The promoter of a housing finance company currently undergoing bankruptcy proceedings has made a revised offer to repay its dues. This development comes just days after a small finance bank emerged as the winning bidder at a challenge auction for the stressed entity. The promoter’s revised proposal includes an upfront payment of ?554 crore, with the remaining 60% of the admitted dues to be cleared over a period of 28 months, according to people familiar with the matter. The upfront payment includes ?360 crore of cash already available on the company’s books. The insolvency administrator did not respond to emailed queries. The administrator has admitted 60 claims aggregating ?1,363 crore. Last week, after 13 rounds of bidding, the successful bidder submitted the highest offer of ?977.5 crore, as reported earlier. The settlement proposal also involves a ?225 crore equity infusion by a Surat-based diversified group, which will acquire a 60% stake in the housing finance company. The group has interests across real estate, exports, renewable energy, and financial services, according to sources. The settlement offer has been submitted under Section 12A of the Insolvency and Bankruptcy Code (IBC), which allows for the withdrawal of insolvency proceedings if at least 90% of the committee of creditors (CoC) approves the proposal, typically through full repayment of lender dues. Under IBC rules, a promoter-led settlement can be approved only if the relevant regulator files a withdrawal petition before the bankruptcy court. The proposal also includes retaining the current administrator as chairman of the board and appointing auditors in consultation with the committee of creditors. Earlier, the promoter had proposed an upfront payment of 25%, with the balance to be paid over 26 months. That proposal was rejected by the CoC. The company’s financial stress came to light after auditors flagged discrepancies in its financial statements, leading to a regulatory probe.

Homebuyers registering first-sale apartments and villas in Tamil Nadu will receive significant financial relief following a new order issued by the state government. The government has permitted stamp duty and registration fees already paid on construction agreements to be set off against the total value of land and building at the time of registering the final sale deed. Under this order, buyers registering composite sale deeds—which include both the undivided share of land and the constructed building—for the first sale of apartments, flats, villas, row houses, or villaments will be eligible for the benefit. The set-off applies where the buyer had previously paid stamp duty and registration fees on a construction agreement for the same superstructure. The relief is applicable to composite sale deeds registered on or after December 1, 2023, provided the related construction agreement was registered on or before November 30, 2023. This ensures that buyers are not required to pay stamp duty and registration fees twice for the same property component. The move follows the state’s earlier decision to allow the registration of composite sale deeds in compliance with the Real Estate (Regulation and Development) Act, 2016. While that policy helped bring clarity and transparency to first-sale property registrations, it also led to concerns among buyers who had already paid stamp duty and registration charges on separate construction agreements prior to the change. These buyers faced the prospect of double payment when registering the final sale deed. According to officials from the registration department, the newly approved mechanism addresses this issue by enabling an adjustment of previously paid charges. The government approved the set-off for stamp duty under the Indian Stamp Act, 1899, and for registration fees under the Registration Act, 1908. The inspector general of registration has instructed all registering officers, district registrars, and senior registration officials to implement the order with immediate effect. Authorities have also been directed to ensure uniform application of the policy across all districts in the state. However, real estate developers have expressed mixed reactions, stating that the relief has come later than expected. They pointed out that many homebuyers who paid stamp duty and registration fees on construction agreements several years ago may have already completed their property registrations due to loan repayment obligations. As a result, those buyers may not be able to benefit from the new provision. Developers have argued that the measure should have been introduced at the time the composite value registration system was first implemented. Despite these concerns, the order is expected to benefit a large number of homebuyers by reducing the overall cost of first-sale property registrations and preventing duplication of statutory charges going forward.

Walking along MC Road from the Cemetery Junction in Washermanpet has become a daily struggle for pedestrians. Two-wheelers encroaching on footpaths, constant honking, and dug-up stretches force people, including children, to navigate open holes. Local residents say the inconvenience stems from a Greater Chennai Corporation pedestrian plaza project that has been stalled for the past three years.

Monegar Choultry Road (MC Road) is a bustling market street in North Chennai, home to shops, manufacturing units, enterprises, and street vendors. The section undergoing plaza construction stretches 1,000 meters, from Cemetery Road Junction to BSNL Junction. The project is valued at ?27.3 crore under the World Bank-funded Chennai City Partnership.

Planned upgrades for the area include artistic lighting, signage, entry nodes, safe crossings, pickup and drop-off bays, an entry arch, a children’s play area, and cobblestone walls along the 3-meter footpath on both sides of the road.

