Madurai corporation has collected 80% of its targeted ?310 crore in property tax for the 2024-25 financial year as of March 18. Though a total of ?251 crore collected is an improvement over last year's 77% collection, the city has slipped to the 10th position from 9th last year, among Tamil Nadu's 20 municipal corporations. However, it is the third highest in total assessments in the state, with nearly 3.48 lakh properties registered, behind Coimbatore and Greater Chennai Corporation. The 15th Central Finance Commission mandates city corporations to  achieve at least 13% growth in tax collection to get central govt grants. Corporation commissioner Chitra Vijayan told TOI that Madurai had met this target last week. The corporation had not yet resorted to cutting water supply of errant taxpayers as a coercive measure. She attributed arrears to multiple factors, primarily litigation. "Our legal team is arrears to multiple factors, primarily litigation. "Our legal team is actively pursuing these cases, but the volume remains actively pursuing these cases, but the volume remains overwhelming. We are scheduling tax appellate tribunal hearings and implementing a systematic follow-up process," However, AIADMK ward 64 councillor M Solai Raja claimed the increase in tax collection is purely due to the (2022) tax revision and not because of better enforcement. He also criticized the lack of transparency in how funds are spent. "We have been demanding a white because of better enforcement. He also criticized the lack of transparency in how funds are spent. "We have been demanding a white paper for the last two years on how the general fund is utilized, but the  mayor and corporation commissioner are yet to submit such details to the council," he said. Despite higher tax collection, he argued, civic infrastructure spending remains low.

The CBI has registered three cases related to alleged irregularities in the allotment, development and sanction of Sports City projects in Noida between 2011 and 2014 which turned into a Rs 9000-crore 'scam'.  Acting on the orders of the Allahabad High Court, the agency registered the FIRs against real estate firms Logix Infra Developers Pvt Ltd, Xanadu Estates Pvt Ltd and Lotus Green Constructions Pvt Ltd, their directors and some unnamed officials of Noida Authority, following it up with a search operation, they said. No immediate reactions were available from the companies. According to an official, the Noida Sport City Project was aimed to develop world class sport facilities with residential and commercial areas in the sector 78, 79 and 150 of Noida. It was alleged that... after the allotment of projects, the related conditions were allegedly breached multiple times by the allotees/sub-leasees, in connivance with Noida Authority officials causing suspected financial loss to the State exchequer at approximately Rs 9000 crore and undue advantage to certain developers at the State expense. The CBI has alleged the authorities took no remedial measures even after the CAG report pointed out irregularities in the massive project. In this connection, CBI conducted searches at several locations in Delhi In this connection, CBI conducted searches at several locations in Delhi evidences, etc
 

Billionaire Gautam Adani's group is in advanced talks to acquire real estate company Emaar India for an enterprise value of around USD 1.4-1.5 billion as it looks to expand its property business, according to sources. Dubai-based Emaar Properties entered to sources. Dubai-based Emaar Properties entered the Indian real estate market in 2005 in partnership with India's MGF Development and invested Rs 8,500 crore through the joint venture firm Emaar MGF Land. In April 2016, Emaar Properties decided to end the joint venture through a demerger process. Emaar India has a large portfolio of residential and commercial spaces across Delhi-NCR, Mumbai, Mohali, Lucknow, Indore and Jaipur. According to sources, the talks between Dubai-based Emaar Properties and Adani Group are in an advanced stage. Adani Group and Emaar India declined to comment. In January this year, Emaar Properties said, "The company would like to confirm that it is currently in discussion with a few groups in India, including Adani Group, for a potential sale of a stake in Emaar India. The valuation and the other terms of a potential transaction are not finalised". Sources said that Emaar Properties is looking to sell stake in the Indian entity but the extent of dilution in shareholding is not decided yet. Adani Group is active in the Indian real estate market through its unlisted entities Adani Realty and Adani Properties. Adani Realty has been developing many projects across major cities in India. One of the world's largest real estate companies, Emaar has a land bank of around 1.7 billion sq ft in the UAE and key international markets. Burj Khalifa and Dubai Mall are among the major projects developed by Emaar Properties.
 

In a landmark judgment, the Gujarat Real Estate Regulatory Authority (GujRERA) has granted dual status of allottee and co-promoter to existing society members in redevelopment projects, marking a significant shift in regulatory protection. The authority ruled in favour of a complainant, ordering a developer to complete the sale deed registration process while recognising the complainant's status as an allottee. Previously, RERA protection was limited to new members as original members were considered co-promoters. A senior official of GujRERA stated that the order is significant for any redevelopment project. This order extends RERA protection to existing owners in redevelopment projects," a senior GujRERA. Previously, only the existing homeowners were considered co-promoters after signing an MoU with builders, while new buyers alone held allottee status."  In this particular case, the ruling came despite respondents arguing that the complaint should be dismissed due to the member's co-promoter status. GujRERA maintained that the complaint was valid, acknowledging that the member was also an allottee. Chartered accountant Manan Doshi noted that the decision drew from Maharashtra RERA precedent. In a recent matter, Gujarat RERA determined that a complaint filed by an allottee is maintainable under the RERA Act where project registration is mandatory. It accorded the complainant the status of an allottee under the Act and accordingly entertained his grievance. 
 

