To curb air pollution caused by construction activities, the Greater Chennai Corporation (GCC) has unveiled a SOP mandating the builders to install dust barries, cover waste sparys to control dust. Warning violators of penalty, a resolution adopted at the GCC's council meeting on Wednesday said failure to comply with these regulations would result in fines ranging from 10,000 to 5 lakh, depending on the site's size and severity of violations. At least 6,150 metric tonnes of solid waste is generated daily in the city. Additionally, about 800 metric tonnes of construction and demolition (C&D) waste are generated every day. Construction companies are often involved in handling the C&D waste improperly, including transporting it without following proper procedures. As per the resolution, at project sites up to one acre in size, 6-metre-high metal or sheet barricades must be installed around the site to prevent the spread of dust and debris in open areas. For project sites with an area of more than one acre or buildings taller than 70 metres, and all RMC plants, metal barriers with a height of 10 metres should be installed around the site to prevent dust and waste from spreading in outdoor areas. With the GCC issuing guidelines for building construction and disposal for C&D waste, the public urged it to enforce penalties to ensure guidelines are not violated.
 

PNB Housing Finance has reported a growth of 25.30 per cent in its net consolidated profit during the quarter ended March 31, 2025. Its profit after tax stood at ?550.38 crore in Q4 FY25 as against ?439.25 crore it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company's net consolidated total income stood at ?2,036.78 crore in Q4 FY25, a growth of 12.28 per cent from ?1,813.97 crore it recorded in the similar quarter last year. Girish Kousgi, managing director & CEO of the company said, "The retail loan asset grew by 18.2% year-on-year to ?74,802 crore as on March 31, 2025, which was supported by growth in the affordable and emerging markets segment. The affordable segment loan asset crossed a significant milestone of ?5,000 crore during the year. With focus on significant milestone of ?5,000 crore during the year. With focus on collections across buckets, the Gross NPA improved to 1.08% as on March 31, 2025 as compared to 1.50% as on March 31, 2024. On the back of strong business and financial performance, the RoA increased by 35 bps 2.55% for FY25." Loan asset grew by 16% year-on-year to ?75,765 crore as on March 31, 2025 while assets under management (AUM) grew by 13% year-on-year to ?80,397 crore as on March 31, 2025. The company recovered ?336 crore in FY25 from the written-off pool. Capital Risk Adequacy Ratio (CRAR) stood at 29.38% as on March 31, 2025. Yield was at 10.03% in Q4 FY25 as compared to 10.08% in Q4 FY24 while cost of borrowing was at 7.84% in Q4 FY25 as compared to 7.98% in Q4 FY24. Spread on loans was at 2.19% in Q4 FY25 as compared to 2.10% in Q4 FY24. 
 

The new strict guidelines of Reserve Bank of India (RBI) for gold loans have led private and nationalised banks, co-operative banks and Non-Banking Financial Companies (NBFCs) to adopt various strategies to comply with the norms, which restrict the closure of gold loans within 12 months.Under the new norms, the instalments has been reduced from 36 months to 12 months. Although the maximum tenure for gold loans with monthly instalments has been reduced from 36 months to 12 months. Although the new norms are giving a hard time, particularly to economically vulnerable borrowers, the banks have begun leveraging loopholes in the system to comply with the RBI regulations while maintaining profitability and customer satisfaction. When TNIE visited branches of private and nationalised banks in Chennai, the branch staff explained that they employ many strategies, including monthly auto-debit of interest from savings accounts, technical closures – wherein loans are temporarily repaid and immediately renewed with fresh documentation, closure of loans and re-pledging under a family member’s name by simply paying the interest, automatic settlement of dues by debiting from savings account, and expediting the auction process to minimise defaults after the 12-month loan tenure ends. A branch manager of a nationalised bank in Chennai explained, “Most customers who took gold loans last year believed they could renew them by paying only the interest. Some customers are now unable to fully repay their loans or are forced to borrow from moneylenders. In such cases, we advise them to bring a family member, open a basic savings account in their name, and then pledge the same jewellery under the relative’s name. The loan amount is used to settle the original borrower’s dues on the same day.” However, an official spokesperson for IOB said the actions were taken in line with RBI norms and in the best interest of customers. “In certain cases, where repayments are pending and sufficient funds are available, the bank may recover dues from the linked account to help customers avoid the impact of overdue payments on their credit profile,” 

