Tamil Nadu Chief Minister M K Stalin on Thursday inaugurated 1,046 flats constructed by the Tamil Nadu Housing Board (TNHB) for Rs 659.96 crore in Chennai, Chengalpattu, and Tiruchirappalli. In addition, he inaugurated 464 quarters for government officials built at a cost of Rs 116.55 crore, remotely from the Secretariat here. Housing and Urban Development Minister S Muthusamy, Chief Secretary N Muruganandam, and other officials participated. Also, the CM extended the state Hindu Religious and  Charitable Endowments (HR&CE) department's financial grant to the Devasthanams in Kanyakumari, Pudukkottai, and Thanjavur for the upkeep of the shrines under their control. upkeep of the shrines under their control. Accordingly, cheques for a total sum of Rs 27 crore were handed over to the temple management, in the presence of state HR&CE Minister P K Sekar Babu. The gesture would benefit 490 temples in Kanyakumari district, 225 temples under the Pudukkottai Devasthanam Board, and 88 temples managed by the Thanjavur Devasthanam Board. 
 

Baashyaam Constructions is honoured to wear the yellow jersey as a prestigious Associate Sponsor for the Chennai Super Kings. This exciting collaboration underscores the shared values and vision of two iconic brands in their respective fields of real estate and cricket, both of which have earned a place in the hearts of Chennaites. A renowned name in the real estate sector, Baashyaam Constructions is known for its innovative approach, cutting-edge design, and exceptional architectural expertise. The brand has consistently delivered high-quality homes, reimagining and enhancing the skyline of Namma Chennai. From modern residential projects to state-of-the-art buildings, Baashyaam has set new benchmarks in the construction industry, earning a reputation for its quality offerings. This collaboration between Baashyaam and Chennai Super Kings is a perfect match. Both brands represent leadership, success, and a deep connection to the city of Chennai. The Chennai Super Kings, with their unmatched legacy, have become an embodiment of resilience and passion for the sport. Baashyaam, likewise, symbolises growth and commitment to building a better future for the city. Together, they form a partnership that celebrates the love for cricket and the spirit of innovation. Baashyaam Constructions is proud to be a part of this journey, standing alongside millions of loyal CSK fans around the world. With every match, the brand joins the CSK faithful in showing their unwavering support—cheering for the team and celebrating every victory with unmatched enthusiasm. 
 

CM Devendra Fadnavis on Tuesday announced waiver of 8.5% interest paid on premium for self-redevelopment projects. This will be applicable to all such projects whose proposals are received up to March 2026. The govt has allowed the payment of premium in instalments, for which the BMC charges an interest of 8.5%. Fadnavis, who was in Kandivli to inaugurate a residential building redeveloped by the residents through the self-redevelopment route, was apprised of the issue.  The premium is to be paid first while the construction begins only 2-3 years later. I was informed that residents have to bear the burden of bank interest as well as the premium interest. To ease the burden, the premium will be waived for three years only for self-redevelopment projects. This is to ensure the scheme is not misused, and the building is expected to be ready in five years. The CM said so far 1,500 proposals were received for self-redevelopment. However, Mhada received only 45 proposals, of which 42 were cleared. "I am not happy with the pace of approvals. The scheme is shutting down shops of brokers. I am warning that no one should obstruct self-redevelopment projects else they will lose their jobs. Fadnavis said the scheme would be brought under the ambit of Right to Services Act, adding that the endeavour would be to ensure zero human interface. Mumbai: CM Devendra Fadnavis on Tuesday announced waiver of 8.5% interest paid on premium for self-redevelopment projects. This will be applicable to all such projects whose proposals are received up to March 2026. 
 

Calling them a "scam", the Allahabad high court has ordered a CBI and ED investigation into three of four Sports City projects and brought within the ambit of the inquiry their developers and consortium members for misappropriating homebuyers' money and Noida Authority officials for forming a "dirty nexus". A division bench of justices Mahesh Chandra Tripathi and Prashant Kumar issued 10 separate judgments covering the three projects on Monday. The court examined various alleged violations — from land use irregularities to financial misconduct as well as the promised sports facilities remaining incomplete. This court has no other recourse but to refer the investigation to CBI. CBI would also investigate the role of all the persons involved in this scam. We hope and trust that the investigation would be carried out and completed expeditiously," read the order pertaining to some of the cases. The 10 judgments came after hearings on pleas filed by some of the developers and consortium members, seeking handover of encumbrance-free land, waiving of lease rent and penalties, cancellation of demand notices, and proper execution of the Sports City development plan. The court dismissed their claims, pointing out that since they failed to develop sports infrastructure in keeping with the original plan, insolvency could not be used as a shield to escape liabilities. In case the allotments are cancelled, Noida Authority can call for fresh bids as per the current market rate, which will certainly be far much higher than the allotted rate…. However, since this court is also conscious that the interest of homebuyers has to be protected, if the petitioners are not able to complete the project strictly as per the brochure condition of the Sports City scheme and the lease deed conditions, the money deposited by them be forfeited and used for paying back the homebuyers. If there is any shortfall, Noida Authority will pay the same," read an order in the Lotus Greens case.
 

