Arihant Foundations plans to invest INR 650 crore in real estate projects in Chennai and Bengaluru by FY25, focusing INR 150 crore on Grade A office spaces in Bengaluru. The Chennai-based developer aims to develop 0.5 million sq ft of commercial space and 1 million sq ft of residential space in both cities. Arihant's MD Kamal Lunawath highlights new commercial and residential projects, including premium and mid-segment apartments and senior living developments in Chennai. The company targets 15-20% growth in FY25, driven by increasing investment in Chennai's real estate market and robust office leasing activities.Read more

Casagrand HolaChennai is a 30-acre luxury township launched by Casagrand in Sholinganallur, Chennai. Housing 1818 apartments, villas and signature villas, it offers over 160 high-end amenities aimed at supreme comfort, leisure and community living. Priced starting INR 4599/sqft versus the market rate of INR 6500/sqft, it provides great value. Strategically located opposite Infosys with proximity to IT parks, schools and hospitals, the area is poised for growth. Tailored amenities for families, kids and seniors promise a luxurious lifestyle unmatched in the locality. Casagrand HolaChennai is set to become the benchmark for luxury living for discerning homebuyers in Chennai.Read more

Airbnb's new "Icons" program grants guests access to the iconic Kapoor family home in Chennai, fulfilling the late actress Sridevi's dream of transforming it into a luxurious hotel. Applications open on May 9th, offering lucky winners a free stay for two, selected through a random process based on their connection to the Kapoor family. Janhvi Kapoor will personally host a tour, sharing family stories, and guests will enjoy South Indian cuisine, immersing in the Kapoor family's heritage. The program reflects Airbnb's confidence in the Indian market, catering to travelers seeking unique experiences beyond traditional accommodation. Other celebrity homes worldwide are also part of the program, offering extraordinary stays and memorable moments.Read more

Foxconn, a major Apple supplier and one of the largest electronics manufacturers in the world, has leased about 550,000 square feet of warehouse space in Chennai's ESR Industrial Park located in Oragadam. This comes as exports of iPhones from India are rising sharply. The new facility, one of Foxconn's largest in India, will help optimize its supply chain and logistics to support growing export volumes from its Indian operations. ESR Industrial Park spans 100 acres and is a major industrial hub for electronics and automobile companies. The lease underscores Foxconn's commitment to scaling up production in India to meet rising demand for Apple products.Read more

Casagrand introduces its latest project, Casagrand French Town, a French-themed residential community sprawled over 10.76 acres in Chennai. With over 8.4 acres dedicated to lush greenery, the project embraces nature amidst urban living. Strategically located near Medavakkam and Velachery, it offers easy access to essential amenities and major IT hubs. The development includes 2 & 3 BHK apartments and 4 BHK villas, addressing the demand for spacious living areas. Boasting 95+ amenities, including a 23,000 sq. ft. clubhouse, the community fosters a vibrant social environment. With a focus on resident well-being, features like a reflexology pathway and meditation lawn promote relaxation. Casagrand French Town redefines luxury living, blending French charm with modern amenities, making it an appealing choice for Chennai's homebuyers.Read more

Chennai emerges as a top destination for offshore multinational companies (MNCs) establishing Global Capability Centers (GCCs), surpassing traditional leaders Bengaluru and Hyderabad. Lower commercial rental rates, ample Grade A office space, and robust city infrastructure make Chennai an attractive choice. Its strong manufacturing sector, particularly in electronics and automobiles, complements offshore businesses. Bengaluru faces challenges with a global IT slowdown and layoffs, impacting office space leasing. Chennai's GCC market expands beyond IT sectors, attracting diverse industries like banking and R&D. This trend reflects a broader regional shift, with India and other Asian countries emerging as key hubs for cost-effective offshoring solutions.Read more

Luxury developer Baashyaam Constructions is in talks to buy a prime 4.6-acre plot in Chennai's central business district for a whopping USD 800 crore (INR 6,400 crore). This reflects the high demand and scarcity of centrally located land in the city. The existing buildings on the plot suggest Baashyaam might redevelop it into a luxury project, aligning with their focus on high-end residences. This potential deal highlights Chennai's booming real estate market. Office space leasing hit record highs in 2023, with new office space supply also reaching a 10-year peak. Developers are bullish on Chennai's commercial future. While unconfirmed, the deal signifies investor confidence in the city's central business district.Read more

