Advertisement
05 Apr 2024
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
26 Mar 2024
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
20 Mar 2024
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
15 Mar 2024
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
06 Mar 2024
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
04 Mar 2024
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
29 Feb 2024
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
27 Feb 2024
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
23 Feb 2024
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
22 Feb 2024
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
Advertisement
19 Feb 2024
Casagrand, a leading real estate developer in South India, has launched Casagrand Medora, a premium residential project in Chennai's Korattur area, offering 155 luxurious apartments with 40+ amenities. Strategically located near Anna Nagar, the project stands out with an attractive price of INR 6999 per sq.ft., providing a holistic living experience in the heart of the city. Casagrand Medora emphasizes convenience, elegance, and functionality, featuring architectural finesse, world-class amenities, and meticulously crafted residences, demonstrating the developer's commitment to upscale urban living in Chennai.Read more
09 Feb 2024
CapitaLand India Trust (CLINT) plans to acquire three industrial facilities at OneHub Chennai, India, in a deal valued at approximately INR 268 crore (USD 43.2 million). The forward purchase agreement with Casa Grande Group includes funding for project land lease and development. CLINT will fund in three phases, acquiring upon completion, with Phase 1 expected by the first half of 2025. This expands CLINT's industrial presence in Chennai amid growing demand. The move aligns with CLINT's strategy to diversify and capitalize on India's industrial growth. Notably, CLINT's portfolio includes two business parks, three industrial facilities, and a data center in Chennai.Read more
30 Jan 2024
Purva Land, the plotted development arm of Puravankara Limited, recently unveiled Purva Soukhyam, a wellness-themed plotted project in Guduvancheri, Chennai. Covering 120 acres, it boasts 2,200 plots with sizes ranging from 600 sq. ft. to 5,000 sq. ft., accompanied by 35+ amenities, a 30,000 sq. ft. clubhouse, and a focus on wellness. Reflecting post-pandemic preferences, Puravankara anticipates heightened demand for plotted developments, providing buyers with the freedom to construct personalized homes. Purva Soukhyam's strategic location, 10 minutes from Grand Southern Trunk Road, excellent connectivity, and proximity to key facilities enhance its appeal.Read more
24 Jan 2024
The Shriram Group is in discussions with Warburg Pincus and Bain Capital for the sale of its housing subsidiary, Shriram Housing Finance Ltd., at an estimated value of Rs 5,000 crore. This move, part of a Chennai-based growth strategy restructuring, involves Shriram Finance holding an 85% stake and engaging reputable investment banks like Barclays, JM Financial, and Avendus Capital. Talks suggest potential deal closure by the end of the upcoming June quarter. The market has responded positively, with bids in the Rs 5,0000-5,500 crore range, indicating high valuation and credibility of potential acquirers. Proceeds from the sale will fortify the group's financial services portfolio and support new ventures.Read more
19 Jan 2024
Bengaluru's Brigade Group aims to develop 15 million sq ft in Chennai by FY27, focusing on 80% residential launches. With an investment of Rs 3,400 crore, it plans to add 4 msf residential and 1 msf commercial space in the next two years. The company is set to launch a mixed-use project at Mount Road, including one of the tallest towers in Chennai. Additional projects include a 3.5 msf residential development in Sholinganallur and an office park. Amidst Chennai's real estate resurgence, 2023 witnessed increased apartment and housing unit sales, while office transactions saw a remarkable 92% growth.Read more
18 Jan 2024
Mahindra World City Developers has committed over Rs 1,000 crores in a five-year investment, signing an MoU with the Government of Tamil Nadu. The initiative, coinciding with the launch of the second phase of "Origins by Mahindra'' in Chennai, aims to drive economic growth and create over 2,000 jobs. "Origins by Mahindra" has been awarded the IGBC Green Cities' 'Platinum' rating and hosts companies like Yanmar Engine Manufacturing, Mitsubishi Electric, and OMRON Healthcare. Mahindra emphasizes sustainable development and aligns with the 'Make in India' initiative. The expansion reflects confidence in Tamil Nadu's business environment, fostering a vibrant industrial ecosystem for economic prosperity and innovation.Read more
12 Jan 2024
CapitaLand Investment Limited (CLI) plans to spend more than USD 750 million in Chennai's real estate over the next five years, with a concentration on business parks, data centers, and logistics. The expansion follows three MoUs inked at the Tamil Nadu Global Investors Meet 2024. CLI's wide portfolio, which includes the International Tech Park Chennai, demonstrates its commitment to India's progress. CLI's strategic efforts, such as the introduction of CapitaLand India Growth Fund 2 and plans for new data centers, demonstrate the company's confidence in Chennai's market potential as well as its overall commitment to innovative and sustainable real estate development.Read more
01 Jan 2024
Bank of America (BofA) has secured a landmark office space deal in 2023, leasing 1.1 million sq ft in Chennai, marking a significant expansion of its offshore operations. The property, located at DLF Downtown in Taramani, will house the bank's back office operations in India. The first phase, covering 710,000 sq ft, is set to commence operations in Q2 2024, with an expansion option of 390,000 sq ft. DLF Downtown, a joint venture between DCCDL and TIDCO, is a sought-after commercial space with notable tenants, reflecting Chennai's growing significance in corporate real estate. Bank of America's strategic move underscores its commitment to expanding operations in India, contributing to the robust demand for premium office spaces in Chennai's evolving commercial real estate landscape.Read more
28 Dec 2023
The Chennai Metropolitan Development Authority (CMDA) is undertaking a significant five-fold expansion, encompassing areas like Gummidipoondi and Kancheepuram. The CMDA aims to develop self-sustaining neighbourhoods, floating tenders for a comprehensive 'Sustainable Economic Growth Strategic Plan in Chennai Metropolitan Area.' The 24-week study will identify locations for industries, recreational spaces, and transit corridors, with a focus on decongesting the core city. Satellite towns are in the pipeline, addressing concerns like relocating the automobile hub in Pudupet. Experts stress eco-friendly urbanization, flood-resilient structures, and efficient spatial planning for balanced growth, acknowledging the potential for increased job opportunities.Read more
27 Dec 2023
The National Company Law Appellate Tribunal (NCLAT) has ruled in favour of Appu Hotels' existing promoters, restoring the Board of Directors' powers suspended during a takeover bid by MGM Healthcare's Managing Director M K Rajagopalan. Acceptance of the settlement proposal by Appu Hotels' promoter, Palani G Periasamy, led to the withdrawal of the resolution process, reinstating AHL's original board and control over assets. The decision allows the full-scale operation of Hotel Le Royal Meridien in Chennai, marking a significant step forward. The tribunal's approval of the Rs. 595 crore settlement sets a rare precedent for complete debt resolution, offering hope for industries navigating financial distress under the Insolvency and Bankruptcy Code.Read more
Advertisement