Mortgage firm LIC Housing Finance on Friday said it has slashed its benchmark lending rate by 25 basis points following the recent policy rate cut by the Reserve Bank of India. This reduction in LIC Housing Prime Lending Rate (LHPLR), will benefit both existing and new borrowers by making home loans more affordable, the LIC subsidiary said in a statement. The revised interest rates will now start from 8 per cent and will come into effect from April 28, it said. The LHPLR serves as the benchmark rate for determining the interest rates on all types of loans, it said. ?This reduction in LIC Housing Prime Lending Rate (LHPLR), will benefit both existing and new borrows by making home loan more affordable the LIC subsidairy. 
 

The NHAI has told the National Green Tribunal (NGT) that it was compelled to use a portion of a pond in Mamallapuram for constructing an exit ramp as part of its East Coast Road four-laning project from Mamallapuram to Puducherry. The submission came in response to a petition alleging that the construction encroached upon the waterbody without proper justification. National Highways Authority of India (NHAI) project director M S Chaitya stated that 3460 sqm less than 20% of the 15000 sqm pond were used all along the edge in shallow sections. This area was essential to provide access for vehicles entering Mamallapuram from the Puducherry side via a proposed underpass near the heritage elephant sculpture. According to the submission, the current junction is accident-prone, and the absence of a proper exit ramp could turn it into a blackspot on the high speed corridor. The national agency finalised the alignment in 2018, awarded the contract in March 2020, began work in May 2023, received an objection in August 2024 replied in two weeks, and noted the NGT case was filed only in January 2025. NHAI cited a report from its independent engineer, LN Malviya Infra Projects which confirmed that around 10800 cubic metres of earthwork was undertaken within the pond area, using earth that is non - polluting. It clarified that the embankment would not impact water quality and that pond water impact water quality and that pond water. Tamil Nadu water resources department for the alignment and argued that alternative alignments were geometrically unfeasible due to proximity of major bridge across Buckingham Canal, located just a kilometre Shifting the exit ramp further the case will be heard again in June.
 

India's Bajaj Housing Finance reported a rise in fourth-quarter profit on Wednesday, supported by strong credit growth as robust demand for premium homes and rising property prices continue to power the country's real estate market. The country's biggest home loan financier by market value reported a 54% jump in profit to 5.87 billion rupees ($68.8 million) for the three months ending March 31. Demand for homes in India, particularly in the premium segment that makes up a large part of Bajaj Housing Finance's portfolio, has remained strong over recent quarters. Residential real estate prices are set to rise steadily over the next few years, driven by demand for luxury properties from cash-rich individuals, according to a Reuters poll of housing experts. Bajaj Housing's loan assets rose 25% year-on-year to 995.13 billion rupees, while its assets under management climbed 26% to 1.15 trillion rupees. 
Net interest income, the difference between interest earned and paid, rose 31% to 8.23 billion rupees. Asset quality worsened slightly, with gross bad loans as a percentage of total loans rising to 0.29% at the end of March, from 0.27% in the same period a year ago. The company's shares ended 0.6% higher ahead of the results. They are 12% down since listing in September.
 

