Ashiana Housing and Arihant Foundations are investing INR 225 crore in a senior living residential project, Swarang, in Nemmeli, Chennai. Spanning 10.87 acres on the East Coast Road, this luxury project is set to generate INR 450 crore in sales. Swarang will offer 1 to 3 BHK units and penthouses, priced between INR 84 lakh and INR 2.08 crore, with the first phase completing by September of 2027. Featuring amenities like sports facilities, gyms, and 24/7 security, Swarang caters to Chennai's growing senior population. This marks Ashiana's ninth senior living project in India and third in Chennai.Read more

Axis Commercial Real Estate Fund, a partnership between Axis Asset Management Company Limited (Axis AMC) and real estate developer Tishman Speyer, has acquired a 1.5-acre land parcel in Chennai's Fintech City. The land, valued at INR 50 crore per acre, has the potential to support the development of a 400,000 sq ft Grade A office building within the next three years. The acquisition was made through a competitive bidding process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO). This represents the first investment from the Axis Commercial Real Estate Fund, a Category II AIF with a corpus of approximately INR 550 crore. The fund's strategy involves partnering with Tishman Speyer to participate in the development phase of commercial real estate projects across eight key markets, focusing on creating top-tier office spaces to attract leading tenants.Read more

Table Space has launched Suites at Global Infocity Park in Perungudi, Chennai, providing premium, ready-to-occupy offices specifically designed for GCCs, MNCs, and Fortune 500 clients. Located strategically in Chennai's IT hub, Suites occupies over 600 seats and is easily accessible from key areas. The workspace solution includes a user-friendly app for seamless booking and management, exceptional data security, and world-class EHS standards. Launched in October 2023, Suites is also available in Gurugram, Bengaluru, and Pune. This expansion, along with recent property acquisitions, underscores Table Space's commitment to providing innovative and high-quality flexible workspace solutions.Read more

Singapore's Keppel Corporation has acquired the One Paramount 1 tech park in Chennai for approximately INR 2,100 crore. This prime asset, spanning 12.6 acres with 2.4 million square feet of office space across three towers, was previously owned by RMZ Corporation and CPP Investments. Finalised at an 8.5% cap rate, the deal reflects strong investor interest in India's commercial real estate sector. The tech park's prestigious tenants include global firms such as Genpact and VMware. The acquisition highlights India's recovering office market and Keppel's strategic expansion in the region.Read more

Mahindra Lifespace has secured approval to develop an additional 104 acres within its Mahindra World City project near Chennai. The Ministry of Commerce and Industry has allowed the partial denotification of 42.073 hectares (approximately 104 acres) of SEZ land, enabling its use for commercial and residential projects. This move supports Mahindra Lifespace's strategy to meet rising market demand, with plans to launch projects in Chennai and Jaipur over the next year. The company aims for a Gross Development Value of INR 45,000 crore (USD 5.4 billion) from residential projects alone. Shares have risen by 24% over the past year, reflecting strong investor confidence.Read more

Chennai is set for a public transport transformation with the expansion of its metro rail network. The recent start of tunnelling work for Chennai Metro Rail Phase 2 at Royapettah is a significant milestone. This project, costing INR 61,843 crore, will add 116.1 kilometres across three new corridors, linking key areas like Madhavaram, Siruseri SIPCOT, Lighthouse, Poonamallee Bypass, and Sholinganallur. Scheduled for phased completion by 2028, with the first phase operational by 2025, this expansion aims to reduce traffic, improve air quality, and enhance residents' quality of life, marking a substantial commitment to sustainable urban development.Read more

Tata Realty has secured a significant INR 825 crore (USD 101 million) loan from the International Finance Corporation (IFC) for Ramanujan Intellion Park in Chennai. This landmark IT park, India's first and largest IFC EDGE Zero Carbon certified asset, exemplifies sustainable development in the real estate sector. The funding will support strategic refinancing and further integration of cutting-edge sustainable technologies across the park's 4.67 million square feet of commercial office space. Located in Chennai's IT corridor, the park promotes environmental stewardship with renewable energy usage, water conservation, and substantial energy savings, setting a new standard for green commercial properties in India.Read more