Haryana Chief Minister Nayab Singh Saini announced the launch of a new scheme on Monday to empower gig workers and ensure their social security coverage. A dedicated portal will be created for all gig workers in the state, allowing them to register and connect with various government schemes and opportunities. He added that all gig workers registered on this portal will receive insurance protection, including health, accident, and life insurance. The aim of this initiative is to provide financial stability, social security, and improved working conditions for gig workers, enabling them to become more self-reliant and active contributors to Haryana's economic development. Saini, who also holds the Finance portfolio, made this statement while presenting the budget for 2025-26 in the state assembly. Haryana has set a deadline of March 31, 2025, to implement three new criminal laws, Saini informed the Assembly during his budget speech. The chief minister said that fast-track courts will be established in every district of the state to ensure the speedy trial and punishment of drug-related cases. Additionally, a centralised NDPS monitoring cell will be set up at the state level. A proposal of Rs. 10 crore has been made for the development and implementation of modern technologies, such as drones, to maintain law and order. Cyber police cells will also be established at the sub-division level in districts with a high incidence of cybercrimes, he announced. In the social welfare sector, Saini revealed that a "Divyangjan Kosh" (Fund for Differently-abled Persons) will be established in the state, with a budget provision of Rs 50 crore. Touching upon environmental matters, Saini outlined plans for the conservation and growth of rare and endangered native tree species, ensuring the protection of their gene pool. Additionally, an environmental training center will be established in Industrial Model Township, Manesar, Gurugram. To promote women's empowerment, the government has decided to build a 'Mahila Chaupal' (Women's Forum) in every village. In the first phase, 754 villages have been identified for this project. This amount will be disbursed in three instalments. Each MLA will need to submit a prioritized list of development works totaling Rs 5 crore for their constituency.
 

Prime Minister Narendra Modi on Wednesday hailed Nasa astronaut Sunita Williams  return to Earth from International Space Station and said that the determination of Crew 9 will inspire millions. In a social media post on X, PM Modi said that that the mission to ISS was a test of grit, courage and boundless human spirit. "Welcome back, Crew 9! The Earth Missed you. Theirs has been a test of grit, courage and the and the boundless human spirit. Sunita Williams and the Crew 9 astronauts have once again shown us what perseverance trulu means. Their unwavering determination in the face of the vast unknown will forever inspires millions. 
 

City police's Economic Offences Wing (EOW) has registered a case against financial services group Edelweiss and its 15 associate companies for allegedly conspiring and defrauding investors of Rs 750 crore. The case was filed by Ecstasy Realty Pvt Ltd at Amboli police station last month based on a complaint alleging collusion and misappropriation of funds, among other charges. The EOW has taken over the probe in the case. Edelweiss, in a detailed statement to TOI, alleged that the dispute is a civil matter and Ecstasy has already filed a commercial suit. According to the FIR, the alleged fraud took place between March 26, 2018, and June 26, 2022. It centres around the Raisakaran project in Andheri (West), where Ecstasy Realty secured a Rs 1,350 crore loan from Edelweiss Group. However, only Rs 600 crore was reportedly disbursed, leaving Rs 750 crore allegedly misappropriated through "evergreening" a practice of renewing loans to mask defaults. Additionally, the complaint accuses Edelweiss of selling mortgaged flats at prices significantly lower than the market value. Properties valued at Rs 12-13 crore were allegedly sold for Rs 7-9 crore. Flats in the Parthenon project—specifically flat numbers 602 and 702—were allegedly sold below the recalculated rate. The principal dues under the Non-Convertible Debentures to Edelweiss are Rs 480 crores plus interest and other charges from April 2022. Recovery actions include a pending DRT (debt recovery tribunal) suit, cheque bouncing cases, a preliminary enquiry by Economic Offences Wing, and insolvency proceedings in National Company Law Appellate Tribunal. The FIR provides no clear basis for these allegations."
 

Sleuths of the Economic Offences Branch of CBI, Chennai, have booked a landlord, a builder, two bank valuers, two buyers, and unknown others for cheating the State Bank of India (SBI) of 5.5 crore by availing two housing loans for the same property. As per the FIR, S Vakisan and S Deivanai, siblings from Puducherry, approached the SBI branch in Iyyapanthangal in 2020 for a housing loan of 5 crore to buy a villa on a plot measuring 4,520 sq ft and a super built-up area of 5,500 sq ft at Tiruporur on ECR. Bank-empanelled valuers M Vijayakum ar and M S Senthil then submitted reports saying the property was worth 6.3 crore, following which a housing loan of 4.26 crore was sanctioned. Vakisan and Deivanai paid the monthly instalments regularly until April 2021 and then sought relaxation, citing the Covid-19 pandemic. Accordingly, the repayment period was extended until July 2023. SBI branches revealed that the villa the siblings had purchased from D Santhosh, a builder and realtor, was not new but built in 2016 and that the bank had already disbursed a housing loan to Santosh. The audit also revealed that the plan approval for the layout was received in 2011, although the plot was regularised only in 2019. The actual value of the property was found to be 3.5 crore, much less than the loan disbursed. The bank suspected the role of the landowner, Vummidi Kritsh, and lodged a complaint with the CBI to prosecute them. Later, the bank moved the Madras high court, and the court recently directed the CBI to register a case against the suspects for further investigation.
 