“It’s taking time because of the deep sewer and stormwater drain work. About 60% of both are completed. Once the underground work is finished, the plaza will be ready in six months,” said a site engineer with the Greater Chennai Corporation.

Despite the ongoing construction and two-way traffic amidst a sea of parked bikes, commuters face huge difficulties navigating the area. “We’ve allocated parking space behind the area, but people refuse to use it,” said an executive engineer with GCC.

“The parking space is 1 km away from my shop. How can I park my vehicle there?” questioned a shop owner near the BSNL junction.

Adding to the chaos, a large excavator navigates the narrow stretch on MC Road, causing further concern. “I was so scared when I saw it coming through,” said a local. 

With the assembly election just months away, the state government has accelerated efforts to complete houses under its flagship rural housing programme. The second phase of the initiative involves the construction of one lakh houses at an estimated cost of ?3,500 crore. So far, 25,657 families have already moved into homes completed under the second phase, while the remaining 74,343 units are in the final stages of construction. According to senior officials from the rural development and local administration department, all beneficiaries under the second phase are expected to take possession of their houses by the first week of February next year. Officials noted that demand for the housing programme has been particularly strong in northern districts such as Tiruvannamalai, Cuddalore and Villupuram, as well as in several delta districts. If the February deadline is achieved, the government would have delivered permanent housing to one lakh families several months ahead of the original schedule. This would take the total number of beneficiary families to two lakh since the launch of the scheme in March 2024, marking a significant milestone that is expected to be highlighted as the state moves into the election period. 

Chennai, Dec 18 — The Chief Minister of Tamil Nadu on Thursday said that efforts are being taken to improve infrastructure and public amenities across all districts in the state.

While inaugurating a newly constructed marriage hall and solemnising the marriages of 15 couples, the Chief Minister said he felt a sense of satisfaction whenever he visited his home constituency.

He expressed hope that the marriage hall, constructed at a cost of ?25.72 crore, would meet the needs of the public.

He said the assembly constituency has become synonymous with development and achievement. He also credited the support of family members for personal and professional success, noting that such support plays a key role in the lives of many.

During the visit, foundation stones were laid for a new government school and a public retail outlet, to be developed at a total cost of ?17.47 crore.

He later said that the constituency has been developed comprehensively with modern hospitals, parks, learning centres, libraries, a stadium, and upgraded corporation schools, and added that similar development efforts are underway to uplift all 234 constituencies in the state.

The ?525-crore project, which is one of Tamil Nadu’s flagship infrastructure initiatives, is expected to significantly enhance Chennai’s capacity to host large-scale national and international events. Once completed, the convention centre is poised to position the city as a major destination for high-profile conferences, exhibitions, and other big-ticket gatherings.

Spread across an extensive area of 37.99 acres, the facility is being developed with a wide range of modern infrastructure amenities designed to support conferences, conventions, exhibitions, and major public and private events. The project aims to create a world-class venue equipped with advanced structural and functional features to meet global standards.

Construction activity at the site has gathered pace following the recent relocation of a casting yard that was previously operating there. With the site now fully available, work on the superstructure has been expedited. Officials associated with the project implementation stated that fabrication of the roof truss has already been completed, marking a key milestone in the construction process.

The project is being implemented by the designated government agency, which is overseeing all stages of development to ensure timely execution. The foundation stone for the convention centre was laid in May this year, and steady progress has since been made despite earlier logistical constraints.

Upon completion, the convention centre is expected to play a crucial role in boosting the city’s profile as a preferred venue for large events, while also contributing to economic growth through increased tourism, business activity, and employment opportunities.

The Tamil Nadu minister for information on Tuesday inaugurated completed projects worth ?2.78 crore in the Nilgiris. Two public libraries and a 3km-long renovated road were opened for public use. The two public libraries, each costing ?22 lakh, were inaugurated in Thummanatty panchayat and Kagguchi panchayat. The 3km-long road between Kattabettu and Iduhatty in Ebbanadu panchayat, part of the Udhagamandalam panchayat union, was renovated at a cost of ?2.34 crore under a central government scheme.

Speaking at the inauguration, the minister stated, "Development works are being carried out across all three assembly constituencies in the Nilgiris. Today, we dedicated completed development projects totalling ?2.78 crore for public use. These were some longstanding demands of the public that have now been fulfilled." Local officials were present at the inauguration event.

Once seen as a spot on the city periphery, Vandalur is now attracting strong buyer interest driven by proposed metro connectivity, expanding employment opportunities, and the Chennai Metropolitan Development Authority’s (CMDA) plan to convert it into a cosmopolitan hub. Land prices have risen sharply over the past four years, increasing by 25–50%, even as the southern suburb remains 30–40% cheaper than Old Mahabalipuram Road (OMR).

