The monthly Pragati meeting on Wednesday turned out to be a reality check for real estate regulators (Reras) with PM Narendra Modi asking probing questions to top state officials, including if they have ever tried to find out whether homebuyers are satisfied with the “disposal” of complaints. Modi also pointed out how just totting-up redressal numbers wasn’t enough. The PM directed all state chief secretaries to hold regular reviews and ensure that there is “complete redressal” of homebuyers’ grievances. Sources said to the discomfort of officials, the PM, while reviewing “issues related to Reras”, said realtors send complaints to him how some Rera officers do not listen to them until “arrangements (vyavastha)” are made. He instructed the chief secretaries to look into this serious issue. In a statement, the PMO said Modi emphasised on the need to improve quality and timeliness of disposal of grievances related to the real estate sector to ensure justice and fairness for homebuyers. “The PM emphasised that strict compliance with Rera provisions is critical for restoring trust in the housing market. Cabinet secretary briefs on actions taken after last Pragati meeting TOI has learnt that Cabinet Secretary T V Somanathan on Wednesday gave an update on the actions taken after the last Pragati meeting in which the PM had issued directions. Sources said a large share of complaints identified were no supply of water even after laying of pipelines, homes still waiting for getting taps within premises, and bad quality water. They added that Somanthan also told the PM that a module on land acquisition is being prepared to train new recruit civil servants and also to improve land records in border areas in Arunachal Pradesh.
 

The Bruhat Bengaluru Mahanagara Palike (BBMP) is preparing to issue notices to over four lakh property owners who are suspected of evading property tax by furnishing incorrect details about their properties. This action follows a detailed analysis based on data from the Digitally Owned Number (DON) Survey. Despite there being more than 20 lakh properties within BBMP limits, the civic body is currently collecting just under Rs 5,000 crore annually in property tax—far below potential collections. Officials have observed that a significant number of property owners have exploited the self-declaration system, underreporting property size to reduce their tax liability. An official said, “To counter this, BBMP’s revenue department has now turned to data collected from the Drone survey and UPR (Urban Property Ownership Records), which cover details of around 15 lakh properties. In addition, BBMP has collected GPS-based photos and data for each property. These are being matched with ownership records and supporting documents, including those submitted for e-Khata registration, to identify discrepancies. If mismatches are found—such as undeclared floor space or incorrect height and number of floors—property owners will receive formal notices.” 
 

A major cement manufacturer said on Thursday that it expects improving cement prices in its key southern market, after reporting a sharp decline in fourth-quarter profit caused by weak prices and lower volumes during what is typically a strong season.

Adjusted net profit from its cement operations dropped more than 76% to ?384.3 crore. The company stated that cement prices have begun to improve and are likely to remain stable despite the rising pace of capacity additions in the region.

The southern market, which contributes nearly three-fourths of the manufacturer’s total volumes, has trailed other parts of the country in pricing growth for several quarters but is now showing signs of recovery, according to recent market assessments. This trend is expected to benefit both region-focused producers and larger pan-India companies that have executed multiple capacity expansion deals.

The manufacturer also reported a 4% decline in sales volumes for the quarter—normally a seasonally strong period due to favorable weather that boosts construction activity and cement demand.

Average cement prices across India were 2% lower year-on-year during the quarter, according to industry data, contributing to a revenue decline of more than 10%, far steeper than analysts’ average estimate of a 0.4% drop.

The company further noted that a recent levy imposed by a southern state on limestone mining—an essential input for cement—will increase production costs by ?200 per ton. The levy, said to be the highest in the country, has prompted cement producers in the state, through an industry association, to seek relief from the government, which is currently considering the request.

India’s top six cities have recorded an average rental growth of 18.35% between 2022 and 2025 for office spaces, according to Anarock data. Mumbai Metropolitan Region (MMR) office rental values have surged by 28% from ?131 per sq ft in 2022 to ?168 in 2025, outpacing other top metro markets. Hyderabad emerged as the second-fastest growing rental market boosted by a strong IT corridor, cost competitiveness, and investor-friendly policies. The post-pandemic revival, supported by a sustained return-to-office movement and strong demand from Global Capability Centres (GCCs), tech firms, and BFSI players, has fueled robust growth in rental values across key business hubs. “Notably the US, which is seeing considerable business policy uncertainty, accounts for 45% of total office space leasing in India ahead of all other countries,” says Peush Jain, MD - Commercial Leasing & Advisory, Anarock Group. GCCs have become the single-biggest transformation driver on India’s office leasing landscape. Our data shows that in Q1 2025 alone, GCCs leased a staggering 8.35 million sq ft, with Delhi-NCR capturing close to 23% of that demand. Over the past two years, they have accounted for over 37% of all office leasing across the top seven cities. 

