Minister P. K. Sekarbabu announced on Monday that the Ambattur Industrial Estate bus terminus will be opened to the public by the end of this month, following his inspection of the final stages of work. He also reviewed the renovation progress at Murasoli Maran Park in Perambur. According to him, Chennai is currently witnessing a major push to finish long-pending bus terminus projects. After the Kilambakkam terminus began operations, work on the previously delayed Kuthambakkam facility accelerated and is now expected to be completed by January next year. New bus termini have already been established at Thiru Vi Ka Nagar and Periyar Nagar, while additional facilities are under construction in Mahabalipuram, Chengalpet, Avadi, and Alandur. Originally constructed in 1967, the Ambattur terminus is being upgraded after 58 years. The revamped facility will feature 11 shops, a nursing room, restrooms, a dining hall, and a waiting area. Once it becomes operational at the end of this month, about 140 buses will run from the terminus, making over 1,400 trips every day.

Homebuyers often face difficulties due to lack of proper information when purchasing property. However, with the Real Estate (Regulation and Development) Act (RERA) in force, buyers can now check and validate project details on the official website, said Shiv Das Meena, Chairman of the Tamil Nadu Real Estate Regulatory Authority (TNRERA). Speaking at an awareness programme on Saturday, Meena released a guide explaining RERA rules and highlighted how the Act promotes transparency, accountability, and trust in the real estate industry. He noted that RERA has reshaped the home-buying experience in the State by offering a secure and dependable investment atmosphere. He also pointed out that the Act places equal responsibility on both buyers and developers. In case of disputes, RERA provides a well-structured and quick grievance resolution system, making it easier and more efficient for the public to seek remedies. The session also explained the steps for registering building and plot development projects, the obligations of developers in meeting promises made to buyers, the procedure for extending project validity, advertising rules, and compliance requirements mandated by planning authorities and local bodies. Participants were also informed about penalties for non-compliance. S. R. Muthivjayan, President of CREDAI Madurai, said the event was extremely useful, helping participants gain better knowledge and encouraging adherence to the regulatory system. More than 150 members from CREDAI Madurai, the Builders Association of India, and FAIRA took part in the programme.

The promoter of Aviom India Housing Finance has put forward a settlement plan to lenders, offering to repay ?1,385 crore of outstanding dues over 26 months, along with accumulated interest, according to people aware of the development. Kajal Ilmi, the company’s promoter, submitted the proposal late Wednesday, even as the firm—currently in insolvency proceedings initiated by the RBI—has already received six takeover bids. Under the proposed plan, Ilmi has offered an upfront payment of ?350 crore, with accrued interest to be cleared within 24 months after the repayment of the principal over the initial 26-month period. Her plan also promises full repayment of ?2.9 crore owed to operational creditors and employees. She has additionally suggested that lenders appoint a professional CEO to manage the business during the repayment phase. The plan also proposes a five-member board, including two nominees from the lenders, along with an indemnity arrangement for these directors. Lenders have acknowledged receiving the proposal, but approval seems doubtful. An official familiar with the matter said the Committee of Creditors is unlikely to accept it because Ilmi has been accused of diverting funds, allegations supported by a forensic audit commissioned by the lenders. “She would not meet the fit-and-proper criteria,” the official noted. Ilmi, however, told ET on Thursday that she remains confident about the company's prospects. She said Aviom’s future is strong, particularly if the settlement plan is approved without lenders taking any haircuts. The administrator declined to comment. As previously reported by ET on November 10, Unity Small Finance Bank is currently the leading bidder, offering ?775 crore in upfront cash to acquire Aviom, which is backed by impact investors. Other bidders include Authum Investment & Infrastructure, Northern ARC, DMI Housing, KIFS Housing Finance, and Areion Group, the NBFC that owns Omkara ARC. Officials said the Committee of Creditors is expected to meet next week to review the bids and has appointed PwC to assess their commercial viability.