At the centre of this boom are the Kalaignar Centenary Bus Terminus at Kilambakkam and the Outer Ring Road corridor development, supported by the opening of IT parks, MSME clusters, and mixed-use townships. Land prices reflect this momentum. Plots that sold at ?3,000–3,500 per sq ft a few years ago now trade at ?4,000–6,000 per sq ft. The price of a ground has climbed to about ?75 lakh, compared to ?5–10 lakh five years ago. This appreciation is expected to have a cascading effect extending up to Chengalpattu.

While still significantly more affordable than OMR, brokers note that prices have firmed up by 10–15% following announcements of premium educational institutions in the area. One of the biggest advantages of the Grand Southern Trunk (GST) Road corridor is its strong multimodal connectivity, with access to train, bus, and air transport. Vandalur is located just minutes from Tambaram, less than 30 minutes from Chennai airport, and offers convenient access to the Oragadam automobile belt and nearby IT hubs.

The 20-km stretch between Vandalur and Kelambakkam features a motorable road linking the IT corridor of OMR with the IT and manufacturing corridor along GST Road. Dotted with reputed educational institutions, residential plots, and apartment developments, this stretch is expected to see steady capital appreciation in the near future.

Urban planners point out that CMDA’s proposal to designate Vandalur as a mixed-use growth hub under the third master plan significantly strengthens its long-term prospects. The development pattern mirrors the early transformation of Koyambedu, characterised by a major transit hub, government-backed zoning, residential development, and a diversified employment base. Experts estimate 40–60% price appreciation over the next three years, along with healthy rental yields.

Senior CMDA officials add that Vandalur is emerging as a key growth corridor as Chennai’s expansion becomes increasingly decentralised. Land-use planning is being aligned with market demand and future potential, and since the commissioning of the Kilambakkam bus terminus, the locality has witnessed sustained growth over the past few years.

Semi-nomadic families, including Narikuravas who often take refuge beneath statues along Marina Beach, are set to get a night shelter near the Anna Swimming Pool at Navalar Nagar in Triplicane. The shelter is expected to be ready by December 25.

Built at a cost of ?86 lakh, the 2,100 sq ft shelter can accommodate up to 80 people. It will be equipped with fans, RO drinking water facilities, toilets, mattresses, and a children’s playground. It is among the few shelters in Chennai designed to accommodate all genders and age groups, instead of catering to a single target group.

“With the upcoming months being colder, we decided to accommodate all genders and age groups rather than focusing on one category. During the daytime, the families usually move around the city selling beads or accessories they make, so the shelter is primarily needed at night,” said a senior civic official.

Overall maintenance and hygiene will be managed by a non-governmental organisation. There are also plans to provide food through a tie-up with a food service provider catering to civic-run schools by early next year, officials said.

While the shelter will initially house the nomadic community, the civic body plans to build another shelter for the rest of the homeless population living along the beach. A recent survey identified 215 homeless people along Marina Beach, including individuals living alone and families.

The survey classified the homeless population into three categories: semi-nomadic groups, beach stall workers, and those who work elsewhere but sleep on the beach. Plans are underway to build a larger shelter that can accommodate all homeless individuals living along the beachfront.

The decision to locate the shelter close to the beach was guided by a joint survey conducted earlier this year, which identified over 13,500 homeless individuals across nearly 2,900 locations in Chennai. One of the key recommendations was to build shelters within 2–3 km of where homeless people stay.

“Many earn a living by selling handmade items. Building shelters close to their work locations helps them sustain their livelihoods,” said a social work academic.

A beneficiary at a shelter for destitute elderly women shared that she travels nearly 20 km daily to sell flower garlands near a temple, as she could not find accommodation closer to her workplace.

A major milestone was achieved in the Phase 2 metro project with the launch of a tunnel boring machine for a fresh tunnelling drive between Panagal Park and Boat Club on Corridor 4. The machine had earlier completed a successful 2-km drive from Panagal Park to the Kodambakkam Ramp Retrieval Shaft, achieving the first breakthrough of Corridor 4 on July 23, 2025.

This earlier drive was particularly significant as tunnelling was carried out safely beneath active railway tracks, one of the most critical engineering challenges along the corridor. The twin tunnel in this stretch was completed using another tunnel boring machine. Following the breakthrough, the machine was dismantled at Kodambakkam, transported back to Panagal Park, and reassembled at the station’s launching shaft for the new 1,898-metre drive toward Boat Club.