The Tamil Nadu Stone Quarry, Crusher and Lorry Owners Association increased the prices of M-sand, P sand and jalli by Rs1,000 per unit from Tuesday. The association had launched an indefinite strike on April 16, urging the govt to withdraw the newly imposed mineral-bearing land tax. The Mines Department began levying this tax - Rs90 per tonne of rough boulder - starting April 4. With the introduction of this tax, quarry owners are now required to pay an additional Rs700 per unit of rough boulder. In addition, the seigniorage fee was revised from cubic metres to one tonne, resulting in an additional payment of Rs554 per unit to the Mines Department, compared to the earlier Rs254. K Chinnasamy, president, Tamil Nadu Stone Quarry, Crusher and Lorry Owners Association, said a meeting was held with water resources minister Duraimurugan and senior govt officials on Monday to discuss the new tax, seigniorage fee hike and other demands. The prices of M-sand, P-sand and jalli were hiked thrice in the past six months. M-sand, which cost Rs4,900 per unit in November, now costs Rs6,450. The price of P-sand has increased from Rs5,800 to Rs7,552 per unit. Similarly, the price of jalli has gone up from Rs3,900 to Rs5,523 per unit. These steep increases will directly impact the ongoing projects and contractors by escalating overall construction costs. He said they were planning to represent this issue to the govt and urge the state to regulate and control the price hike. Coimbatore Builders and Contractors Association president Ramyaa R Senthil said the price hike over the past year was abnormal. Instead of controlling it, the state govt has allowed the increase in building material prices. 

Co-working operator Incuspaze has rented 2.5 lakh square feet of office space in Chennai to provide managed workspaces to corporates. The upcoming centre has the capacity to accommodate more than 4,000 seats, the company said in a statement on Monday. Gurugram-based Incuspaze has taken on lease 2.5 lakh square feet of office space at standalone campus 'Olympia Crest', which is located in the heart of Chennai's IT corridor at OMR Zone 1. Gross leasing of office space hit a record in 2024 calendar year on high demand, especially from foreign companies looking to establish Global Capabilities Centres (GCCs) in India. Co-working operators take office space on lease from real estate companies and property owners and then further sub-lease the workspaces to corporate clients. After the COVID pandemic, the demand for office space in co-working centres has surged as corporates look for reduction in capital expenditure and also flexibility to expand or downsize their businesses. Established in 2016, Incuspaze has a presence in 50 locations across 18 cities with a total portfolio of 4 million (40 lakh) square feet.  In July last year, the company raised USD 8 million from investors, including India Inflection Opportunity Fund (IIOF), to expand its business.
 

The commercial real estate market of Chennai is expected to hit the 100 million square feet mark by 2026, propelled by high occupier demand, prudent investments, and infrastructure developments Over the last two years, the city has attracted USD 1.19 billion private equity flows underlining its strong status as an investment destination. All of these aspects are likely to push for the Grade-A office spaces, thereby ensuring that the city continues to be the country’s top business hub. A key factor behind this growth is the availability of young, skilled labour at competitive rates. “Chennai offers talented and young manpower at competitive rates, which attracts global companies to set up operations here,” says Karun Verma, senior executive director,  DLF Cyber City Developers Limited. With its young population and solid educational infrastructure, Chennai is a preferred destination for sectors like IT, BFSI, and life sciences. Micro-markets like Porur, Tharamani, and OMR are emerging as prime office locations, experiencing substantial demand. Chennai’s office market has remained resilient, with a 102 per cent increase in net absorption for Q4 2024, completing 1.1 million square feet. Rental growth has been competitive, with an 8-10 per cent year-on-year (YoY) increase in rental rates, reflecting strong investor confidence in the market. “Year-on-year growth of 8-10 per cent in rental rates reflects investor confidence in the market. 

