Cement producers operating clinker facilities in Tamil Nadu are set to face pressure on profitability due to the state's decision to impose a new levy on limestone, which will increase costs for this key raw material. The most impacted companies are likely to be those with a significant portion of clinker capacity in the state, unless they are able to pass on the higher costs to consumers through price hikes. Larger producers with smaller exposure in Tamil Nadu will face a minor impact.

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 raw material costs and about 5% of operating costs for cement makers. While some companies have more than half of their clinker capacity in Tamil Nadu, others have only a small fraction.

Analysts noted that the southern region is facing multiple headwinds over the past year, including multi-year-low cement prices, weak government spending, and higher competitive intensity. Prices are expected to remain under pressure going forward. In recent months, market leaders have acquired four South-based cement makers, with 44 million tonnes of capacity moving to large players.

A financial services company has announced an infusion of ?300 crore into its housing finance subsidiary through a rights issue. The investment aims to support the growth of the housing finance company and improve its leverage ratio, with the parent company maintaining full ownership after the capital infusion.

According to a stock exchange filing, the parent company made the investment on a rights basis in the equity shares of the housing finance subsidiary. The mortgage lender recently secured an additional ?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, with a portion directed 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.
 

A Cooke Town couple, who had entered into an agreement entered into an agreement of sale to buy a flat, were stranded after the apartment work never took off as the National Green Tribunal (NGT) revoked its environmental clearance. Though they were refunded Rs 51.4 lakh advance they had paid, they were denied interest. The Karnataka Real Estate Appellate Tribunal (KREAT) recently ordered the project promoter to pay interest on their refunded amount. Ayush Sinha and Jyothi Singh booked a flat in an apartment project in southeast Bengaluru and paid Rs 51.4 lakh as part of the sale consideration of Rs 1.6 crore. However, the project hit a roadblock when the NGT cancelled its environmental clearance on July 30, 2021. Left with no viable option, the couple sought a refund, which was processed on Oct 14, 2021. As they were not paid the principal amount, they later approached Karnataka Real Estate Regulatory Authority seeking interest for the period during which their funds remained blocked, arguing that they were deprived of using their money for other investment. 
 

To modernize property registration services, the sub-registrar office (SRO) in Adyar features access-controlled entry, air conditioning and modern amenities for better security and visitor comfort. More SROs across the city. will follow this year. With 588 sub-registrar offices handling an average of 15,000 daily visitors, the govt is focusing on upgrading technology. As a model initiative, the Adyar SRO, located in Thiruvanmiyur on L B Road, Kamaraj Nagar, was selected. Since its establishment in 1982, Adyar SRO has been a key hub for property registrations. In 2023-24, it processed 4,955 documents, have been registered, bringing in 190.57 crore. The new system controls entry. "Visitors must present a token and receive an access card before entering. Only 10 people can enter at a time. G Mohan, ex-president of the Chennai Southern Builders Association, welcomed the upgrade but highlighted persisting concerns. "Many offices still delay returning documents, citing staff shortage or technical issues. Getting Encumbrance Certificates (ECs) also is a challenge. 

As many as 14 more FIRs were registered against Ansal API at Sushant Golf City police station in Lucknow. Earlier, two cases were lodged at Gomtinagar and Hazratganj police stations. The company's directors are accused of cheating buyers for failing to deliver plots and villas, despite taking substantial payments. Several affected buyers accused Ansal Infra's directors of fraud and intimidation when they inquired about their undelivered properties. One of the biggest fraud claims comes from Anupam Agarwal, a resident of Emaar Gomti Greens, who paid Rs 2.32 crore in Sep 2022 for a 1,528 sq ft plot. He was assured immediate registration but found the land was already sold for Rs 3.33 crore to another buyer. He alleged the accused attempted to extort Rs 2 crore in black from him. Several buyers filed complaints against the Ansal Group, detailing significant financial losses. Some of them include: Retired Army Captain Kanhaiya Lal who lost Rs 12.81 lakh, Rakesh Chandra Srivastava of Gomtinagar Extension who lost Rs 3.5 lakh, Pushplata Bajpai of Aliganj who lost Rs 13.21 lakh, Veena Chandani of Aashiana who lost Rs 16.63 lakh, Arun Kumar of Azamgarh who lost Rs 17.50 lakh, Birendra Kumar Giri of Lucknow who lost Rs 30 lakh, Prashant Kumar who lost Rs 24 lakh, Umashankar Mishra who lost Rs 30.74 lakh, Sadia Bano who lost Rs  23.02 lakh, Naveen Kumar Singh who lost Rs Chandra of Omaxe City faced non-registration of three plots. All have accused the API owners and promoters of fraud. Investors accused Ansal Properties & Infrastructure directors, including Pranav Ansal, Sushil Ansal, Rajeshwar Rao, Vikas Singh, Vinay Tiwari, Prashant, and Manoj Kapoor, of orchestrating one of the largest real estate frauds in UP's history.
 