Repco Home Finance has reported a 5.12% year-on-year decline in its consolidated net profit for the quarter ended September 30, 2025. The company posted a profit after tax of ?103.15 crore in Q2 FY26, compared to ?108.72 crore in the same period last year, according to a filing with the BSE. Consolidated total income, however, grew 4.18% to ?441.90 crore in the reporting quarter from ?424.19 crore in the corresponding quarter of the previous fiscal. The company’s overall loan book expanded to ?15,033 crore as of September 30, 2025, up 7.7% from ?13,964 crore a year earlier. Assets under management (AUM) stood at ?14,690 crore as of June 30, 2025. As of the September quarter, loans to the non-salaried segment made up 52.6% of the portfolio, while the salaried segment accounted for 47.4%. Housing loans constituted 71.4% of the book, and home equity products formed the remaining 28.6%. All of the company’s loans are retail in nature. The gross non-performing assets (GNPA) ratio improved to 3.16% as of September 30, 2025, from 3.96% a year earlier, while the net NPA ratio came down slightly to 1.50% from 1.59%. Gross NPAs amounted to ?475 crore compared with ?552 crore last year, and net NPAs stood at ?225 crore versus ?217 crore. Repco has maintained provisions for expected credit losses of ?375 crore, representing 2.5% of total loan assets, with a stage-3 coverage ratio of 52.5%. During Q2 FY26, loan sanctions stood at ?1,206 crore and disbursements at ?1,069 crore. The company reported a return on assets (RoA) of 2.9% and a return on equity (RoE) of 13.5%, down from 3.3% and 16.0%, respectively, in Q2 FY25. The capital adequacy ratio remained strong at 36.88%.

Unity Small Finance Bank (SFB) has emerged as the top contender to acquire impact investor-backed Aviom India Housing Finance, with an all-cash offer of ?775 crore, according to people familiar with the matter. Other bidders in the fray include Authum Investment and Infrastructure, Northern Arc, DMI Housing, KIFS Housing Finance, and Omkara Asset Reconstruction Company. Authum has proposed ?750 crore — ?450 crore upfront and the balance over two years — while Northern Arc has offered ?625 crore, including ?325 crore upfront and the rest in installments over two years. DMI Housing’s bid involves an upfront payment of ?400 crore, while Omkara and KIFS have offered ?450 crore and ?325 crore, respectively. “There is strong interest from bidders, largely because Aviom’s loan book is fully secured. The company also holds about ?300 crore in cash, and all bad loans have been adequately provided for,” said a senior official advising one of the bidders. Impact investing typically involves funding projects that aim to achieve measurable social outcomes alongside financial returns. Neither Unity SFB, Authum, Northern Arc, DMI Housing, KIFS, Omkara ARC, nor the resolution professional (RP) commented on the development. Investor interest in housing finance firms has surged in recent months, adding to Aviom’s attractiveness. Recent deals include Blackstone’s 80% acquisition of Aadhar Housing Finance, Warburg Pincus’s 84% purchase of Shriram Housing Finance, and TPG Global’s acquisition of Griham Housing Finance (formerly Poonawalla Housing). “Given the momentum in the sector, bids could even cross the ?1,000 crore mark,” another person involved in the process said, adding that several investors who missed the Expression of Interest (EoI) deadline are still keen to participate. The Reserve Bank of India admitted Aviom India Housing Finance into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) in February this year after it defaulted on its loan obligations. The housing finance company has a loan book of ?1,500 crore and cash reserves of over ?300 crore. The RP has so far admitted 60 creditor claims worth ?1,363 crore, with LIC Housing Finance holding the largest claim at 7.2%. Other creditors include HDFC Bank, Kotak Mahindra Investments, and Tata Capital, each with less than 3% exposure.

Tamil Nadu Industrial Development Corporation (Tidco) has sought administrative approval from the Chengalpet District Collector to acquire 1,945.19 acres of patta and government lands spread across six villages in Maduranthakam taluk for the proposed Global City project, said Tidco Managing Director Sandeep Nanduri. The proposal aligns with the Tamil Nadu government’s 2025 budget announcement for developing a 2,000-acre Global City near Chennai, featuring IT parks, trade zones, residential areas, recreational spaces, and advanced urban infrastructure. Phase I of the project is expected to commence soon, with Tidco assuring enhanced connectivity to Chennai through metro rail, improved road networks, and express bus services. In its proposal, Tidco has pledged to fund land acquisition and establishment costs, form specialized teams to manage the acquisition process, and ensure rehabilitation and resettlement for eligible individuals in line with government norms. “Administrative clearance will enable Tidco to begin the project’s groundwork,” said a senior official. The Global City will incorporate AI-powered smart city management, digital twin-based urban planning, intelligent mobility systems, and eco-friendly blue-green infrastructure to promote sustainability. After evaluating potential sites in Kancheepuram, Ranipet, Chengalpet, and Tiruvallur districts, a review chaired by the Chief Minister on August 22 selected Maduranthakam taluk in Chengalpet district for implementation. Tidco has earmarked 1,945.19 acres across Attimanam, Janakipuram, Kallapiranpuram, Padalam, Palayanur, and Puliparakoll villages. The identified lands include 650.72 hectares of wetland, 75.61 hectares of dry land, 0.01 hectares of manavari land, and 61.18 hectares of government land. The corporation has sought approval under the Tamil Nadu Acquisition of Land for Industrial Purposes Act to proceed with the acquisition.