Chennai's real estate landscape sees a modest uptick as the Tamil Nadu government's revised guideline values, effective from July 1st, lead to a 10% rise in property acquisition costs. For example, Alandur Road now values at INR 6,100/sq ft, up from INR 5,500/sq ft. This adjustment, prompted by a court's 2023 ruling, aims to standardize stamp duty calculations across 2.19 lakh streets. Builders, while acknowledging the necessity of fair valuation, highlight implementation challenges in districts like Alandur and Pallavaram. Despite marginal cost impacts, broader market conditions are likely to drive future pricing trends in Chennai's real estate sector.Read more

The Madras High Court ordered authorities to give free house sites pattas to 500 scheduled community families whose land was set to be utilized for building Kallimandayam taluk. The land was allotted to the community in 2012 due to poor living conditions. When the petitioner submitted the representation to the grant pattas, he was informed that the land no longer belonged to the community, breaching the right of legitimate expectation. Justice G R Swaminathan observed that decision has been taken arbitrarily and free house sites must be give to the families within three months.Read more

Capgemini is set to launch a new facility in Chennai, investing INR 1,000 Crores over three years. The six lakh square feet campus, housing around 5,000 seats, aims for completion by 2027. It will feature high-tech equipment as well as recreational amenities to enhance employee wellbeing and create a dynamic work environment. Sustainability is a key focus, with efficient technology and environment friendly practices. Tamil Nadu's Industries Minister supports the project, which aligns with the state's economic goals. Capgemini has also pledged INR 3 crores for local school improvements, highlighting its commitment to local talent and community welfare.Read more

The Chennai Metropolitan Development Authority (CMDA) plans to launch affordable co-working spaces in CIT Nagar, Anna Nagar, and Kolathur. These centres will offer high-speed internet, dedicated workstations, meeting rooms, and libraries, targeting middle-income employees, young professionals, and startups. With an investment of INR 30 crore, the facilities aim to reduce costs for users and revitalise urban areas. The CMDA plans to investigate public-private partnerships to ensure effective and sustainable operations. The initiative is well-received, provided it maintains standards akin to those of private co-working spaces, aiming to bolster the city's economic and urban development.Read more

RMZ Corp has agreed to sell One Paramount tech park in Chennai to Singapore's Keppel for INR 2,100 crore. The deal boasts an 8.6 per cent cap rate, the highest recently. The 2.4 million sq ft complex, jointly owned by RMZ Corp and CPP Investments, was 66 percent leased last year. This sale aligns with Keppel's focus on emerging markets like India. In 2023, foreign investors contributed INR 3.6 billion to India's real estate, accounting for 67 per cent of total inflows. The transaction highlights India's appeal in the commercial office sector, attracting Asian financial institutions and sovereign wealth funds for income-yielding assets and development partnerships.Read more

In Chennai, a tunnel boring machine named Anaimalai completed a 925-metre-long tunnel between Ayanavaram and Otteri metro stations, achieving a breakthrough earlier this month as part of the 116.1km phase-2 project. The tunnelling began on October 23, 2023. CMRL managing director M A Siddique and other officials attended the event. This stretch is part of the 9km underground section on the 45.4km corridor-3, running from Madhavaram Milk Colony to Siruseri Sipcot. Seven tunnel boring machines are deployed in this stretch, with a total of 23 machines to be used throughout the phase-2 project.Read more

