A real estate developer has acquired nine acres of land at Perungudi along the Old Mahabalipuram Road (OMR) in Chennai on a long-term lease, marking one of the most significant transactions on the city’s IT corridor in recent years.

The site has been leased for 55 years and is located in a prime area where large land parcels are extremely scarce. It offers a development potential of 1.6 million sq ft, according to a source familiar with the deal. While financial terms were not disclosed, experts estimate that an acre of land at Perungudi would cost around ?54 crore for an outright purchase at current market rates.

The developer plans to construct a Grade-A office complex alongside a 200-key hotel, strengthening its commercial and hospitality presence in Chennai, the source added.

Housing finance companies (HFCs) are facing significant pressure due to aggressive pricing of mortgage rates by public sector banks, with the rate war squeezing their margins. Despite reporting growth in loan disbursals, many HFCs are not seeing a proportional increase in their assets under management (AUM), largely because several borrowers are shifting their home loans to competitors. In the June 2025 quarter, Bajaj Housing Finance saw a 0.5% decline in net profit, while Aadhar Housing Finance and LIC Housing Finance reported 10% and 5% growth, respectively. Lower lending rates following the Reserve Bank of India's 100 basis points repo rate cut this year have brought down their net interest margins. Bajaj Housing Finance currently charges one of the lowest mortgage rates at 7.35%, according to its website. In comparison, public sector lender Canara Bank interest rate on home loans starts at 7.40%. The rate war is affecting even the largest housing finance company, LIC Housing Finance. Jain highlighted the disparity between disbursement and AUM growth amid pricing pressures. Bajaj Housing Finance reported a 22% increase in disbursements to ?14,651 crore in the first quarter. However, its AUM rose only 0.6% to ?5,736 crore from ?5,701 crore. This is because of very intense competition. 
 

In a move that could signal a shift toward higher interest rates in the home loan market, India's largest mortgage lender,  has increased home loan rates by 25 basis points for new borrowers. The hike primarily affects applicants with lower credit scores, as the bank has raised the upper band of its loan rates.some of the  also increased its rates, and other public sector lenders may follow suit. During the last fortnight of Julys mortgage rates ranged from 7.5% to 8.45%. After the revision, new borrowers will pay between 7.5% and 8.70%.some banks has raised its rate to 7.45%, up from 7.35% in late July. Both banks did not respond to emailed queries seeking an explanation for the rate hike. SBI has tweaked the rates based on CIBIL scores and the External Benchmark Lending Rate (EBLR). This is a low-yielding product for us, so we've decided to increase margins on new loans for borrowers with low credit scores. This change applies only to new customers and will not impact the ?8 lakh crore of outstanding loans," said a person familiar with the matter. Axis Bank, meanwhile, reported a year-on-year decline in home loan volumes, a segament it has struggled to grow for several quarters. Over the past four years, government-owned banks have steadily gained market share.
 

Over 9,000 individuals have been found to be fraudulently claiming Rs 1.20 lakh each under the Pradhan Mantri Awas Yojana, despite being homeowners themselves. Investigations have exposed the misuse of funds meant for the scheme, and authorities are now taking action to recover the availed subsidies. Similarly, pension fraud has also been exposed in various govt schemes, with over Rs 40 lakh lost due to fake claims, deceased beneficiaries, and unreported remarriages. Authorities admitted that the absence of recovery mechanisms hampers further action, underscoring a pressing need for policy reforms and stricter verification. Under the PMAY scheme, the govt provides Rs 1.20 lakh in three instalments to economically weaker families for constructing homes. However, a departmental survey conducted after disbursing the first instalment revealed that over 9,000 individuals across various villages had already built houses — some even double-storeyed. These beneficiaries submitted fake documents to claim the funds. In Shankargarh block alone, over 3,127 beneficiaries had not even laid a single brick after receiving the initial assistance. Upon verification with locals, it was confirmed that these individuals had no need for a new house. Authorities are now preparing to initiate recovery proceedings against them. Similarly, the Old Age Pension Scheme, which currently supports 1.53 lakh pensioners in the district, revealed that 2,351 beneficiaries had died a year ago, yet their families did not report the deaths, and the pensions continued to be credited. District social welfare officer Ram Shankar said that current rules do not allow recovery in such cases, limiting the department's ability to act. These revelations highlight serious loopholes in verification and recovery systems in welfare schemes and raise concerns about transparency and accountability in the distribution of public funds. 
 

Buying an apartment or plot in Tamil Nadu may soon become a presenceless process, with the state registration department preparing a system where neither buyers nor developers will need to visit sub-registrar offices (SROs) for first-sale registrations. In the first phase, the facility will be optional and gradually made mandatory. Officials said the move is aimed at easing congestion  many of which function from cramped offices with little space or parking for visitors. Every year, about 36 lakh documents are registered in Tamil Nadu, of which 5.5 lakh are Memoranda of Deposit of Title Deed (MOD) and 3.5 lakh are receipt deeds. On average, 26,000 apartments are registered every month, with Chennai topping the list. The state has 582 SROs. Two years ago, presenceless registration was introduced for MODs, receipt deeds, and residential lease deeds (within five years), but it was not mandatory. Currently, only about 30,000 MODs and receipt deeds are done online. Under the proposed system, once the seller and developer complete the online registration, the respective SRO will access the application, verify the details, and clear the documents. To enable this, the department will provide software to top builders and developer associations. The proposal, however, has triggered concerns over safety. With multiple complaints of fraudulent registrations and property disputes already pending across the state, many fear that removing physical presence could open the door to manipulation and forgery. "This move will make the entire process faster and far more convenient for buyers. For developers too, it reduces the hassle of coordinating multiple visits to sub-registrar offices. What we need is a robust system with strong safeguards so that trust is maintained by chairman of the DTCP committee at the Builders Association of India.
 

