07 Oct 2024

On September 27, the Greater Chennai Corporation (GCC) council approved a 6% property tax increase, backed by the Dravida Munnetra Kazhagam (DMK) but opposed by the CPI, CPI(M), VCK, and AIADMK. Dissenting members criticised the tax hike for burdening working-class residents, staging a walkout during the council meeting. The increase, applied uniformly to all property categories, follows a three-year gap since the last adjustment in 2022. The GCC also introduced a 1% penalty for late payments and a 5% incentive for early payments to encourage timely compliance. The hike is expected to take effect in the October-March tax cycle.Read more

04 Oct 2024

The Tambaram and Avadi corporations in the vicinity of Chennai are set to expand by integrating 37 village panchayats. Tambaram will absorb 18 villages, increasing its area from 84.7 sq km to 172.34 sq km, while its population is projected to rise from 723,017 to 1,008,473. Meanwhile, Avadi will amalgamate three municipalities and 19 panchayats, enlarging its size from 65 sq km to 188 sq km and boosting its population from 345,996 to 695,212. The incorporation of these panchayats is expected to be completed by late 2024 or early 2025.Read more

26 Sep 2024

The Greater Chennai Corporation (GCC) has yet to take action on 387 dilapidated buildings identified in a 2022 survey with the Chennai Metropolitan Development Authority (CMDA). Despite issuing notices to 100 structures, no demolitions have taken place, leaving dangerous buildings with exposed reinforcements and cracked roofs across areas like Anna Nagar, Ambattur, and George Town. Many of these buildings still house residents, complicating efforts due to ongoing litigations between owners and builders. Under the 2020 Tamil Nadu Urban Local Body Rules, the GCC is required to conduct structural stability assessments. Officials said a fresh survey of dilapidated buildings is expected to begin soon.Read more

11 Sep 2024

The Chennai Metro Rail Limited (CMRL) plans to develop commercial properties around phase-two metro stations at key locations, including Thirumangalam, Alandur, Vadapalani, KK Nagar, Mandaveli, Anna Nagar West, Thousand Lights, and Koyambedu. These developments aim to integrate the public transit with the commercial spaces, enabling the passengers to access the workplaces and the shopping complexes directly from the stations via walkways or subways. CMRL is seeking the state government funds and collaborating with agencies like MTC and CMDA. This initiative is part of a transit-oriented development strategy to boost non-fare revenue, which increased by 65% in 2022-2023, aiding financial sustainability.Read more

11 Sep 2024

The feasibility study for South India's first interstate metro project, extending 23 km from Bommasandra to Hosur, is nearing completion despite facing opposition. Chennai Metro Rail Limited (CMRL) has sought support from Bangalore Metro Rail Corporation Limited (BMRCL) for project implementation. The study, conducted by Balaji RailRoad Systems, examines crucial factors like ridership, train types, and station alignments. Though the Tamil Nadu government funded the feasibility report, BMRCL may contribute during the implementation phase. Hosur, a major industrial hub, faces severe traffic congestion, which the metro aims to alleviate.Read more

09 Sep 2024

Chennai is set to boost its ornamental fish trade with a new centre in Kolathur, inaugurated by Chief Minister M.K. Stalin. Covering 3.93 acres in Siva Sakthi Colony, the two-storey facility will include 188 shops, office spaces, and parking, aimed at transforming Kolathur into a major fish trading hub. This development is part of a broader INR 1,000 crore North Chennai Development Scheme, which includes six additional projects like community halls, modern laundry hubs, and lake improvements. The initiative seeks to enhance infrastructure and local amenities, supporting both economic growth and community well-being in the region.Read more

04 Sep 2024

Cognizant is reportedly considering selling its Chennai headquarters, located on a 15-acre parcel in Okkiyam Thoraipakkam within Chennai's IT Corridor. The 400,000 square-foot property, expected to fetch INR 750-800 crore, has been listed with international property consultant JLL. The company aims to vacate the premises by year-end, consolidating operations into other city campuses. This move follows Cognizant's strategy to streamline operations and reduce non-core real estate holdings, as seen in their recent sales of offices in Hyderabad and Chennai's Siruseri. Meanwhile, Cognizant faces a legal probe in Maharashtra over allegations of bribery involving L&T and environmental permits for their Pune campus, stemming from a 2013-14 incident.Read more

29 Aug 2024

Greenbase Industrial and Logistics Parks, a joint venture between Hiranandani Group and Blackstone, is set to invest INR 4,500 crore to expand its operations across India, targeting over 20 million square feet of industrial space within five years. Currently, Greenbase has invested INR 2,000 crore, delivering 5.5 million square feet of built-to-suit spaces. A significant portion of the new investment, INR 1,500 crore, will be directed towards expanding their Oragadam project near Chennai, which is expected to contribute 40% of their portfolio. Greenbase's focus on customised industrial infrastructure positions it as a key player in India's growing logistics sector.Read more

29 Aug 2024

Hyundai Motor India Ltd (HMIL) has announced an INR 180 crore investment to establish a 65,000 square-foot hydrogen innovation centre at IIT Madras' Thaiyur campus in Chennai, in collaboration with the Indian Institute of Technology Madras and Guidance Tamil Nadu. Supported by the Tamil Nadu government, the centre, set to open by 2026, will focus on green hydrogen development and fuel cell technology. This initiative underscores Tamil Nadu's growing role in sustainable automotive innovation, aligning with global shifts towards eco-friendly transportation and bolstering the state's position as a leader in the sector.Read more

22 Aug 2024

Aptiv PLC is investing USD 45 million to upgrade its manufacturing plant in Oragadam, Chennai, adding 220,000 square feet of production space. This expansion will double the workforce to 230 employees and aligns with Aptiv's strategy to support the growing demand for software-defined vehicles (SDVs). Matthew Cole of Aptiv emphasized the need for solutions tailored to the Indian market, highlighting advancements in electric and software-driven vehicles. The facility will initially focus on cockpit controllers but is designed for future production of advanced driver-assistance systems and other automotive technologies. Aptiv's expansion underscores India's rising role in the global automotive sector.Read more

22 Aug 2024

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

20 Aug 2024

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

14 Aug 2024

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

06 Aug 2024

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

31 Jul 2024

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

31 Jul 2024

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

26 Jul 2024

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

19 Jul 2024

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

18 Jul 2024

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

17 Jul 2024

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