Operator of co-living spaces Settl is getting ready to open ten new locations in Chennai, which will involve a major expansion. Settl, which currently oversees 3,500 beds in Bengaluru, Gurugram, and Hyderabad, is meeting the increasing need for high-quality, completely managed rental properties. Chennai is an unexplored market with a ton of opportunity for co-living communities. By the conclusion of the fiscal year, the corporation hopes to have increased the number of beds in the city from 300 to 1,000. Their well-placed closeness to major business areas seeks to facilitate hassle-free managed living while cutting down on working professionals' commuting hours.Read more

The Chennai Metropolitan Development Authority (CMDA), in partnership with Cushman and Wakefield, has initiated a comprehensive study titled 'Housing Demand and Supply within Chennai Metropolitan Area (CMA).' This study aims to address the complexities of housing development in the Chennai Metropolitan Area through data-driven decision-making. The study covers various growth corridors within the CMA and examines multiple demand drivers, including floor space index (FSI) increases and the transfer of development rights. The recent expansion of the Chennai Metropolitan Area's footprint to 5,904 square kilometres has prompted the CMDA to formulate both the third master plan for the original area and a strategic regional plan for the newly added regions.Read more

Six years after launching a Geographic Information System-based building reassessment drive, the Greater Chennai Corporation (GCC) has assessed only a fraction of buildings with deviations. Out of 310,139 identified buildings, only 30,000 have been reassessed and added to property tax records, leading to a revenue loss of Rs 250–300 crore. Revenue officials attribute the delay to various tasks, such as addressing Covid-19, elections, and welfare schemes. Universities, marriage halls, and commercial buildings are among the major violators. A dedicated team and expedited reassessment are proposed solutions. Deputy Commissioner R. Lalitha pledges to resume the drive.Read more

The Chennai Metropolitan Development Authority (CMDA) sealed a commercial building on Usman Road, T Nagar, following its unauthorized construction. Located at old no. 94, new door no. 162, the building was previously flagged in the T Nagar survey by GCC and CMDA. Despite receiving prior notices and a failed regularization attempt in 1999, the owner did not comply with directives. Consequently, the CMDA took firm action last week by locking and sealing the premises to uphold urban planning regulations.Read more

Bureaucratic hurdles have been causing delays in the approval process for high-rise construction projects in the city, leading the Confederation of Real Estate Developers Association of India (CREDAI) to request Chief Minister M K Stalin's intervention. CREDAI expressed concern over the increasing number of pending files in the housing department, despite certain files being cleared during a high-rise building panel meeting in May 2023. These delays have created financial setbacks for developers, impacted the real estate sector's growth, and eroded investor confidence. The real estate industry has urged the Chief Minister to direct the housing department to expedite approvals and establish a system to prevent future delays. The housing department has acknowledged the issue and promised to investigate and expedite the approval process.Read more

The Enforcement Directorate (ED) has provisionally attached land worth Rs 125.06 crore belonging to Unitech Infopark Limited as part of a money laundering investigation. This action is based on complaints from home buyers related to the Unitech group. The land, located in Nallambakkam, Chennai, comprises 4.79 acres within the Uniworld City township. The ED's probe has revealed alleged proceeds of crime amounting to USD 1.50 crore (approximately Rs 125.06 crore) that were purportedly routed through Narnil Infosolutions Private Limited into Unitech Infopark Limited in 2009-10, with the Chandras, the promoters of Unitech Group, acquiring a 39.83 percent share in the company. The investigation remains ongoing as authorities address money laundering allegations and work to provide relief to affected home buyers.Read more

The Tamil Nadu Urban Habitat Development Board (TNU HDB) has initiated a substantial housing project in Chennai, symbolized by Minister Udhayanidhi Stalin laying the project's foundation stone. With an investment of Rs. 409.74 crore, the project aims to construct 1,800 houses, providing shelter to the economically disadvantaged. TNU HDB has already demolished 7,582 dilapidated houses to pave the way for 9,522 new homes, marking a budget of Rs. 1627.97 crore. This endeavour signifies the government's commitment to affordable housing solutions and community welfare, with expedited construction to swiftly address housing needs in the region and uplift the less fortunate.Read more

Chennai Airport is set to demolish its T3 terminal next month to make way for a modern integrated terminal as part of a major upgrade project worth Rs 2,467 crore. The initial steps involve dismantling electrical equipment, with the demolition expected to last 2-3 months, followed by construction of the new terminal. This project, spread across a vast area, aims to double the airport's passenger capacity to 35 million annually by 2025. The first phase of the new terminal has already opened, signalling progress towards this ambitious goal.Read more

L&T Realty's debut residential project in Chennai, Avinya Enclave, Phase-1, has achieved a complete sell-out within a short time of its launch. Situated in Manapakkam, Chennai, this premium development spans seven acres and comprises four towers with a total of 500 apartments ranging from 2 to 4 BHK units. With prices starting at Rs 90 lakh, the project incorporates state-of-the-art amenities and is designed to provide a holistic living experience. It's part of the upcoming L&T Innovation Campus, offering excellent connectivity, including proximity to the Manapakkam Metro station.Read more

Chennai Metro Rail Limited (CMRL) is seeking a ?150 crore loan to purchase ticketing gates for a section of its phase II project, abandoning a public-private partnership plan. The project with an estimated cost of ?61,843 crore will receive financial assistance from various sources, including Japanese International Cooperation Agency (JICA), Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB). Construction is underway for the 116-km phase II project in different parts of Chennai.Read more