The Tamil Nadu Industrial Development Corporation (Tidco) has sought administrative approval from the Chengalpet district collector to acquire 1,945.19 acres of both patta and government land across six villages in Maduranthakam taluk for the proposed Global City project, said Tidco Managing Director Sandeep Nanduri. This proposal follows the Tamil Nadu government’s 2025 Budget announcement to establish a 2,000-acre Global City near Chennai, featuring IT parks, trade zones, residential areas, recreational facilities, and next-generation urban infrastructure. In its submission, Tidco has pledged to fund land acquisition and establishment expenses, form dedicated teams for the acquisition process, and carry out rehabilitation and resettlement of eligible persons in line with government norms. According to Nanduri, administrative sanction from the government will enable Tidco to begin groundwork for the project. The Global City is envisioned to integrate AI-driven smart city management systems, digital twin-based urban simulations, smart mobility solutions, and green-blue infrastructure to promote sustainability. Following a review chaired by the Chief Minister on August 22, which evaluated potential sites in Kancheepuram, Ranipet, Chengalpet, and Tiruvallur districts, Maduranthakam taluk in Chengalpet district was chosen for the development. Tidco has earmarked 1,945.19 acres spanning the villages of Attimanam, Janakipuram, Kallapiranpuram, Padalam, Palayanur, and Puliparakoll. The identified land includes 650.72 hectares of wetland, 75.61 hectares of dry land, 0.01 hectares of manavari land, and 61.18 hectares of government land. The corporation has sought approval under the Tamil Nadu Acquisition of Land for Industrial Purposes Act to proceed with the process.

JK Lakshmi Cement has reported a consolidated net profit of ?80.63 crore for the quarter ending September 30, 2025, a significant recovery from the ?30.80 crore loss recorded during the same quarter of the previous fiscal year. The company's total income for Q2 FY26 stood at ?1,554.44 crore, reflecting a 24.91% increase from ?1,244.44 crore in Q2 FY25. As part of its green initiatives, JK Lakshmi Cement is upgrading its Sirohi Cement Plant to boost its TSR (Total Specific Recycle) from 4% to 16%. The company has also commissioned a new 13.5 lakh tonne per annum grinding unit in Surat and completed the expansion of its cement mills at Jaykaypuram, Sirohi. As a result, its total cement capacity has increased from 16.5 million tonnes per annum (MTPA) to 18 MTPA. Additionally, the company is expanding its clinker capacity at the Durg integrated cement plant in Chhattisgarh by adding a new clinker line of 2.3 MTPA, along with four new grinding units of 4.6 MTPA. It is also establishing three split-location cement grinding units in Prayagraj (Uttar Pradesh), Madhubani (Bihar), and Patratu (Jharkhand), with a combined capacity of 3.4 MTPA. The total cost of this expansion project is expected to be ?3,000 crore, funded through ?2,100 crore in term loans and the balance from internal accruals. The first phase, including the clinkerization and grinding unit, is scheduled to be commissioned by March 2027, with the remaining capacity to be completed by March 2028.

To support the growing workforce in low-income neighborhoods, the CMDA (Chennai Metropolitan Development Authority) is set to build a Chief Minister’s co-working space on Wall Tax Road, located in George Town. The CMDA has issued tenders for the construction of a three-story building, which will accommodate at least 150 workstations spread across the ground, first, and second floors. The third floor will feature a canteen and dining area, along with a sheltered space for visitors. As per the tender details, the ground floor will include a 770-square-foot lobby area. The first floor will contain a 75-seat work terminal spanning 1,334 square feet, and an additional 495-square-foot area for work terminals. The second floor will have another 75-seat work terminal within a 1,200-square-foot hall. Every floor will be equipped with two restrooms and a coffee-dispensing unit. Additionally, each floor will have three computers with internet access and free access to digital journals and magazines. The space will also provide reading materials for competitive exams. Rajesh Jain, the Councillor from Sowcarpet, highlighted that the surrounding areas, such as Wall Tax Road and Elephant Gate, have a significant number of lower-income individuals entering the workforce. “Even pavement dwellers are securing jobs that require computer skills. This initiative will greatly benefit them and help uplift the neighborhood,” he noted. The project will also include the creation of a 20-slot bike parking area along the stretch. Jain added that a resettlement colony is being developed nearby, and encroachments along the Buckingham Canal will be relocated there. The facility is expected to be operational by December.