Brigade Enterprises aims to establish Chennai as its second-largest market with a massive INR 8,000 crore investment by 2030. Focused on residential, office, retail, and hospitality sectors, the company plans to develop over 15 million square feet, projecting a Gross Development Value (GDV) exceeding INR 13,000 crore. Highlighted by the launch of Brigade Icon Residences, a luxury development with INR 1,800 crore GDV, Brigade aims for 15-20% CAGR in residential revenue. This strategic initiative underscores Brigade's confidence in Chennai's economic growth, positioning the city as a pivotal hub in India's burgeoning real estate landscape.Read more

ESR Group, a leading Asia-Pacific real estate developer, has acquired an additional 27 acres of land in Oragadam, Chennai, augmenting its existing industrial and logistics park to 107 acres. This expansion enables the development of an additional 2.5 million square feet of warehousing and industrial space, totaling an investment of over INR 276 crore (USD 33 million). Positioned strategically within the Oragadam-Sriperumbudur industrial cluster, the park aims to bolster Tamil Nadu's industrial landscape. ESR's commitment extends beyond infrastructure to creating a sustainable ecosystem, integrating green building practices to support environmental stewardship and enhance operational efficiencies for businesses in the region.Read more

Real estate developer DRA Homes has announced plans to construct 400 upscale apartments boasting stunning ocean views along Chennai's Old Mahabalipuram Road (OMR). Situated on a strategically chosen 3.43-acre plot in Navalur, the project offers residents a tranquil coastal lifestyle with convenient access to essential amenities. Spread over 7 lakh square feet, the development is projected to generate INR 650 crore in revenue over the next four years. Managing Director Ranjeeth Rathod anticipates that these sea-view apartments will set a new standard for luxury living in Chennai, catering to the city's growing demand for modern, premium residences.Read more

In Q1 2024, Chennai's real estate market experienced a mixed performance, according to Tamil Nadu Real Estate Regulatory Authority (TNrera) data. New project registrations rose by 28%, totaling 78 projects, with 59% launched by CREDAI Chennai members. South Chennai was the most favored location, hosting 29% of the new projects. However, sales figures fell sharply by 44%, with only 2,983 units sold, and a significant unsold inventory of over 7,700 units remains. CREDAI Chennai President Mohamed Ali highlighted the impact of regulatory uncertainties but expressed optimism about future collaboration with the State Government to resolve these issues.Read more

Embassy Office Parks REIT, India's largest office REIT by area, has acquired Embassy Splendid TechZone (ESTZ) in Chennai for INR 1,185 crore. This Grade-A, 5-million-square-foot development, 95% occupied by global firms, ensures immediate stable cash flow. Financed through debt and internal reserves, the acquisition boosts Net Operating Income by 2% and Distribution per Unit by 0.2% for FY 2025. With 1.6 million sq. ft under construction and 2 million sq. ft future development potential, Embassy REIT strengthens its national presence and leverages Chennai's growing commercial market, potentially spurring local economic growth.Read more

Real estate investment trust (REIT) Nexus Select Trust, valued at INR 18,786 crore (USD 2.3 billion), is in talks to acquire Chennai's Marina Mall. This acquisition would expand their South Indian portfolio amid a post-pandemic retail sector boom. Opened in 2019, the Marina Mall offers over 600,000 sq. ft. of retail space, 150 brands, 25 food outlets, an amusement centre, and more. Nexus Select Trust aims to double its asset portfolio to 20 million sq. ft. within five years. This move highlights rising investor confidence and significant growth prospects in India's retail sector, reflected by increased mall consumption and occupancy rates.Read more

Chennai's real estate market is heating up, and Certus Capital has seized the moment by investing INR 125 crore (USD 15.6 million) in a prime residential development via Earnnest.me. Launched in February 2022, Earnnest.me offers secure debt investment opportunities, allowing individuals to invest in real estate with reduced risk and complexity. Investors in this project can expect a fixed annual return of 15%, with principal protection through the project's cash flow. Developed by Casagrand, a prominent South Indian developer, the project further enhances investor confidence. Certus Capital aims to invest INR 1,000 crore through Earnnest.me by FY25.Read more