Smartworks, India's foremost provider of managed workspaces, has expanded its presence in Chennai with the launch of Olympia Pinnacle, adding 2 lakh sq. ft. to its portfolio and bringing its total Chennai presence to 5 lakh sq. ft. Situated in the prime location of Perungudi-Thoraipakkam Road, the centre is well connected via rail, road, and the upcoming Metro corridor. With a focus on productivity and collaboration, it offers easy access to luxury hotels, diverse eateries, retail stores, and public amenities. Smartworks' commitment to delivering tailored office solutions and excellence has earned it a prominent place in India's workspace industry.Read more

The Chennai Corporation has fined several construction contractors for failing to ensure safety measures during stormwater drain projects, including open pits. The corporation has formed specialized teams to ensure proper safety barriers are in place. Five contractors were fined Rs 20,000 each for inadequate site security. Activists argue that the fines should be stricter, including blacklisting repeat violators. The corporation aims to complete pending storm drain work by September 30, prioritizing missing links. Official data shows substantial progress in storm drain projects, with minor repairs and desilting ongoing.Read more

The Public Works Department (PWD) is planning an international convention centre in Chennai, named after former Chief Minister M. Karunanidhi, with the goal of making Chennai a prime destination for major events. The 30-acre site near Dakshina Chitra on the East Coast Road has been chosen for this purpose. The PWD will engage a consultant to design the centre, covering aspects like seating, hotels, landscaping, and parking. The project is expected to start in three months and aims to create a world-class facility for conferences, meetings, exhibitions, and other events, adding to Chennai's cultural heritage.Read more

A sinkhole, measuring 1.5 meters in depth and diameter, appeared on Durgabai Deshmukh Road due to underground Chennai Metro Rail construction. The incident occurred during the construction of an underground network as part of the Chennai Metro Rail's Phase II project. This phase aims to connect Kellys to Taramani, part of corridor 3 within the project, with an estimated cost of 61,843 crore. The sinkhole developed during tunnel construction between Greenways Road and Adyar, affecting traffic and leading to efforts to fill and repair the hole. Similar incidents have occurred in the past during Chennai's metro construction projects.Read more

Mindspace Business Parks REIT, known as Mindspace REIT, has strategically acquired 2,41,694 square feet of leasable space in Chennai's Commerzone Porur, consolidating its ownership of the project and expanding its presence in the Chennai market. This acquisition, valued at Rs 181.60 crore, was accomplished through debt financing with no service fees. The property boasts contemporary architecture and serves as an attractive commercial space. Mindspace REIT now commands 100% ownership of this venture, enhancing its leasing potential and adding value to its extensive portfolio, which spans multiple business hubs in India.Read more

Avadi Municipal Corporation in Chennai has introduced QR code-enabled identity cards for residents to streamline property tax collection and address grievances efficiently. These plastic cards feature a QR code and property ID, allowing residents to scan and use it for property tax payment, accessing services, and reporting issues like garbage or water supply concerns. Around 11,000 cards have been distributed among the 87,000 assessed properties. This initiative aims to enhance citizen services through QR codes, simplifying tax payment processes and reducing the need for physical visits to government offices. However, residents have reported a lack of awareness about its functionalities.Read more

DRA Homes is making its entry into North Chennai on the occasion of the 384th Madras Day. With a reputation for customer-centricity and on-time delivery, DRA Homes is announcing joint development projects in Madhavaram. These projects strategically capitalize on the area's growth potential, benefiting from improved metro connectivity and infrastructure. Their landmarks across Chennai, including Truliv Olympus, DRA Ascot, and Tuxedo, showcase their commitment to quality and transparency. The upcoming projects in North Chennai aim to continue this legacy, capitalizing on their strategic location near metro stations and essential amenities, ensuring completion around the time of metro operationalization.Read more

A home project that is now under construction in Chennai has received a total investment of Rs. 206 crores from Shriram Properties and ASK Property Fund. The project, known as "Shriram 122 West," is situated in Mangadu close to IT hubs and the future metro corridor. It spans 1.9 million square feet across two phases and has a projected five-year revenue potential of Rs. 1,200 crores. The partnership demonstrates the strategic skill of both parties and their dedication to improving the real estate market. With this agreement, Chennai will take another step toward producing high-quality residential areas and leveraging the city's expanding real estate market.Read more

The Kerala State Consumer Disputes Redressal Commission has sentenced a Chennai-based builder to six months of simple imprisonment for failing to comply with compensation orders to a petitioner. This marks the first instance of such legal action against a builder. The builder, Ajith Thomas Abraham, Managing Director of Southern Investment, refused to pay Rs 1.1 crore compensation to Cherukat Vijayakumar, who had suffered losses due to a fraudulent scheme. Despite repeated chances, the builder failed to fulfil his obligations, leading to imprisonment. This case underscores the commission's commitment to consumer rights and sends a stern message against non-compliance with consumer protection laws.Read more

During the proceedings, the court addressed a set of petitions submitted by Neomax Properties Pvt Ltd and its affiliated companies, namely Garlando Properties Pvt Ltd, Transco Properties Pvt Ltd, Tridas Properties Pvt Ltd, and Glowmax Properties Pvt Ltd.The Madras High Court has instructed the Madurai Economic Offences Wing (EOW) to respond to a series of pleas filed by Neomax and its subsidiaries. The companies are seeking the appointment of a commission led by a retired high court judge to oversee the settlement of land to depositors.Read more