Cement producers operating clinker facilities in Tamil Nadu are set to face pressure on profitability because of the state's decision to impose a new levy on limestone, which will increase their cost on the key raw material. Dalmia Bharat and Ramco Cements will likely be the most impacted unless they are able to pass on the higher cost to consumers in the form of price hikes. Market leader UltraTech and ACC too will take a hit, albeit a minor one since the state accounts for only a small portion of their capacities. The Tamil Nadu Mineral Bearing Land Tax Act, 2024, imposes a levy of ?160 per tonne on limestone. Limestone accounts for nearly two-thirds of the cost of raw materials and about 5% of the operating cost for cement makers. While Ramco has more than half of its clinker capacity in Tamil Nadu, Dalmia Bharat has about a fourth. The country's largest cement producer UltraTech has around 4% of its clinker capacity in the state; ACC has about 2%. "The south region is witnessing multiple headwinds over the last one year, e.g., multi-year-low cement prices, weak government spending and higher competitive intensity," analysts at Motilal Oswal Securities wrote in a note. Prices are expected to remain under pressure going ahead as well. Over the last few months, market leaders acquired four South-based cement makers, with 44 million tonnes of capacity moving to large players.
 

Aditya Birla Capital has announced an infusion of ?300 crore into its subsidiary Aditya Birla Housing Finance through a rights issue. The investment aims to support the growth of the housing finance company and improve its leverage ratio. Aditya Birla Capital will maintain full ownership of the mortgage lender after the capital infusion. Aditya Birla Capital has made an investment of ?300 crore on a rights basis in the equity shares of Aditya Birla Housing Finance," according to a stock exchange filing. The mortgage lender recently secured an investment of ?830 crore through non-convertible debentures from the International Finance Corporation. These funds will be used to offer home loans to low-income and middle-income groups. A part of the loan will be used to fund MSMEs, focusing on women-led enterprises, to foster growth and economic development.
 

Construction industry in the state is facing a severe crisis, with the cost of key material including sand and blue metal (crushed rock) rising sharply. With one needing to spend as much as 18 lakh on M-Sand, blue metal, and P-Sand alone to construct a 1,500 sq ft house in Chennai or any other part of Tamil Nadu, the Southern Lorry Owners Welfare Association has made an appeal to chief minister M K Stalin, emphasising the crippling impact on both public and private construction projects. "Since Feb, prices surged by more than 100%, with M-Sand rising from 650 a tonne to 1,250 a tonne, blue metal from 500 a tonne to 1,000 a tonne, and P-Sand from 750 a tonne to 1,500 a tonne. The soaring costs have left 90% of tipper lorries non-operational across Tamil Nadu. Key projects, including those by Tamil Nadu Public Works Department, private multi-storey buildings, Tamil Nadu Housing Board  apartment complexess, Chennai Metro Rail projects, Ennore Port expansion, private corporate projects, and residential construction have stalled, directly impacting five million construction workers. The price increases, builders point out, first began in Karur, Coimbatore, Salem, Namakkal, and other western districts before extending to the southern and delta districts. Since Feb, quarries and crushers across districts such as Kancheepuram, Chengalpet, Tiruvallur, Tiruvannamalai, Ranipet, Vellore, Villupuram, and Cuddalore have raised rates. "Prices increased by at least 20%. We also held a hunger strike in Tiruvarur recently. In the last three weeks, there have been shap hikes in Chennai. For govt projects, construction costs doubled compared to rates quoted in tenders. Similarly, private builders who entered agreements with buyers now face significant losses. The Southern Lorry Owners Welfare Association has urged Stalin to take immediate action. "All quarries, particularly blue metal quarries, should be reopened immediately. Collectors should receive directives to facilitate. 

GMDA has issued notices to four ready-mix concrete (RMC) plants for illegally accessing roads in sectors 112, 114, 78 and 79A. The enforcement action follows a site inspection by GMDA officials, revealing that the roads, constructed a year ago, suffered damage from heavy trucks and slurry spillage. The spillage from vehicles also contributed to dust pollution, further deteriorating air quality in the area. The infrastructure division of GMDA reported the issue to the enforcement wing for action and in response, district town planner (DTP) of GMDA issued gave the plant owners 48 hours to produce valid access permission documents. Failure to present the necessary approvals could result in further legal and administrative actions, including possible shutdowns or penalties. We have issued notices and will take action if plants are found operating without permissions. Such drives will continue in the furture for the betterment of the environment. Meanwhile, residents of the affected sectors have welcomed GMDA's intervention, saying that concerns over deteriorating road conditions and increasing dust pollution were finally being addressed.