A 24-acre Bandra Reclamation plot near the sea link toll plaza on which commercial development has been proposed "is completely out" of the coastal regulation zone (CRZ) and can be developed, the Union environment ministry and Adani Realty said in Bombay HC last week in response to two PILs challenging the allotment of the land to the developer. The PILs, filed by activist Zoru Bhathena and Bandra Reclamation Area Volunteers Organisation, said environmental clearance was granted for Bandra-Worli Sea Link under the condition that reclaimed land near it and the toll plaza would not be used for commercial purposes. They said the tender process for land allotment flouted this rider, adding that CRZ regulations do not permit such development on reclaimed land. Last Oct, senior counsel Milind Sathe, representing MSRDC that has been made a party to the PILs, said since Mahim creek is classified as a bay, the land in question isn't within the CRZ. In a bay area, the CRZ applicability is restricted to 100m as opposed to 500m from the sea. The Adani affidavit denied all "averments, insinuations" in Bhathena's PIL. The affidavit said a report submitted in Oct 2024 by Institute of Remote Sensing, Anna University, Chennai, based on MSRDC's plea "clearly confirms that the project site falls outside CRZ as per the approved the CZMP (coastal zone management plan)". The Union ministry reiterated its Dec 5, 2024, affidavit and added that the plot falls out of the purview of the CRZ area under the 2019 CRZ notification, which superseded previous notifications. A bench of Chief Justice Alok Aradhe and Justice Bharati Dangre directed other authorities who are yet to file their affidavits to do so.
 

UltraTech Cement has commissioned an additional 0.6 million tonnes per annum (MTPA) slag based cement grinding capacity at its existing unit situated at Karur, Tamil Nadu. This follows the earlier commissioning of 2.7 MTPA greenfield grinding capacity at Karur. The total capacity of the plant stands at 3.30 mtpa. This expansion will help the company’s ability to meet the growing demand for composite cement in the Southern region enhancing its blended cement ratio. It recently commissioned 0.6 MTPA grinding capacity at its existing unit situated at Sonar Bangla, West Bengal. 
The company’s total domestic grey cement manufacturing capacity stands at 166.91 MTPA. Alongwith its overseas capacity of 5.4 MTPA, the company’s global capacity stands at 172.31 MTPA. 
 

MMRDA, which hopes to raise nearly Rs 6,000 crore by leasing out seven of its land parcels in BKC, has found no taker for the three residential plots put up for financial bids but has managed to attract interest in three commercial ones. MMRDA sources said there was no response to residential plots R-1.5 (5,409sqm), R-1.6 (4,974sqm) and R-1.7 (5,876 sqm), as well as commercial plot C-37 (4,956sqm). Two other commercial parcels—C-13 (7,071.9sqm) and C-19 (6,096.7sqm)—received bids from Japanese company Goisu Pvt Ltd and Bandra Kurla Asset Pvt Ltd, Singapore-based Maple Trees' Indian subsidiary. For commercial plot C-80 (8,441.9sqm), Brookfield- backed Schloss Bangalore Ltd was the lone bidder. MMRDA is expected to go for re-bids for the plots that got no response. The development potential of these plots is significant—C-13 offers 45,000sqm of built-up area, C-19 40,000sqm, and C-80 33,647sqm. MMRDA has offered an 80-year lease, with the reserve price set at Rs 3,44,500 per sqm of built-up area for commercial plots, and Rs 3.5 lakh per sqm for residential land. In 2022, MMRDA earned Rs 2,067 crore after Goisu Realty Pvt Ltd secured the lease rights to two land parcels at BKC. In 2019, Goisu Realty had leased a 12,486sqm plot in BKC for Rs 2,238 crore, making it one of the largest land deals by a foreign company in India.
 

CCI Group, a 4PL Integrated Logistics and supply chain company, has invested approximately Rs 640 crore in the development of phase-II of grade A logistics park in Polivakkam, Chennai. The company had invested Rs 250 crore in phase-I. Overall the project span across 20 lakh sq ft. Naresh Sharma, managing director of the company said, "Polivakkam is a key hub in CCI’s long-term expansion plans. The region is steadily becoming a logistics hotspot due to its proximity to the Sriperumbudur-Oragadam industrial cluster." With this latest investment, CCI Group has now allocated a total of Rs 890 crore towards the Polivakkam logistics hub. This expansion is structured into two segments, Phase 2A, a standard requirement facility set to be operational by mid-2025, and Phase 2B, dedicated to built-to-suit (BTS) solutions. Currently, CCI Group has presence across 48 cities, managing more than 15 million sq ft of owned warehouses and logistics parks. Globally, it operates in over 105 countries.
 