GMC has taken steps pertaining to property tax and vending fee besides a new parking system linked to mobile apps. On average, there will be an annual increase of Rs 4,000 to Rs 5,000 in the house tax rate. In  an 11-hour marathon meeting of the GMC board on Friday, many important proposals were passed, including the revised budget of Rs 502 crore for FY 2024-25, making property tax compatible with the DM circle rate (the minimum price at which a property can be sold or n be sold or transferred) and fixing the vending fee. A total of 55 proposals were tabled, out of which 48 were passed. GMC will also draw a yellow line at spots decided for the weekly market and vendors will not be allowed to operate beyond that line. For road widths of 24m and more, tax will  be changed at the rate of rs 3.20 sqft and likewise, tax will be computed. The Integrated Parking Management System (IPMS) proposal was also passed by the board. The IPMS — under which an integrated control room will be set up — will be linked to mobile apps through which residents can get an update on the occupancy of parking in a parking lot. There will also be options for daily and monthly payment. The rates as of as of now vary from Rs 10 to Rs 50 for all kinds of vehicles. The revised budget of Rs 502 crore for FY 2024-25 was also passed, but that created pandemonium in the house as councillors opposed it, citing the current financial year is ending in a few days and also the budget has not been approved by the executive committee. 
 

A private equity firm, in collaboration with a Bengaluru-based real estate developer, has filed the draft red herring prospectus (DRHP) for their Real Estate Investment Trust (REIT).

The proposed ?7,000 crore issuance is expected to become the largest REIT offering in India by net operating income (NOI) and gross asset value (GAV). The REIT's portfolio is projected to comprise approximately 48–50 million sq ft of commercial office space across Mumbai, Bengaluru, Hyderabad, and Pune. The private equity firm will hold a 55% equity stake in the REIT, with the developer retaining the remaining 45%.

The IPO aims to raise ?6,200 crore, with a portion of the proceeds allocated to repaying existing debt and funding future acquisitions. The REIT's projected net operating income (NOI) for FY26 is expected to be ?2,652 crore, rising to ?2,946 crore by FY27. The remaining ?800 crore from the total issue size will be utilized for general corporate purposes and issue-related expenses, including underwriting fees, listing fees, and regulatory costs.

The IPO is being managed by multiple investment banks and financial institutions. The REIT is sponsored jointly by the private equity firm and the real estate developer. The issue will constitute at least a minimum percentage of the total outstanding units on a post-issue basis, ensuring broad market participation.

The bank accounts of Ansal API have been frozen by the receiver appointed by the National Company Law Tribunal (NCLT) as part of the ongoing insolvency proceedings. The restriction, imposed on Wednesday, prevents company officials from withdrawing funds. New account operators will now be appointed to manage financial transactions. This development marks a crucial step in the insolvency process of Ansal API, with further actions expected in the coming weeks. The receiver's team is also compiling records of home and plot bookings. To streamline the claims process for allottees, a toll-free helpline will soon be launched, and a dedicated online portal has been set up on the NCLT website for claim submissions. On Tuesday, NCLT-appointed receiver Navneet Gupta arrived in Lucknow and, under police security, inspected the Ansal office in Sushant Golf City. During his visit, he reviewed financial records and requested key documents related to the company's operations. A dedicated toll-free number will also be issued soon, allowing allottees to register queries and complaints regarding the Ansal dispute. Meanwhile, Lucknow Development Authority (LDA) officials are actively collecting and scrutinising land deal records of Ansal Properties & Infrastructure Limited. The other accused in the case include Sunil Kumar Gupta, Fernandez Patricia Atkinson, and Director Vinay Kumar Singh. The FIR was registered under sections 316(5), 318(4), 61(2), 352, 351(2), 338, 336(3), 340(2), 111 of the Bhartiya Nyay Sanhita (BNS) and Section 3 of the Prevention of Damage to Public Property Act, 1984. A senior LDA official said, "We are scrutinising every document related to the Ansal land deal since 2005. We aim to present our case with no loopholes when appearing before the tribunal."
 

The Supreme Court was on Tuesday critical of the functioning of the Real Estate unctioning of the Real Estate Regulatory Authority (RERA) and termed it as "disappointing". A bench of Justices Surya Kant and N Kotiswar Singh,which was hearing a plea related to private builders, was told by senior advocate K Parameshwar that the RERA Act has actually failed in its implementation. Parameshwar, who was appearing in the matter related to Mahira Homes Welfare Association, said if the project fails, it affects various stakeholders and sought the court's intervention in strengthening the regulatory mechanism for the real estate sector. Justice Kant agreed with Parmeshwar's submissions and said the functioning of the regulatory authority under the RERA was disappointing but said the state may oppose new regulatory measures. 
The Real Estate (Regulation and Development) Act, 2016, was enacted by Parliament to regulate the real estate sector and protect home buyers' money invested in housing projects.
 

With less than a month left to meet its poperty tax collection target, Trichy Corporation is cracking down on top defaulters, mostly commercial properties that have failed to pay dues for over three years. While 77% of the total property tax demand of Rs137.3 crore has been collected, arrears recovery remains sluggish, with only 38% of the Rs51.6 crore pending tax recovered as of March 2. Corporation commissioner V Saravanan said commercial properties with long-overdue taxes are being repeatedly warned. For those defaulting for over three years, the civic body is disconnecting underground drainage (UGD) connections. In one such case, officials severed the UGD link of a commercial property on Vaanapattarai Street in Ward 14 over unpaid dues of Rs19.6 lakh. The owner must clear the arrears and bear the reconnection cost to restore the service. The crackdown has pushed overall property tax collection to 66% as of March 2. In the past month, arrears collection increased by Rs3 crore, rising from Rs16.6 crore on Jan 30 to Rs19.5 crore. For the financial year 2024-25, the total tax revenue, including property tax, vacant land tax, water charges, UGD charges, and professional tax, has surpassed 50%. However, non-tax revenue from corporation-owned property rentals and water charges remains low, prompting further action in these sectors.