Real estate market continues to drive Tamil Nadu revenue growth, with the registration department collecting 237.98 crore in single day from 23,421 documents registered across the state, marking its second highest daily collection thus fiscal year. Of this 89 crore was from Chennai zone and North Chennai brought in the second highest revenue. This surge, powered by South Chennai's booming property market and a surprising uptick in North Chennai, signals a shifting landscape in the city's real estate dynamics, even as industry experts point to rising registration costs under the new composite value system. Since Monday was an auspicious day, a high volume of registrations was  expected, and requests were received from the public to allocate additional advance booking slots. Accepting the public's request and to accommodate high demand, the govt increased advance booking slots.Offices with one sub-registrar had 150 slots instead of 100, while those with two sub-registrars had 300 instead of 200. Additionally, 100 high-demand offices received 150 regular slots and four extra urgent booking slots. Earlier, on December 5, 2024, the department set a record with 238.1 crore. 
 

The National Company Law Appellate Tribunal (NCLAT) has asked Supertech interim resolution professional (IRP) Hitesh Goel to disburse Dec salaries to around 300 employees within seven days and begin processing Jan payments. A hearing regarding the non-payment of salaries between Sept and Nov last year is scheduled for Feb 18. The 300-odd workers, who have been without pay since Sept last year, recently approached the NCLAT, seeking its intervention and an order to IRP to clear the dues. Many told TOI earlier they had been struggling with basic expenses such as monthly house rent, loan repayments, and school fees. On Feb 4, the employees gathered at the Supertech's Sector 96 office and vowed not to resume work until their salaries were cleared. Monday, the tribunal took note of the prolonged delay in salary disbursements and instructed Supertech's HR head, Arun Mathur, to cooperate in providing employee details and ensuring salary payments within the stipulated timeframe. The tribunal also heard a plea of the Shree Shyam Vendors Association, formed by around 250 vendors and contractors, who are seeking the clearance of over Rs 200 crore dues for services and materials supplied for Supertech's stalled housing projects. The plea is to be heard next on Feb 18.
 

If the city civic infrastructure fails to meet people's expectations, then they are partly to blame. The residents collectively owe 5,500 crore in property tax dues to the Greater Hyderabad Municipal Corporation which is already reeling under severe fund crunch. In the past over eight years, nearly 7 lakh residents have not bothered to clear their tax dues as per GHMC records. At present, there are around 17 lakh taxpayers in the GHMC region, including 13 lakh residential and four lakh commercial property owners. Property tax is the main source of income for the GHMC and accounts for almost 90% of its total tax revenues. With less than 50 days remaining in the financial year, the civic body is again faced with the same problem of recovering pending taxes from defaulters. The situation is further complicated as the state govt has so far not introduced a one-time scheme (OTS) that would provide relief on accumulated interest arrears to taxpayers, prompting many to pay up. A distress warrant notice serves as a legal directive that can be issued to property owners who have defaulted on tax payments. It enables the municipal authority to confiscate and auction the property of defaulters. GHMC officials said they are conducting regular door-to-door visits through their bill collectors and tax inspectors to encourage timely tax payments. Property owners have multiple options available for tax payment, including citizen service centres, online platforms, e-Seva centres and direct payments to bill collectors, officials said. Apart from these, around 60 govt departments too have not cleared their taxes amounting to 4,400 crore over the past decade. Some of the major defaulters in GHMC are the secretariat, roads & buildings, revenue, health & medical, prohibition and South Central Railway. The civic body has set a target of over 2,000 crore for property tax in the current fiscal, which surpasses the previous financial year's (2023-24) collection of 1,917 crore . 

Homebuyers from 32 socities, including 7x sectors and Sectors 141, 167, and 137, staged a conch shell (shankhnaad) protest within their societies on Sunday evening. The protest highlighted the residents' frustration over the delay in pending registries. They also demanded the implementation of the original Amitabh Kant Committee report and the chief minister's intervention on the matter. Approximately one lakh registries are pending in Noida, of which about 25,000 are from 7x and neighbouring sectors, comprising over 1.5 lakh population. In the meanwhile, about 16 residents from Skytech Matrott Sector 7x are currently visiting Mahakumbh at Prayagraj, where they also held a banner protest against pending registries. They also held a black flag protest on Jan 26. Meanwhile, on Saturday, residents' anger erupted against the professional appointed by the NCLT court regarding the pending registries of Supertech Eco Village 1 and 2. They said that NCLT-appointed the officials have been constantly procrastinating for past three years and paid no attention to the matter. Saurabh Sinha, a Skytech Matrott Sector 76 resident, told TOI that he, along with 16 homebuyers from his society, raised the protest on pending registries with banners from the Kumbh ground. Speaking to TOI via telecon from the Mahakumbh ground in Prayagraj, Sinha said it's a do-or-die situation for the homebuyers as they are suffering heavy financial burden due to pending registries. NCLT court regarding the pending registries of Supertech Eco Village 1 and 2.
 