Chennai Metro Rail will complete the construction of the viaduct and the massive double decker stretch along Arcot Road for the phase II project between Porur and Power House by September end. Porur to Power House, a section of corridor 4 of the phase II project whose entire length runs to 26.1 km from Light House to Poonamallee via Porur and Vadapalani. This section of corridor 4 is pivotal for commuters for two reasons; firstly, when ready, it offers connectivity to the phase I network at Vadapalani and secondly, the 3.75km diuble decker corridor between Alwarthirunagar and Alapakkamwill allow commuters to switch between corridor 4 and corridor 5 (Madhavaram to Sholinganallur) in any of the four locations which are Alwarthirunagar, Valasaravakkam, Karambakkam, and Alapakkam. This time next year, trains will be operated in the first level of the double decker and shortly thereafter when a part of corridor 5 is ready, the second level will witness train operations. According to officials of Chennai Metro Rail Limited (CMRL), they have to construct around 340 piers between Porur and Power House and of that, nearly 95 per cent of the work has been completed. Sources said there has been a six-month delay in the construction of the Porur-Power House stretch. In the locations where the viaduct has been finished, track laying is under way and the installation of overhead equipment (OHE) is in progress. “The track and OHE work has been on at Vadapalani, Saligramam, Karambakkam and Alapakkam,” another official. Sources said it could take about four months to finish the OHE work. 

A co-working space operator reported a consolidated net loss of ?4.19 crore for the first quarter of FY26, compared with a net loss of ?23 crore in the same period last year. Total income increased to ?387.98 crore during the April–June period of 2025-26, up from ?323.15 crore in the corresponding period of the previous year, according to a regulatory filing.

During the 2024-25 fiscal year, the company had posted a net loss of ?63.17 crore on a total income of ?1,409.66 crore. The operator, which was recently listed on stock exchanges, is one of the leading co-working center providers in the country.

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A manufacturing firm has begun construction of its seventh float glass production line and fifth mineral wool insulation line in Oragadam, Chennai. The new float glass facility will have a production capacity of 1,000 tonnes per day.

Following previous acquisitions in the insulation sector, the company has expanded its operations in India. The fifth mineral wool insulation plant will have a production capacity of 50,000 tonnes.

A real estate investment fund has acquired over 37 ready-to-move-in luxury apartments in a super-premium residential project in Mumbai’s Worli area for more than ?500 crore. The deal marks one of the first inventory buyout transactions by an institutional investor in the country’s growing luxury housing market.

The fund acquired the apartments from a non-banking financial institution that had received the inventory as part of a debt settlement with the project’s developer. The transaction includes apartments in two towers that have already received occupation certificates from the Mumbai civic authority. The portfolio consists of three- and four-bedroom residences with carpet areas ranging from 2,000 sq ft to 3,800 sq ft, spanning a total of approximately 80,000 sq ft.

The fund plans targeted refurbishments to bring the apartments up to current luxury standards before marketing them for sale, with around ?50 crore earmarked for upgrades prior to sales.

Property consultants noted that the deal is based on the opportunity to unlock value due to the project’s occupation certificate status, ready inventory, and discounted pricing. The fund may refurbish interiors, enhance fit-outs, and adopt a phased sale strategy to maximize returns.

South and central Mumbai, home to some of India’s most expensive residences, have been at the forefront of this luxury housing boom, attracting high-value transactions involving prominent industrialists, corporate leaders, celebrities, and sports personalities in recent years.

A cement company’s ?36-billion ($413 million) initial public offering (IPO) was fully subscribed on the third day of bidding, as investors backed the firm’s long-term growth prospects supported by government initiatives in infrastructure and housing. Cement producers in India, the world’s second-largest supplier of the material, are betting on rising government infrastructure spending and a strong housing sector to drive demand, which has spurred increased deal activity in recent years. Cement demand is expected to grow 6%-7% annually through 2030, according to a ratings agency, with analysts also forecasting price recovery from last fiscal year’s multi-year lows. Total bids were 1.31 times the shares on offer, exchange data showed as of 1:00 p.m. local time. Both institutional and retail investors matched the portions allotted to them. The company, which targets a valuation of around $2.3 billion, is scheduled to list on major Indian stock exchanges in mid-August. Analysts have noted that the firm has a competitive edge due to its access to related industries, allowing it to source key raw materials and power at favorable terms.

A real estate group has signed a memorandum of understanding (MoU) with a foreign family office to create a special purpose vehicle (SPV) platform.

The 50:50 joint venture will focus on developing one million sq ft of grade-A commercial and retail spaces in Chennai and Bengaluru in the first phase, with an estimated investment of $100 million. Representatives of the partners stated that the collaboration combines local expertise with global capital to drive sustainable real estate growth and aims to explore future cross-border development opportunities.

Artificial intelligence (AI) has been introduced to boost revenue from property tax, generating around ?200 crore so far, which is approximately 72% higher than the ?29 crore collected in the previous fiscal year.

Authorities used data from self-certified properties with the highest dues and employed a generative AI bot to call property owners. The bot interacts in real time, asking about difficulties faced in paying property tax and addressing their concerns. Before reaching out, the data was categorized into property owners who promised to pay, those who refused, and those facing genuine difficulties. Most of the contacted owners ended up paying the taxes.

The AI-based property tax collection was initially started as a pilot project in one city before being expanded. Meanwhile, residents have noted that since the initiative has generated significant revenue, the funds should be invested back into the city’s development. They emphasized that the city lacks adequate manpower and machinery to function efficiently and suggested learning from other municipalities to invest in the right infrastructure.