The Tamil Nadu Urban Habitat Development Board (TNUHB) has imposed a fine of 15 lakh on a contractor for slow progress of reconstruction work at sites at Gandhi Nagar, Periyar Nagar, and Goyathoppu under the Pradhan Mantri Awas Yojana (Urban) – Affordable Housing in Partnership (PMAY-AHP) scheme. Each of these projects, involving the construction of tenements using pre-fabricated concrete technology, was awarded on a turnkey basis with a stipulated completion period of 18 months from the date of site handover. The contractor was expected to complete 75% of the work by now, as per the agreement. However, field inspections revealed delays across all locations. At the Gandhi Nagar site, only 44% of the work was completed. The Periyar Nagar project progressed even slower, with just 34% of the construction done. In Goyathoppu, work completion stands at 45%. In allcases, field officers reported that the production of precast concrete elements at the contractor's casting yard was slow. The consequences of these delays are significant. All three projects fall under vital reconstruction schemes by TNUHDB, and the intended beneficiaries already vacated their original homes in anticipation of timely completion. Many are now burdened with rental costs as they continue to wait for possession of their new homes,"  Recognising the social and financial impact on the displaced residents, TNUHDB has levied a fine of 5 lakh for each project, amounting to 15 lakh in total.  The contractor has been directed to immediately mobilise adequate manpower and materials to bring the projects back on track. Additionally, the firm has been asked to submit a detailed micro-level action plan before April 30, outlining specific measures to speed up the work. 
 

Home sales across India’s eight prime residential markets in the January-March period fell 19% over last year, as rising property prices and slowing growth forced buyers to exercise caution, according to a report by Proptiger.com, part of REA India. New home supply also dropped 10% in the first quarter of the calendar year, as developers adjusted expectations amid a price appreciation of the past couple of years, which made housing unaffordable for a large section of buyers in the world’s most populous country. The huge spike in prices had already started to show its adverse impact on sales. With a global trade war now bringing new uncertainty, it is only natural for buyers to adopt a cautious approach to investment, particularly in something so big as real estate,” said Dhruv Agarwala, Group Chief Executive Officer. Most urban Indians rely on housing loans to make a house purchase. Repo rate is the benchmark that determines the interest they would pay on this credit. A downward change in this rate is a certain measure to boost buyer confidence. According to the report, less than 100,000 residential units were sold in the January-March quarter, with most cities covered in the analysis showing a fall in numbers. While Bengaluru and Chennai bucked this trend, Hyderabad, MMR and Pune witnessed the sharpest sales drop. Signs of a market correction were also visible through a dip in new supply, with five of the eight cities showing an annual decline in launches. Pune, Hyderabad and Ahmedabadregistered the sharpest fall in numbers, the report showed. 
 

Nearly 20 premium shopping malls, comprising 123 lakh square feet of retail spaces, will become operational by 2026-end across eight major cities in the country to tap rising demand of retailers looking to expand business, according to Cushman & Wakefield. On Tuesday, real estate consultant Cushman & Wakefield released its report 'Premiumisation of India's Retail Sector - Upscaling, Upgrading and Evolving', at MAPIC India Summit here. The consultant noted that as many as 19 Grade A shopping malls covering 12.3 million (123 lakh) square feet of new retail space will become operational in 2025 and 2026 calendar years. These eight cities are-- Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. Out of the 12.3 million square feet of new Grade A mall supply projected across 2025 and 2026, 8.6 million (86 lakh) square feet will be superior Grade (Grade A-plus), underscoring the sector's shift from scale to quality. The superior-grade malls typically owned and operated by reputed developers or institutional investors are characterized by their high occupancy rates (more than 85 per cent), upscale tenant mix, and service-rich environments. Saurabh Shatdal, Executive Managing Director, Capital Markets & Head, Retail India, Cushman & Wakefield, said, "India's retail landscape is evolving rapidly, and so are consumer aspirations. The rise of Superior Grade malls reflects a clear pivot from just scale to quality and experience. Today's consumers are seeking curated, design-led environments where the brand experience is as important as the product itself. Shatdal noted that categories like beauty, wellness, F&B, and athleisure, known for high engagement and trading density, are shaping this next phase of retail. India's total Grade A mall stock stood at 61.5 million (615 lakh) sq ft in 2024, with superior Grade malls already comprising 63 per cent (38.9 million sq ft) of the total.