The Madras High Court has directed a church in Porur to stop using its private patta land in Madananthapuram, Alandur, as a burial ground. The court also ordered the church to remove the bodies buried there and rebury them in the officially designated cemetery within 12 weeks. Justice N. Mala issued this directive while allowing a petition filed by Stellar Developer, a Tirupur-based real estate firm. The developer had objected to the burials being conducted on land owned by a CSI church, which is located next to its apartment project in Alandur. According to the petition, the Greater Chennai Corporation (GCC) had granted a burial ground licence to the church on February 27, 2024, allegedly violating zoning regulations and legal procedures. The court agreed with the petitioner, observing that the licence had been issued “in undue haste” and “in violation of statutory procedure” under the Tamil Nadu Urban Local Bodies Act, 1998. It pointed out that the licence was approved without collecting the prescribed fee and before the State Government had sanctioned the related rules. The judge noted that the Commissioner who granted the licence was also part of the committee that framed those rules, and should have waited for the government’s approval before acting. The court further held that the burial ground violated the Tamil Nadu Combined Development and Building Rules, 2019, which allow only one burial facility within a subdivision. It also ruled that the developer had the right to challenge the burial ground, as it directly affected the value and viability of his apartment project. The court gave the church 12 weeks to exhume and rebury the bodies. If it fails to comply, the Greater Chennai Corporation and police are directed to carry out the task at the church’s expense.

The Greater Chennai Corporation (GCC) is preparing to install inclusive play equipment for children with disabilities in two North Chennai parks, with a total project cost of ?2.5 crore. Inspired by the accessible play zone at Marina Beach’s Blue Flag area, this initiative aims to create safe and inclusive recreational spaces for all children within local neighbourhoods. According to the 2025–2026 civic budget, GCC will develop special play areas and upgrade existing parks in Madhavaram and Kodungaiyur to attract more families. Around ?1.81 crore has been allocated for the Madhavaram park and ?1.33 crore for the Kodungaiyur park to set up new play structures. Officials said the new facilities will feature tactile boards for visually impaired children and sensory play installations, offering a more advanced setup than the one at Marina Beach. “We plan to make these play areas completely accessible for children with special needs,” said C.A. Balamurali, GCC’s Chief Engineer. The tender process for the project will begin soon. Alongside this, renovation work will be carried out, as many parks in North Chennai are in poor condition. “The Kodungaiyur park hasn’t seen major restoration in over 30 years. We’ll be constructing a new compound wall, building walkways, and raising the ground level to prevent waterlogging,” said A. Rajkumar, Tondiarpet Zonal Officer. Residents in the area have welcomed the move but emphasized the need for awareness among locals to ensure the facilities are used properly “If maintained well, this project can make a real difference for families. The civic body should expand such inclusive parks across the city,” said A. Arumairaj, President of the Indira Gandhi Nagar Residents’ Welfare Association, Tiruvottiyur.

A major stormwater diversion project is being implemented by the Highways Department near the Elcot area to ensure that Perumbakkam and nearby localities off OMR remain flood-free this monsoon. The work, estimated at ?42 crore, aims to significantly improve the area’s flood resilience. According to V. E. Mathiyalagan, standing committee chairman for the Sholinganallur zone, a 1.7 km twin-cell culvert is being built to channel rainwater from the Perumbakkam marsh into the Buckingham Canal. “Earlier, a low-level bridge often caused flooding along Semmozhi Salai and in Perumbakkam during heavy rains. The Highways Department has now demolished that structure and begun constructing a high-level bridge. The work is progressing at a brisk pace,” he said. Perumbakkam’s entire drainage network flows into the adjoining Pallikaranai marshland. The Perumbakkam Main Road, which connects OMR and Medavakkam, cuts across this marsh, and officials said that stormwater drains along this stretch are currently being desilted. Meanwhile, the Water Resources Department is widening the Okkiyam Maduvu channel at a cost of ?27 crore. Although the waterway still has patches of hyacinth near KCG College of Technology, officials noted that CMRL is constructing two high-level bridges across Okkiyam Maduvu with a 205 m expanded waterway and an additional 1.5 m of vertical clearance to improve flow. Commuters, including K. Sathish Kumar from Radial Road, have urged the Highways Department to speed up completion of the macro stormwater drain linkage from Okkiyam Maduvu to the sea via Bethel Nagar to ensure smoother drainage during heavy rainfall.