Bengaluru-based real estate major Brigade Group has announced plans to invest INR 400 crores to develop an office complex called Brigade Tech Boulevard in Chennai. Spread across two towers on Pallavaram-Thoraipakkam Radial Road, the project will have a leasable area of 8.36 lakh square feet. This is Brigade Group's next commercial launch in Chennai after the successful completion of World Trade Center on Old Mahabalipuram Road. Brigade Tech Boulevard will feature world-class specifications and sustainability features to cater to the growing demand from IT/ITeS, engineering, automotive and banking sectors in Chennai's diverse office market.Read more

Tata Realty & Infrastructure Ltd. (TRIL) has achieved a remarkable feat by securing prestigious WELL Core certifications from the International WELL Building Institute (IWBI) for its commercial portfolio. The Ramanujan Intellion Park in Chennai has been awarded the highest Platinum level WELL Core Certification, making it the first in India and among the top 100 globally. TRIL is a global leader in WELL at scale, applying health-focused strategies across its entire portfolio. Intellion Parks in Mumbai and Gurugram have secured WELL Gold Precertification and WELL Health-Safety Rating. TRIL's commitment to occupant well-being through superior air quality, water quality, mold prevention, health promotion, movement encouragement, and optimized acoustics is exemplary.Read more

Embassy Office Parks REIT (Embassy REIT) makes a significant expansion move by acquiring Embassy Splendid TechZone (ESTZ), a business park in Chennai, for INR 1,269 crore. This marks Embassy REIT's entry into the Chennai market and aims to raise INR 2,500 crore by selling units to investors, enhancing its financial position for future growth. ESTZ comprises 1.4 million sq. ft of office space, with 95% occupancy by global firms like Wells Fargo and BNY Mellon. The park also offers 1.6 million sq. ft under construction and 2 million sq. ft of development potential, positioning Embassy REIT for further growth in Chennai's thriving office market. Aravind Maiya, CEO of Embassy REIT, emphasizes the acquisition's value addition to their portfolio, expanding it to over 50 million sq. ft and diversifying its presence across India.Read more

PNT Reporter

Real estate developer Shriram Properties faces a penalty of INR 446.79 crore from the Income Tax Department for FY 2017-18 under Section 270A. The penalty, related to share sales in its subsidiary, was issued under Section 153C. Shriram Properties contests the penalty in the Madras High Court, citing a 'status quo' order. Section 270A allows penalties for concealed income or incorrect filings, ranging from 100% to 300% of evaded tax. The case highlights the intricacies of tax laws in India, emphasising the need for companies to maintain accurate records and seek professional guidance for compliance.Read more

PNT Reporter

WeWork India enters Chennai, leasing 1.3 lakh square feet in Olympia Cyberspace, set to open in June 2024. This reflects the rising demand for flexible workspaces nationwide. With 54 locations and over 90,000 desks across seven cities, including a strong presence in southern India, WeWork is strategically strengthening its footprint. Olympia Cyberspace's prime location meets Chennai's growing real estate demand. Partnering with Olympia Group, this venture blends modern architecture with Chennai's dynamic energy. Since 2017, WeWork India has led the flexible workspace trend, spanning 8 million square feet across 54 locations nationwide.Read more

PNT Reporter

DLF Ltd, a prominent real estate developer, sold a 4.67-acre plot in Chennai's Guindy area to Cholamandalam Investment and Finance Company Ltd for INR 735 crore. This strategic move suggests a surge in demand for office space in the city. DLF's decision to monetize the landholding aligns with its ambitious plans to launch projects worth nearly INR 80,000 crore. For Cholamandalam Investment and Finance, a subsidiary of the Murugappa Group, this acquisition presents an opportunity for expansion, potentially leading to the development of a new corporate office in the prime Guindy location. This deal underscores Chennai's growing importance as a commercial hub, promising further growth in the real estate sector.Read more

