The Municipal Corporation of Delhi (MCD) has dismissed reports suggesting an exemption from paying property tax, saying all property owners and occupiers are required to do it as per existing laws. In an official statement issued on Friday, the civic body urged residents salaries and contractor dues, the MCD emphasised that property tax remains a critical revenue source, contributing nearly one-fourth of its total earnings. Property tax remains payable by all occupiers and owners, and no exemption or relaxation has been granted," it said in the statement. The clarification follows multiple inquiries regarding potential waivers. The MCD reiterated that tax structures for the financial year 2024-25 were finalized in February last year, while levies for for 2025-26 were determined in a meeting on February 13, 2025. With outstanding dues exceeding Rs 14,000 crore, the civic body stressed the importance of financial stability for maintaining essential civic services such as sanitation, road maintenance, and drainage systems. The MCD has urged all property owners and occupiers to file their property tax returns on a self-assessment basis and complete their payments by March 31, 2025 to avoid penalties. However, BJP leaders challenged the mayor's claim arguing that the proposals had not been passed through the proper legal process. "The official procedure to pass a resolution was not followed. The mayor's claim is baseless," BJP Leader of Opposition Raja Iqbal Singh. Later in the evening, Singh wrote to MCD Commissioner Ashwani Kumar, urging him to declare the day's  proceedings "invalid and abandoned."
 

Tamil Nadu Chief Minister M K Stalin on Thursday inaugurated 1,046 flats constructed by the Tamil Nadu Housing Board (TNHB) for Rs 659.96 crore in Chennai, Chengalpattu, and Tiruchirappalli. In addition, he inaugurated 464 quarters for government officials built at a cost of Rs 116.55 crore, remotely from the Secretariat here. Housing and Urban Development Minister S Muthusamy, Chief Secretary N Muruganandam, and other officials participated. Also, the CM extended the state Hindu Religious and  Charitable Endowments (HR&CE) department's financial grant to the Devasthanams in Kanyakumari, Pudukkottai, and Thanjavur for the upkeep of the shrines under their control. upkeep of the shrines under their control. Accordingly, cheques for a total sum of Rs 27 crore were handed over to the temple management, in the presence of state HR&CE Minister P K Sekar Babu. The gesture would benefit 490 temples in Kanyakumari district, 225 temples under the Pudukkottai Devasthanam Board, and 88 temples managed by the Thanjavur Devasthanam Board. 
 

A construction company has been named as a prestigious Associate Sponsor for the Chennai Super Kings. This collaboration highlights the shared values and vision of two iconic entities in their respective fields of real estate and cricket, both of which hold a special place in the hearts of Chennaites.

Known for its innovative approach, cutting-edge design, and architectural expertise, the construction company has consistently delivered high-quality homes and projects, shaping and enhancing the skyline of Chennai. From modern residential developments to state-of-the-art buildings, it has set new benchmarks in the construction industry, earning a strong reputation for quality offerings.

This partnership with Chennai Super Kings is seen as a natural fit, as both represent leadership, success, and a deep connection to the city. The Chennai Super Kings, with their unmatched legacy, embody resilience and passion for cricket, while the construction company symbolizes growth and commitment to building a better future for the city.

Together, the collaboration celebrates the love for cricket and the spirit of innovation. The construction company stands alongside millions of Chennai Super Kings fans worldwide, showing support for the team and celebrating every victory with enthusiasm.

CM Devendra Fadnavis on Tuesday announced waiver of 8.5% interest paid on premium for self-redevelopment projects. This will be applicable to all such projects whose proposals are received up to March 2026. The govt has allowed the payment of premium in instalments, for which the BMC charges an interest of 8.5%. Fadnavis, who was in Kandivli to inaugurate a residential building redeveloped by the residents through the self-redevelopment route, was apprised of the issue.  The premium is to be paid first while the construction begins only 2-3 years later. I was informed that residents have to bear the burden of bank interest as well as the premium interest. To ease the burden, the premium will be waived for three years only for self-redevelopment projects. This is to ensure the scheme is not misused, and the building is expected to be ready in five years. The CM said so far 1,500 proposals were received for self-redevelopment. However, Mhada received only 45 proposals, of which 42 were cleared. "I am not happy with the pace of approvals. The scheme is shutting down shops of brokers. I am warning that no one should obstruct self-redevelopment projects else they will lose their jobs. Fadnavis said the scheme would be brought under the ambit of Right to Services Act, adding that the endeavour would be to ensure zero human interface. Mumbai: CM Devendra Fadnavis on Tuesday announced waiver of 8.5% interest paid on premium for self-redevelopment projects. This will be applicable to all such projects whose proposals are received up to March 2026. 
 