Yamuna Expressway Industrial Development Authority (YEIDA) has auctioned plots for four hotels near Noida International Airport, securing bids significantly above the reserve price.The plots, ranging from 3,400-4,000 sqm in Sector 29, received the highest bid of Rs 31 crore. Equasocio Digital Technologies was allotted a 4,000-sqm plot at least Rs 5 crore above its reserve price of Rs 26 crore, officials said. Two 3,400 sqm plots were auctioned for Rs 23 crore each, against a reserve price of Rs 22 crore, to Balaji Enterprises and Ranchor Infra Developers. Net2Source Consulting emerged as the highest bidder for another 3,400 sqm plot, acquiring it for Rs 29 crore against a reserve price of Rs 23 crore. The Authority earned a cumulative revenue of Rs 106 crore, about 12% more than the reserve price of Rs 94 crore from the sale of plots. It anticipates a total investment of over Rs 200 crore in these projects. The Authority also allocated a 2,100 sqm plot for a fuel station in Sector 18 to Bharat Petroleum Corporation Ltd at Rs 12.2 crore. The e-auctions for both the schemes were conducted on Thursday. The hotel plot scheme was launched in Dec last year, offering 12 plots ranging from 3,100 sqm to 20,000 sqm for allotment through e-auction. The scheme for the fuel station plots was introduced in November last year and offered two plots of 2,100 sqm and second one of the 1,600 sqm.
 

Chief minister Mohan Yadav said on Wednesday that major companies from the IT, ITES, and ESDM sectors will participate in the Global Investors Summit (GIS-2025), scheduled for Feb 24-25 in Bhopal, propelling Madhya Pradesh to newer heights in this sector. Yadav said that aligning with the Digital India Mission, Madhya Pradesh is taking a leading role in adopting advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Big Data,Blockchain, and Cybersecurity. Economic Zones (SEZs). Several new projects are in the pipeline, including Crystal IT Park 3 and 4 in Indore, a 50-acre Data Center Park,and a 1 lakh sq ft IT Tower in Jabalpur. These developments will accelerate Madhya Pradesh's digital growth. With affordable operational costs, strong govt support, and a high quality of life, the state is emerging as an ideal location for startups and IT companies. The GIS-2025 summit in Bhopal (February 24-25) will provide investors with an opportunity to explore Madhya Pradesh's immense potential in IT and technology. With investment-friendly policies and a proactive govt, the state is on track to become India's next major digital transformation hub, Yadav said.
 

Biotechnology giant Amgen has leased about 500,000 sq ft of space in Hyderabad to establish its first global capability centre (GCC), doubling its office footprint in the city, said people aware of the deal. Amgen India's technology and innovation centre is located in the RMZ Nexity and Spire Tower in HITEC City. The company is a subsidiary of California-headquartered Amgen Inc. In the first phase, the company has taken 2.5 lakh sq ft, with another 2.5 lakh sq ft to be occupied in phase two, which is expected to be operational by the end of 2025,” the people cited earlier said, adding that the lease tenure is nine years, with a five-year lock-in period and a rental cost of about Rs 90 per sq ft. The GCC will drive the development of advanced technology solutions and digital capabilities, enhancing efficiencies across the company’s global operations. RMZ declined to comment on the deal. The Hyderabad GCC will focus on leveraging technology, artificial intelligence (AI), and data analytics to develop innovative healthcare solutions. It aims to drive digital transformation, streamline operations and accelerate research efforts, strengthening Amgen’s global footprint. Hyderabad has emerged as a prominent centre for life sciences and technology, consistently attracting significant investments from global corporations. In recent developments, Sanofi has announced an investment of Rs 3,600 crore to expand its GCC in Hyderabad. Similarly, AstraZeneca has committed Rs 250 crore and Medtronic has announced an investment of Rs 500 crore to establish their respective GCCs. As per industry estimates, India’s biotechnology sector will contribute 19% to the global biotech market by 2025, driven by its cost efficiency, flourishing bioeconomy and strategic positioning. It is expected to top $300 billion by 2030.
 

