in Bharatnagar Buildcon LLP, with 63.12%…

Latest StoriesRegulatory

ED Arrests MD of Jayathri Infrastructures in Fraud Case

HYDERABAD: The Enforcement Directorate (ED) has apprehended Kakarla Srinivas, Managing Director of Jayathri Infrastructures India Pvt Ltd in Hyderabad. He is a key suspect in a multi-crore real estate pre-launch scam that reportedly defrauded numerous homebuyers. Srinivas, who had been evading arrest for several months, was captured by the ED’s Hyderabad unit in Chennai on Thursday evening. He was presented before the special PMLA court in Rangareddy on Friday and was remanded in judicial custody until December 31. The case revolves around alleged money laundering associated with extensive cheating of homebuyers and investors. The ED initiated an investigation under the…

InfrastructureLatest Stories

Tambaram’s Water Crisis: Solutions to Quench Thirst

Representative AI image Tambaram transitioned to a municipal corporation five years ago, yet its water supply system remains inadequate. In several areas, water access is limited, and even where it is available, factors such as insufficient overhead tanks and uneven pipeline distribution create challenges, leaving many neighborhoods thirsty. As per the 2011 census, the Tambaram City Municipal Corporation serves approximately 723,000 residents. Over 14 years later, real estate experts estimate the population has surpassed 1 million. Next year, 19 neighboring village panchayats, including Agaramthen, Medavakkam, Kovilambakkam, Mudichur, and Perumbakkam, will be integrated into the corporation, doubling its area from 84.7…

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…