Calling them a "scam", the Allahabad high court has ordered a CBI and ED investigation into three of four Sports City projects and brought within the ambit of the inquiry their developers and consortium members for misappropriating homebuyers' money and Noida Authority officials for forming a "dirty nexus". A division bench of justices Mahesh Chandra Tripathi and Prashant Kumar issued 10 separate judgments covering the three projects on Monday. The court examined various alleged violations — from land use irregularities to financial misconduct as well as the promised sports facilities remaining incomplete. This court has no other recourse but to refer the investigation to CBI. CBI would also investigate the role of all the persons involved in this scam. We hope and trust that the investigation would be carried out and completed expeditiously," read the order pertaining to some of the cases. The 10 judgments came after hearings on pleas filed by some of the developers and consortium members, seeking handover of encumbrance-free land, waiving of lease rent and penalties, cancellation of demand notices, and proper execution of the Sports City development plan. The court dismissed their claims, pointing out that since they failed to develop sports infrastructure in keeping with the original plan, insolvency could not be used as a shield to escape liabilities. In case the allotments are cancelled, Noida Authority can call for fresh bids as per the current market rate, which will certainly be far much higher than the allotted rate…. However, since this court is also conscious that the interest of homebuyers has to be protected, if the petitioners are not able to complete the project strictly as per the brochure condition of the Sports City scheme and the lease deed conditions, the money deposited by them be forfeited and used for paying back the homebuyers. If there is any shortfall, Noida Authority will pay the same," read an order in the Lotus Greens case.
 

A 24-acre Bandra Reclamation plot near the sea link toll plaza, proposed for commercial development, “is completely out” of the coastal regulation zone (CRZ) and can be developed, the Union environment ministry and the developer told the Bombay High Court last week in response to two PILs challenging the land allotment.

The PILs, filed by activist Zoru Bhathena and the Bandra Reclamation Area Volunteers Organisation, argued that environmental clearance for the Bandra-Worli Sea Link included a condition that reclaimed land near the toll plaza would not be used for commercial purposes. They claimed the tender process for land allotment violated this condition and that CRZ regulations do not permit such development on reclaimed land.

Senior counsel representing MSRDC noted that since Mahim Creek is classified as a bay, the land in question isn’t within the CRZ. In a bay area, CRZ applicability is restricted to 100m from the sea, rather than 500m.

The developer’s affidavit denied all claims in the PIL, citing a report submitted in October 2024 by the Institute of Remote Sensing, Anna University, Chennai, based on MSRDC’s request, which confirmed that the project site falls outside the CRZ as per the approved Coastal Zone Management Plan (CZMP).

The Union ministry reiterated its December 5, 2024 affidavit, adding that the plot falls outside the purview of the CRZ under the 2019 CRZ notification, which superseded previous notifications. A bench of Chief Justice Alok Aradhe and Justice Bharati Dangre directed other authorities who have yet to file affidavits to do so

A cement company has commissioned an additional 0.6 million tonnes per annum (MTPA) slag-based cement grinding capacity at its existing unit in Karur, Tamil Nadu. This follows the earlier commissioning of 2.7 MTPA greenfield grinding capacity at the same location, bringing the total plant capacity to 3.3 MTPA.

The expansion will help the company meet growing demand for composite cement in the southern region and enhance its blended cement ratio. It recently commissioned 0.6 MTPA grinding capacity at an existing unit in Sonar Bangla, West Bengal.

The company’s total domestic grey cement manufacturing capacity now stands at 166.91 MTPA. Along with its overseas capacity of 5.4 MTPA, the company’s global capacity totals 172.31 MTPA.