The Madras high court has ordered demolition of seven floors of unauthorised construction of a commercial building in Pondy Bazar in Chennai. Rejecting the request of the builder to regularise the illegal construction, a division bench of Justice S M Subramaniam and Justice K Rajasekar observed that regularisation of unauthorised construction could not be claimed as an absolute right. It is a concession granted as a one-time measure through special schemes. The govt is not expected to regularise the unauthorised buildings in a routine manner by invoking the provisions of exemption under the Town and Country Planning Act The court then directed the Chennai Metropolitan Development Authority (CMDA) to proceed with the demolition of the unauthorised constructions, by retaining the approved portion of the building, within eight weeks. The court passed the order on a plea moved by Bengaluru-based Janpriya Builders challenging the demolition notice issued by the CMDA to demolish the fourth to tenth floors of the building located on the Sri Thyagaraya Road, Pondy Bazar, T Nagar, Chennai. Instead, the petitioner wanted the court to direct the CMDA to process its applications dated May 24, 1995, and May 26, 1996, and regularise the unauthorised construction. As per the approved plan dated Feb 9, 1990, the builder was authorised to construct only three floors. The court said the builders were emboldened to commit such illegalities at the cost of the people with the fond hope that it would be regularised. They are emboldened because of large-scale collusion on the part of the officials of the CMDA and other authorities. 
 

Affluent Indians who used offshore companies to buy apartments and mansions in the UK are coming under the glare of the Enforcement Directorate (ED). While resident individuals are allowed to remit up to $250,000 a year to directly purchase properties abroad, acquiring stocks of foreign companies that primarily hold properties is a violation of foreign exchange regulations. Nonetheless, well-off Indian families, under the impression that such deals would never come to light, have over the years bought shares of companies owning properties to escape stamp duty, capital gains, and even inheritance tax. While the British government has plugged the tax loopholes, certain tax advantages of controlling properties through companies remain. The identities of the owners behind the companies are now surfacing more and more due to a combination of factors: ED enquiring about the actual assets underlying the overseas stock investments declared by the resident Indians in their income tax (I-T) return and the UK mandating the disclosure of beneficial ownership (BO) details since 2023 of companies possessing properties. Over the last one month at least four individuals have received notices from ED for owning shares of companies which in turn own properties. These companies are either based in the UK or in other jurisdictions. It is a widely shared perception that a greater scrutiny of property owners, particularly individual buyers --- their identities, nationalities, source of funds --- followed the huge Russian money chasing London properties and the US sanctions against Russia. Though avoiding capital gains and inheritance tax is no longer possible, a lower or nil stamp duty is still applicable when shares of a company owning property are transferred. Also, in many cases the shares of such companies are owned by trusts and the beneficiaries of the trust can manage to remain unnamed.
 

Claiming that the demand for sustainable housing was likely to increase in the coming years, Tamil Nadu Chief Minister M K Stalin on Friday called for innovative urban development plans to meet the increasing requirement. He said efforts were on to prepare master plans for 136 cities, including Coimbatore, Madurai, Hosur, Salem, Tiruppur, Tiruchirappalli, Vellore and Tirunelveli. For the city, the Chennai Metropolitan Development Authority (CMDA) was developing the third master plan for Chennai Metropolitan Area (CMA) focussing on sustainable urban development, he said, while inaugurating the 17th edition of FAIRPRO 2025, a real estate exhibition being organised by the Confederation of Real Estate Developers' Associations (CREDAI). The exhibition features over 500 projects spanning 32.5 million square feet of residental space, 0.25 million sqft of commerical space, and 325 acres of plotted development in Chennai. Chef Minister said housing and urban development, which includes real estate and infrastructure development, was an important sector that ensures the economic growth of the state. Tamil Nadu is highly urbanished with nearly 48 percent of its population living in urban areas. Nine satellite townships will be formed around Chennai city namely Minjur, Tiruvallur, Tirumazhisai, Mamallapuram, Chengalpattu,Kanchipuram, Maraimalainagar, Thirupperumbudur, and Paranthur. e CMA, modern transport terminals will be opened next year at Chengalpattu and Mamallapuram. The Chennai Shoreline Renourishment and Revitalisation Private Limited, to develop the coastline and lakes, has evolved plans for Rs 250 crore to develop 12 lakes and 4 coastal areas. CREDAI to facilitate the development of industrial parks and office spaces in Chennai and other parts of the state.