The new tunnelling stretch involves several engineering complexities, including passage beneath existing operational metro tunnels near Nandanam Metro Station. The alignment reaches depths of up to 30.2 metres (about 100 feet) below ground level, requiring precise navigation and stringent safety protocols. Completion of this tunnelling drive is expected by November 2026.

Corridor 4, running from Light House to Poonamallee Bypass over a length of 26.1 km, includes a major underground section between Marina Beach and Kodambakkam Flyover. This underground stretch is divided into two tunnelling packages, each comprising nearly 4 km of twin tunnels. In total, four tunnel boring machines, each with an excavated diameter of 6.67 metres, are being deployed to complete approximately 16 km of tunnelling. 

Tambaram might have evolved into a municipal corporation five years ago, but its water network hasn’t kept up. In many parts, there is no supply, and where water is available, supply is hampered by a shortage of overhead tanks and patchy pipeline networks. This has left many neighbourhoods parched.

According to the 2011 census, the city municipal corporation serves a population of 7.23 lakh. More than 14 years later, stakeholders in the realty space estimate the population to have crossed 10 lakh. Next year, 19 surrounding village panchayats, including Agaramthen, Medavakkam, Kovilambakkam, Mudichur and Perumbakkam, will be added to the corporation as part of delimitation, doubling its area from 84.7 sq km to 172.34 sq km, pushing its population beyond 12 lakh — nearly one quarter the size of the metropolitan corporation.

Tambaram requires 125 million litres per day (MLD) to meet its daily needs across five zones, said a corporation official. However, it receives 76 MLD, leaving a shortage of nearly 50 MLD. On average, each zone faces a deficit of at least 10 MLD. This forces many localities to rely on unsafe and costly water supply through tankers.

Under the corporation, Chromepet and Pallavaram are the only zones with piped water supply. Among them, 25% of residential areas are yet to get piped water connections. Areas such as Selaiyur, Camp Road, Mudichur, Irumbuliyur, Anakaputhur and Thiruneermalai are mostly dependent on tankers.

A civic activist and a resident of one of the zones said, “The corporation supplies water only once in two or three days. Residents of gated communities who can afford to purchase tanker water are oblivious to scarcity. But it is a never-ending problem for those who can’t afford to buy water.”

A residents welfare association representative said, “After several years, the village panchayat will finally be merged with the corporation. However, the issue of inadequate supply must be addressed as our area is dependent on water tankers. The corporation should provide infrastructure for piped water supply before merging the panchayat.”

An official from the water authority said the desalination plant coming up in Perur could offer a solution. “The deadline for operations to begin is March 2027. Nearly 50% of the work on the project has been completed. The plant will treat 400 MLD of seawater every day and will supply drinking water to more than 22 lakh people.”

An additional 5 MLD will be drawn from the Palar River, and when the Perur desalination plant is completed, 150 MLD will be supplied to the corporation through the Ring Main pipeline from Perur via Sembakkam, Madambakkam and East Tambaram, the corporation official said.

In the past five years, no new reservoir was built in the corporation limits. These could have stored the water released from the desalination plants. Similarly, rainwater too gets mixed with sewage in stormwater drains. The corporation should have taken measures to mitigate these issues.

The city administration has allocated more than ?89 lakh to each of its 15 zones to repair potholes, according to officials. In November, the chairperson of the standing committee on works announced a ?15-crore initiative for road repair and patchwork, with tenders invited for hundreds of roadworks worth ?37 crore to be taken up after the northeast monsoon. Earlier in the year, the administration had planned to improve several hundred roads under its special fund for the upcoming financial period at a cost of ?92.74 crore. A resident from one locality said that several roads remained unpaved as work on the underground pipeline network was still underway. Another resident in a northern zone noted that a major road in the area was filled with potholes and claimed that some of them were being temporarily filled with loose stones without proper aggregate, creating safety risks for motorists. Tenders issued by the department responsible for major bus-route roads stated that the funds were for emergency patchwork and road improvements. They added that contractors must deploy machinery such as mechanical pavers, bobcats, mini-rollers and cold-milling machines in every zone to carry out repairs. Additionally, no firm may participate in the tender if any of its directors is a close relative of an employee or public representative within the city administration. When asked about earlier tenders, zonal authorities said they were being monitored, and that the new funds were intended to ensure that pothole repairs were seamless and free of bumps. Machinery for this purpose would be deployed soon. The tender also required contractors to deploy watchmen and place clear signboards at all necessary points to guide road users safely to alternative routes.