The CBI's Economic Offences Branch, Chennai, has booked a landlord, builder, bank-valuers, buyers, and unknown-others for defrauding SBI of INR 5.5 crore through a fraudulent housing-loan. In 2020, siblings S Vakisan and S Deivanai secured a INR 4.26 crore loan for a Tiruporur villa, falsely-valued at INR 6.3 crore by bank-empanelled valuers. An audit later revealed the villa was built in 2016 and previously-mortgaged. The actual-value was INR 3.5 crore. The bank suspected the landowner's involvement and filed a CBI complaint. Following a Madras High Court directive, the CBI has registered a case for investigation.Read more

Chennai's commercial real estate market is on a strong growth trajectory, with office space expected to exceed 100 million square feet by the end of 2026, up from 89 million square feet currently. Private equity investments have reached USD 1.19 billion in the past two years, supporting the development of modern office spaces. While the tech sector has traditionally dominated, the banking, financial services, and insurance (BFSI) sectors, along with life sciences, are increasingly driving demand. In 2024, life sciences absorbed 0.8 million square feet, a 60% jump from 2023. Additionally, Chennai ranks third in Global Capability Center (GOC) leasing, with 2.9 million square feet leased in 2024. Other Tamil Nadu cities, including Coimbatore, Madurai, and Tiruchirappalli, are also witnessing commercial real estate growth, reflecting the region's evolving economic landscape.Read more

The Madras High Court has ordered that seven unauthorized floors of a commercial complex in Pondy Bazar, Chennai, be demolished. A division bench rejected the builder's plea to regularize the illegal construction, saying that regularisation is not an absolute right but a one-time concession under special schemes. Previous instances, like the 2017 Madras High Court raid on illegal buildings and the 2019 Delhi Supreme Court direction for demolitions, reflect a uniform judicial attitude towards unauthorised buildings. The ruling stresses the necessity to follow planning legislations and detests the abuse of government schemes of regularisation.Read more

CCI Group has reportedly planned an investment of more than INR 640 crore for developing over 2 million square feet of warehousing space in the second phase of its Chennai logistics hub. This will take the total investment made on the facility to INR 900 crore, increasing its overall capacity to 3 million square feet. The development will take place over 85 acres in the Polivakkam locality within the next 15 months. The facility will include both standard requirement warehouses and built-to-suit (BTS) segments, catering to industries such as e-commerce, automotive, FMCG, and manufacturing. The company aims to capitalise on Chennai's growing prominence as a logistics and supply chain hub. The expansion will be funded through a combination of promoter equity and construction finance.Read more

The Madras High Court has ordered that seven unauthorized floors of a commercial complex in Pondy Bazar, Chennai, be demolished. A division bench rejected the builder's plea to regularize the illegal construction, saying that regularisation is not an absolute right but a one-time concession under special schemes. Previous instances, like the 2017 Madras High Court raid on illegal buildings and the 2019 Delhi Supreme Court direction for demolitions, reflect a uniform judicial attitude towards unauthorised buildings. The ruling stresses the necessity to follow planning legislations and detests the abuse of government schemes of regularisation.Read more

The Madras High Court recently heard a plea seeking the extension of the Madurai Metro Rail to Melur, citing heavy traffic congestion. Advocate B. Stalin argued that the current plan, covering 32 km from Othakadai to Thirumangalam at INR 11,360 crore, overlooks Melur's transport needs. The court, while acknowledging the concerns, stated that the decision lies with the government. Judges M.S. Ramesh and A.D. Maria Clete emphasized that policy matters must be evaluated by authorities. As metro projects reshape urban mobility, further studies on extending connectivity to Melur could help improve transportation efficiency in the region.Read more

Casagrand Premier Builder, based in Chennai, has received final approval from the Securities and Exchange Board of India (SEBI) to raise INR 1,100 crore through an initial public offering (IPO). The IPO will comprise a fresh issue of up to INR 1,000 crore and an offer for sale of up to INR 100 crore by promoter shareholders. Proceeds from the fresh issue will be used to repay certain borrowings and for general corporate purposes. The IPO's lead managers are JM Financial and Motilal Oswal Investment Advisors, while KFin Technologies is the registrar.Read more

Shriram Properties Limited (SPL) has sold a 3.9-acre land parcel on Chennai's GST Road for INR 93 crore to a prominent South Indian healthcare and educational group. This land, previously designated for retail development, is located near SPL's fully operational 4 MSF office complex and a 2 MSF residential project, Shriram Park 63. The sale aligns with SPL's strategy to divest non-core assets and redirect funds towards its core focus on mid-market and mid-premium residential projects in cities like Bengaluru, Chennai, and Kolkata.Read more

The Chennai Metro Rail Limited (CMRL) is preparing to acquire land on Avinashi Road and Coimbatore-Sathyamangalam Road by March 2025 for its metro rail project. The first phase, covering a 34.8 km stretch, will have two corridors, connecting key locations in Coimbatore. The project is expected to be completed in three years. The metro will feature three-coach trains, capable of accommodating over 700 passengers. CMRL is aiming for minimal land acquisition by constructing elevated corridors, with plans for future extensions. The project is being developed in collaboration with local bodies and railway authorities.Read more

The Chennai Metropolitan Development Authority (CMDA) is spearheading efforts to revitalise the Chennai Outer Ring Road (CORR) by initiating e-auctions of land parcels along the 62-km stretch. This project aims to convert the corridor into an economic powerhouse with industrial zones, urban forests, premium housing, and logistics hubs. Drawing lessons from successful corridor developments like the Delhi-Mumbai Industrial Corridor, the plan integrates modern infrastructure and sustainability. Strategic connectivity through metro expansions and a comprehensive flood management system underscores the project's long-term vision. If executed well, CORR could redefine Chennai's urban and economic landscape.Read more