Rental growth across six cities (2022–2025)

MMR: Office rental values in the Mumbai Metropolitan Region rose 28%, from 131 to 168 per sq ft,making it the most expensive commerical market in India. 

Hyderabad: Rentals surged by 24.1%, climbing from ?59 to ?72 per sqft driven by a booming IT corridor and pro-investor policies.

Delhi NCR: The region saw a 20% increase in rentals, from ?92 to 110per sq ft, supported by infrastructure growth in Noida and Gurugram.

Bengaluru: Office rents grew 15.8%, with values rising from ?101 to ?117 per sq ft, fuelled by consistent tech sector demand.

Pune: Rentals rose 11.1%, from ?81 to ?90 per sq ft, reflecting steady demand in IT and industrial zones.

Chennai: The city registered a more measured 9.1% growth, with rentals moving from ?77 to ?84 per sq ft, indicating stable absorption in key business districts. The consistent rise in rentals, particularly in cities with controlled capital value growth like Hyderabad and Delhi NCR, has led to improved rental yields. With REITs gaining investor traction and absorption levels surpassing pre-COVID benchmarks, investor sentiment remains bullish.
 

housing finance subsidiary of a non-banking financial company has received regulatory approval for its acquisition and change in control by another entity.

The proposed transaction is valued at ?267 crore for the purchase of 100% equity in the housing finance arm. The decision to sell the entire stake was made in October 2024, after which an application was submitted to the regulator for approval of the acquisition and change in management.

According to a statement from the company’s management, the organisation is undergoing strategic restructuring with an emphasis on strengthening its core lending operations. The sale is expected to help redirect resources toward business segments with better growth prospects and long-term value creation.

For the financial year 2024–25, the housing finance subsidiary recorded total income of ?74.55 crore and a profit after tax of ?2.78 crore. Its assets under management stood at ?490.03 crore.

The timely implementation of master plans for all 135 major cities and towns across Tamil Nadu could significantly support the State’s goal of achieving a $1-trillion economy by 2030, according to a leading real estate industry official.

The absence of comprehensive master plans affects investors’ clarity on city growth trajectories, slowing capital flow and reducing investor interest. A master plan facilitates organized growth, unlocks land value, and drives planned urbanization, thereby boosting real estate potential. Authorities are reportedly engaging with the government on plan preparation, but officials emphasized the need to accelerate the process.

Residential developers, particularly those catering to first-time homebuyers, are under pressure due to sharp increases in material costs of 30–40%, with around 20% of the cost being taxes, making housing less affordable for new buyers.

Industry representatives highlighted the real estate sector’s contribution to the State’s GDP and called for more consistent industry representation and collaboration with authorities. They also emphasized the importance of aligning Tamil Nadu’s real estate sector with global standards and urban strategies, taking cues from international models.

To deepen engagement, the industry body plans to expand its chapter network beyond the existing 10 chapters, adding new chapters in regions such as Sivagangai, Vellore, Karur, Nilgiris, and Thanjavur.

Chief minister M K Stalin on Tuesday inaugurated a newly constructed apartment complex comprising 32 flats in Karur through video conferencing. The project, undertaken by the Tamil Nadu Urban Habitat Development Board (TNUHDB), is located in Velambadi, Aravakurichi area of Karur district, and was built at a cost of 2.95 crore. Spread over 0.16.5 hectares, the residential complex consists of a basement and three floors. Each of the 32 apartments measures 400sqft and includes a bedroom, living room, kitchen, bathroom, and toilet, with an individual unit estimated to cost 9.23 lakh. As part of the initiative, 30 beneficiaries were issued allotment orders during the inauguration ceremony. The flats come equipped with essential amenities. A dedicated ground water tank, borewell, and motor room have been set up to ensure adequate water supply, managed by the Velambadi village administration. Additionally, a septic tank and drainage system have been constructed, along with street lighting for the safety and convenience of residents. District collector M Thangavel officially handed over the allotment orders in the presence of Karur MP S Jothimani and Aravakurichi MLA R Elango. The event was also attended by other district officials.
 