Holding that one-sided agreement between homebuyers and real estate companies which is totally tilted in favour of the developer cannot be enforced, Supreme Court on Monday said that developers cannot deduct unreasonable amounts if the buyer seeks cancellation and it should not be more than 10% of basic sale price (BSP). A bench of Justices B R Gavai and S V N Bhatt said the contractual terms which are ex facie one-sided, unfair and unreasonable would constitute unfair trade practice as per the aforesaid definition of unfair trade practice and turned down the plea of real estate company Godrej Projects Development Ltd which said it should be allowed to forfeit 20% of the amount which was part of the agreement with a buyer. Section 74 of the Indian Contract Act, 1872, inasmuch as, such a forfeiture does not amount to imposing a penalty, then Section 74 would be applicable. This Court has further held that under the terms of the contract, if the party in breach undertook to pay a sum of money or to forfeit a sum of money which he had already paid to the party complaining of a breach of contract, the undertaking is of the nature of a penalty. NCDRC had allowed the company to deduct only 10% of the BSP i.e. Rs.17.08 lakh only towards cancellation and refund the balance amount.
 

BlackRock Inc., the world's largest asset manager, has picked up over 1.65 lakh office space in Mumbai’s western suburb of Goregaon through a long-term lease spanning over 10 years to set up its Global Capability Center (GCC) supporting its global operations, said persons with direct knowledge of the development. The New York-headquartered financial services major has leased a total three floors in commercial complex Commerz III from listed developer Oberoi Realty at a rental of over 2.6 crore a month taking its total deal size to nearly Rs 400 crore including other charges. The lease agreement includes a clause to escalate rentals by 15% after every 36 months and a lock-in period of five years. The lease that commences from January was registered last week. The deal also provides BlackRock exclusive access to over 90 car parking slots in the tower. The new office is part of BlackRock’s growth and expansion strategy in India, a key market where the company has signaled its long-term commitment, as reflected in the tenure of this lease,” said one of the persons mentioned above. Prior to this, in August, the company leased 42,700 sq ft office space in a premium commercial tower in central Mumbai’s Worli locality for five years. BlackRock has a robust presence in the Indian financial markets. The company, which began its operations in India in 2008, currently offers investment solutions, including mutual funds, exchange-traded funds and portfolio management services, catering to both institutional and retail clients. It has offices in Mumbai, Gurugram, and Bengaluru. This collaboration aims to deliver tech-enabled, affordable, and innovative investment solutions to Indian investors, leveraging BlackRock's global expertise and JFS's local market knowledge and digital infrastructure. In the Union Budget 2025-26 announced on Saturday, the government introduced measures to streamline international taxation and expand safe harbour rules for GCCs. The budget proposes adopting a block-period approach for transfer pricing assessments, allowing for a three-year evaluation period instead of annual assessments. This change is aimed at providing greater regulatory certainty and reducing litigation for multinationals operating in India. 
 

HeidelbergCement India Ltd on Thursday reported an 83.5 per cent decline in net profit to Rs 5.19 crore for the third quarter ended December 2024 due to lower volume and prices. The company had reported a net profit of Rs 31.47 crore in the October-December quarter a year ago, HeidelbergCement India said in a regulatory filing. Its revenue from operations declined 10.6 per cent to Rs 542.82 crore during the December quarter. It was at Rs 607.13 crore a year ago. During the quarter, HeidelbergCement's "EBITDA per tonne decreased to Rs 291, a decrease of 46.3 per cent due to lower volume and prices". Similarly, its revenue was also down "due to a decrease in volume by 5.3 per cent and price by 5.6 per cent," the company said in its earning statement. Total expenses of HeidelbergCement India in the December quarter were at Rs 544.63 crore, down 5.7 per cent. HeidelbergCement India is the subsidiary of Heidelberg Materials, a German multinational building materials company. Shares of HeidelbergCement India Ltd on Thursday were trading at Rs 220.55 on the BSE, up 0.78 per cent from the previous close.