TVS Emerald has acquired a 12-acre prime land parcel on Chennai's Radial Road, marking one of the city's largest real estate transactions in two years. The project, spanning 2.5 million square feet, promises to generate INR 2,800 crore in revenue. This strategic acquisition reinforces the company's focus on growth and market leadership in Chennai and Bengaluru. TVS Emerald, a subsidiary of TVS Holdings, has a robust portfolio, having delivered 3.6 million square feet of residential projects and having 8.6 million square feet under development. The move aligns with its vision to create world-class properties in high-demand locations.Read more

PNT Reporter

IT and Digital Services Minister Palanivel Thiagarajan recently announced that officials will prepare a comprehensive plan for a three-million-square-foot IT complex in Coimbatore's ELCOT SEZ within two to three months. The government is securing a real estate marketing firm to ensure top-tier development. Addressing the issue of unused land in ELCOT SEZs, he noted ongoing efforts to reclaim and reallocate these plots to active companies. Highlighting AI's rapid growth, he affirmed immediate job creation in data management while noting its long-term implications. The minister expressed optimism about India's strong position in the global software sector, crediting the nation's skilled talent.Read more

Vidhi Sangoi

The Chennai Metro, operational since 2015, has evolved into a pivotal mass transit system in Tamil Nadu's capital. Managed by Chennai Metro Rail Limited (CMRL), it currently spans over 54 km, offering rapid and reliable transportation through a combination of elevated and underground stations. Phase I, completed by 2019 at a cost of around INR 14,600 crore, introduced two main corridors and improved travel efficiency. An extension to Wimco Nagar, completed in 2021, further enlarged its coverage. Phase II, set for completion by 2026 at a cost of INR 61,843 crore, will add nearly 119 km. Despite challenges in construction, fare structure, and ridership targets, the Chennai Metro continually enhances passenger experience through modern amenities, digital ticketing, and accessibility features, reflecting the city's commitment to advanced public transit solutions.Read more

PNT Reporter

A previously neglected, garbage-filled four-acre plot in Valasaravakkam, Chennai, is undergoing a major transformation into a sprawling lake. Once prone to flooding, particularly near metro construction sites, the area faced regular disruptions. The Greater Chennai Corporation (GCC) has addressed this issue by converting an abandoned private land into a three-acre pond, now holding 1.5 million cubic feet of water. The pond is set to be developed into an eco-park at an estimated cost of INR 5 crore, featuring multiple facilities, including a walking path, open-air theatre, and parking areas. Residents have also raised concerns about encroachment and the need for boundary walls.Read more

PNT Reporter

The Madras High Court has stayed the eviction of 130 Chinna Udaippu villagers in Madurai district, halting proceedings linked to Madurai Airport expansion. Justices M.S. Ramesh and A.D. Maria Clete directed the state to respond to a petition citing inadequate compensation and lack of rehabilitation under land acquisition laws. The petitioners argue that 350 families face eviction without proper resettlement plans, violating the Right to Fair Compensation and Transparency in Land Acquisition Act. The case underscores the tension between infrastructure growth and fair rehabilitation, with further hearings scheduled later this month.Read more

PNT Reporter

BEML Ltd has secured a INR 3,658 crore contract from Chennai Metro Rail Ltd (CMRL) for the design, manufacture, supply, testing, and commissioning of Standard Gauge Metro Rolling Stock. The project includes 210 metro cars, to be delivered as 70 three-car train sets, and a 15-year maintenance contract. These trains will operate in Unattended Train Operation (UTO) mode, serving three major corridors. The entire metro network will span 118.9 km, with delivery starting in January 2027 and completion by April 2029.Read more

PNT Reporter

Chennai is rapidly solidifying its position as a global capability centre (GCC) hub, with current numbers exceeding 250 units and expected to reach 450-460 by 2030, according to CBRE. The city absorbed 2.3 million sq. ft. of office space in the first nine months of 2024, with GCC leasing projected to hit 3-3.2 million sq. ft. by 2025. A skilled workforce, set to grow 1.4 times by 2030, underpins this expansion. Strategic government policies and infrastructure investments are further driving Chennai's appeal. As India's fifth-largest office market, Chennai is poised to play a key role in advancing the country's economic and business landscape.Read more

The Enforcement Directorate (ED) recently returned an INR 12 crore plot of land in Chennai to its rightful owner after it was fraudulently seized and sold by land grabbers. The land was unlawfully encroached upon, and documents were forged to falsely claim ownership. The ED took action under the Prevention of Money Laundering Act (PMLA), following an FIR filed by the Chennai Police. The property was attached in 2017, and this action was confirmed by the PMLA Adjudicating Authority. The ED emphasised its commitment to combating financial crimes and ensuring justice for victims by recovering illegally obtained assets.Read more

The Chennai Metropolitan Development Authority (CMDA) has introduced new deadlines for 11 departments to issue no-objection certificates (NOCs) to fast-track building approvals. Nine departments must provide their NOCs within 30 days, while three will have 15 days. If a department misses the deadline, the NOC will be automatically granted. Experts believe this move will streamline the approval process, boost residential development, and attract investment to Tamil Nadu. The directive aims to address the city's growing housing demands and promote a more transparent and efficient real estate market.Read more