Despite reduction of unsold stock inventory and signs of recovery in the affordable housing segment, it has not enthused developers. Poor conversion rates, spiralling construction costs and unsustainable margins are posing a grave challenge to the affordable housing market. This has resulted in several developers keeping away from launching new projects in the segment. Their reluctance is despite a huge opportunity in this space over the next five years. A report by CII and Knight Frank has projected the cumulative fafordable housing demand to reach 31.2 million units with an estimated market size of Rs 67 trillion by 2030.   P Suresh, MD of Chennai-based affordable housing developer Arun Excello said, 90% of developers have shifted out of the affordable housing segment post-Covid in Tamil Nadu. "The pandemic impacted lower salaried employees who were the core customers of affordable housing. . Also, govt's incentives for affordable housing homebuyers were withdrawn. Subsequently, those buying properties for the purpose of rentals did not pursue their interests. Affordable housing units are those with a carpet area of up to 60 sqft in metropolitan cities and 90 sq m for m
 

Chengalpet, long plagued by poor roads, inadequate solid waste management, and a lack of basic infrastructure such as underground drainage, is now poised for a transformation. Chennai Metropolitan Development Authority (CMDA) has unveiled plans to reimagine the town as a sustainable, smart, and inclusive urban hub. Wide, walkable streets, eco-friendly mobility, planned residential zones, bustling commercial spaces, and thriving public areas all seamlessly connected to Chennai while preserving Chengalpet's unique identity form the heart of this ambitious vision. To realise this, CMDA floated tenders for preparing a comprehensive plan for Chengalpet New Town, mapping its growth from 2025 to 2045. The goal is to reduce dependency on Chennai, create local jobs and foster regional economic growth," said a CMDA official. Strategically located on Chennai's southern edge, Chengalpet has traditionally served as a transit and industrial corridor. The proposed planning area includes 60 villages from Chengalpet, Thirukazhukundram, and Thiruporur taluks. E Shankar, CPI(M) district secretary, said, "Chengalpet lacks underground drainage, has poor drinking water supply, and damaged roads. The new plan must address these gaps while creating employment for local residents." Urban planning expert K P Subramanian welcomed the initiative but cautioned, "The earlier master plan must be denotified first. Also, this new plan should not remain on paper implementation is critical."
 

A major housing finance institution reported a 25.4% increase in net profit, reaching ?1,368 crore for the fourth quarter ended March 2025. In the same period of the previous financial year, the profit was ?1,091 crore.

Total income for the March quarter of FY25 rose to ?7,283 crore, compared to ?6,937 crore in the corresponding quarter of FY24, according to a regulatory filing.

For the full financial year 2024–25, the institution recorded a 14% rise in net profit, touching ?5,429 crore, up from ?4,765 crore in FY24.

Its stock closed at ?624.90, marking a 1.31% increase over the previous day’s closing price.

A central enforcement agency conducted searches at 13 locations as part of a money-laundering investigation linked to the unauthorised construction of 41 buildings on 60 acres of land that had been set aside for sewage treatment and waste-management facilities.

According to officials, the builders had put up these structures using falsified documents, fabricated approvals and fraudulent sale agreements.

The searches were carried out at the premises of a senior town-planning official from the local municipal corporation and other individuals previously linked to corruption and forgery cases involving illegal constructions. The money-laundering case was initiated on the basis of multiple complaints filed by homebuyers who were allegedly defrauded.

Earlier, affected homebuyers had approached the courts against demolition action taken by the local authorities but were not granted relief. The highest court also declined to intervene, directing the homebuyers to approach the government for rehabilitation and instructing local authorities to proceed with demolishing the structures built on the reserved land.

It was alleged that the main accused had illegally occupied plots, constructed buildings without permission using falsified documents and sold them to unsuspecting low-income families. Part of the land was wetland, while the remaining portion consisted of privately owned plots that had been reserved in the 2010 development plan for waste-management and sewage-treatment facilities.

The Competition Commission of India approved the acquisition by an IPO-bound real estate trust of several entities affiliated with private equity investors and a Bengaluru-based real estate group.

The proposed combination involves direct and indirect acquisition by the trust, acting through its management company, of certain entities previously owned by private equity and real estate groups, including jointly controlled entities. The trust is registered as a REIT and is engaged in owning and/or operating a portfolio of rent- or income-generating real estate assets.

The trust’s total portfolio spans 48 million sq ft, including 37 million sq ft of completed Grade A office assets across six major cities, making it one of the most geographically diverse office REITs in India. About 90% of the portfolio is leased, with 76% leased to multinational corporations and 45% to global capability centers.

The real estate group involved has developed 74 million sq ft across seven Indian cities in commercial, residential, co-living, co-working, hospitality, and data center sectors, with an additional 75 million sq ft in planning and implementation.