MMRDA, which hopes to raise nearly Rs 6,000 crore by leasing out seven of its land parcels in BKC, has found no taker for the three residential plots put up for financial bids but has managed to attract interest in three commercial ones. MMRDA sources said there was no response to residential plots R-1.5 (5,409sqm), R-1.6 (4,974sqm) and R-1.7 (5,876 sqm), as well as commercial plot C-37 (4,956sqm). Two other commercial parcels—C-13 (7,071.9sqm) and C-19 (6,096.7sqm)—received bids from Japanese company Goisu Pvt Ltd and Bandra Kurla Asset Pvt Ltd, Singapore-based Maple Trees' Indian subsidiary. For commercial plot C-80 (8,441.9sqm), Brookfield- backed Schloss Bangalore Ltd was the lone bidder. MMRDA is expected to go for re-bids for the plots that got no response. The development potential of these plots is significant—C-13 offers 45,000sqm of built-up area, C-19 40,000sqm, and C-80 33,647sqm. MMRDA has offered an 80-year lease, with the reserve price set at Rs 3,44,500 per sqm of built-up area for commercial plots, and Rs 3.5 lakh per sqm for residential land. In 2022, MMRDA earned Rs 2,067 crore after Goisu Realty Pvt Ltd secured the lease rights to two land parcels at BKC. In 2019, Goisu Realty had leased a 12,486sqm plot in BKC for Rs 2,238 crore, making it one of the largest land deals by a foreign company in India.
 

A fourth-party integrated logistics and supply chain company has invested approximately ?640 crore in developing Phase II of a Grade-A logistics park in Polivakkam, Chennai. The company had earlier invested ?250 crore in Phase I, and the overall project spans 20 lakh sq ft.

According to the company’s managing director, Polivakkam is a key hub in their long-term expansion plans, with the region emerging as a logistics hotspot due to its proximity to the Sriperumbudur–Oragadam industrial cluster.

With the latest investment, the company’s total allocation toward the Polivakkam logistics hub stands at ?890 crore. The expansion consists of two segments—Phase 2A, a standard facility scheduled to be operational by mid-2025, and Phase 2B, which will cater to built-to-suit (BTS) requirements.

The company currently operates across 48 cities, managing more than 15 million sq ft of owned warehouses and logistics parks, and has a global presence in over 105 countries.

The Madras high court has ordered demolition of seven floors of unauthorised construction of a commercial building in Pondy Bazar in Chennai. Rejecting the request of the builder to regularise the illegal construction, a division bench of Justice S M Subramaniam and Justice K Rajasekar observed that regularisation of unauthorised construction could not be claimed as an absolute right. It is a concession granted as a one-time measure through special schemes. The govt is not expected to regularise the unauthorised buildings in a routine manner by invoking the provisions of exemption under the Town and Country Planning Act The court then directed the Chennai Metropolitan Development Authority (CMDA) to proceed with the demolition of the unauthorised constructions, by retaining the approved portion of the building, within eight weeks. The court passed the order on a plea moved by Bengaluru-based Janpriya Builders challenging the demolition notice issued by the CMDA to demolish the fourth to tenth floors of the building located on the Sri Thyagaraya Road, Pondy Bazar, T Nagar, Chennai. Instead, the petitioner wanted the court to direct the CMDA to process its applications dated May 24, 1995, and May 26, 1996, and regularise the unauthorised construction. As per the approved plan dated Feb 9, 1990, the builder was authorised to construct only three floors. The court said the builders were emboldened to commit such illegalities at the cost of the people with the fond hope that it would be regularised. They are emboldened because of large-scale collusion on the part of the officials of the CMDA and other authorities. 
 

Affluent Indians who used offshore companies to buy apartments and mansions in the UK are coming under the glare of the Enforcement Directorate (ED). While resident individuals are allowed to remit up to $250,000 a year to directly purchase properties abroad, acquiring stocks of foreign companies that primarily hold properties is a violation of foreign exchange regulations. Nonetheless, well-off Indian families, under the impression that such deals would never come to light, have over the years bought shares of companies owning properties to escape stamp duty, capital gains, and even inheritance tax. While the British government has plugged the tax loopholes, certain tax advantages of controlling properties through companies remain. The identities of the owners behind the companies are now surfacing more and more due to a combination of factors: ED enquiring about the actual assets underlying the overseas stock investments declared by the resident Indians in their income tax (I-T) return and the UK mandating the disclosure of beneficial ownership (BO) details since 2023 of companies possessing properties. Over the last one month at least four individuals have received notices from ED for owning shares of companies which in turn own properties. These companies are either based in the UK or in other jurisdictions. It is a widely shared perception that a greater scrutiny of property owners, particularly individual buyers --- their identities, nationalities, source of funds --- followed the huge Russian money chasing London properties and the US sanctions against Russia. Though avoiding capital gains and inheritance tax is no longer possible, a lower or nil stamp duty is still applicable when shares of a company owning property are transferred. Also, in many cases the shares of such companies are owned by trusts and the beneficiaries of the trust can manage to remain unnamed.