PNT Reporter

Chennai's office market is booming, with global firms leasing over half of its 87 million sq. ft office space. STEM talent and competitive rates drive its appeal, with E&M sector leaders like American semiconductor firms and European oil companies. BFSI leasing, mainly by American firms, is on the rise. Modern developments and strong public transport facilitate even office distribution, notably in OMR Zones. 2023 saw record leasing of 10 million sq. ft, with 6.4 million sq. ft new supply, 38% green-certified. Top developers like DLF and Xander Group drive large-scale developments exceeding 1 million sq. ft, bolstering Chennai's position in India's office market.Read more

Ashiana Housing commits INR 400 crore to Ashiana Vatsalya, a specialized residential project catering exclusively to Chennai's elderly population. Situated within the vibrant Mahindra World City, the project offers a tranquil lifestyle with 66% of flats enjoying three-sided openness and 55% boasting breathtaking lake views. With holistic amenities including cultural, recreational, and wellness spaces, the project aims to redefine elderly living. Over eight years, it will meticulously develop 258 residential units in its first phase, promising tailored comfort and convenience for Chennai's seniors.Read more

LTI Mindtree is doubling its presence in Chennai's L&T Innovation Campus, adding 600,000 sq. ft to accommodate 10,000 IT professionals. Amidst Chennai's booming office market, characterized by record-breaking leasing activity, the expansion reflects the growing demand from the tech and BFSI sectors. With vacancy rates dropping by 3.7 percentage points year-on-year to 16.3% by the end of 2023, Chennai's office market becomes even more attractive for expansion-seeking businesses. Such expansions not only signal business growth but also contribute to the city's evolving economic landscape amidst rising demand for office space.Read more

Brigade Group collaborates with PVP Ventures Ltd for a major project in Chennai, constructing a sprawling 2.5 million sq ft residential complex in Perambur, expecting INR 2,000 crore revenue. Chennai's diverse industries make it an ideal market. Managing Director Pavitra Shankar emphasizes Chennai's significance alongside Bengaluru and Hyderabad. With over 12 million sq ft land bank, Chennai is their second-largest market. Brigade Group diversifies into hospitality, leasing a 250-room resort along East Coast Road. Plans include adding 1200 keys in four years. Additionally, they aim to expand commercial real estate, adding 3.15 million sq ft of office space by FY25, driving sustainable growth across key markets.Read more

Mahindra Lifespaces Developers Limited (MLDL) launched its second plotted development project for FY-24, 'Green Estates by Mahindra,' at Mahindra World City in Chennai. Spanning 27 acres, the development offers plots ranging from 750 sq. ft. to 2400 sq. ft., emphasizing customized living amidst lush green open spaces. Situated against the scenic Paranur Hills backdrop and adjacent to three lakes, the project integrates seamlessly with nature. With a captivating 1.2-acre central park and nature-inspired amenities, it aims to foster community living.Read more

DRA Homes, a prominent real estate developer in Chennai, unveils a strategic investment plan of INR 2000 crore for FY 2024-25, with a INR 500 crore commitment for Chennai's development. Funding will be sourced from equity, internal accruals, family offices, and structured debt. Targeting the mid-segment market, the company plans to introduce commercial developments, villas, and layout stocks. Over the next 3-4 months, projects spanning 1.2 million sq ft will be launched, projecting a turnover of INR 750 crore. Ranjeeth Rathod, MD of DRA Homes, emphasises confidence in Chennai's real estate potential amid robust commercial and residential demand, supported by accolades for excellence and innovation.Read more

Udhayam theatre, a historic cinema hall in Chennai, is scheduled for demolition to pave way for a residential complex on its 1.31-acre property in Ashok Nagar, Chennai. Established in 1983 as one of the city's initial multiplexes, the theatre complex, housing Udhayam, Mini Udhayam, Suriyan, and Chandran theatres, will be replaced by a residential development. The decision to replace the iconic structure with a residential complex comes in light of low profitability and financial constraints. The closure has stirred nostalgia among cinema enthusiasts, reflecting a broader trend of traditional theatres facing challenges and closures amid the growing popularity of online streaming platforms.Read more