The state on Thursday informed the Madras high court that the Karur district collector would file a detailed action plan to prevent illegal mining activities in the Amaravathi riverbed in Karur district. The court was hearing suo motu proceedings initiated to prevent illegal sand mining in the Amaravathi riverbed, following a petition filed by the registrar (judicial) of the Madurai bench. The petitioner sought a direction to the authorities to initiate action for the prevention of illegal mining/quarrying of minor minerals in the Amaravathi river and penal action in respect of the illegal mining and transportation of sand and other minerals already undertaken. The petitioner further sought a direction to initiate appropriate action against the district level officers for failure to prevent illegal mining and destruction of the riverbed. Pursuant to the earlier direction, the collector submitted a status report stating that district level and taluk level committees were formed and the illegal mining drastically reduced. Criminal cases are being registered against the people involved in illegal mining and the vehicles are being seized by the officials. Taking into account the submissions, a division bench of justice G R Swaminathan and justice B Pugalendhi adjourned the hearing to July 10 for the filing of the action plan by the collector.
 

To enhance transparency and consumer awareness, Tamil Nadu Real Estate Regulatory Authority (TNRERA) has issued a circular mandating the installation of prominent display boards at all registered real estate project sites. The order, dated May 7, applies to both building and layout projects across the state. The circular outlines the essential information that must be displayed on these boards: name of the promoter, project name, TNRERA registration details, date of completion as per TNRERA registration, and the website address of TNRERA," TNRERA member, M Krishnamoorthy. The regulatory body has reiterated the rule mandated under the Real Estate (Regulation and Development) Act, 2016 (RERA). This initiative by TNRERA is expected to provide prospective homebuyers and investors with easy access to crucial project details. Promoters are now required to install a display board, measuring at least 2ft by 4ft, prominently abutting the public road at each project site. This board must be separate from any other existing display boards and feature essential project information in a readable font size. TNRERA has also said that a condition regarding the display board installation will be incorporated in form-C, which is part of the registration process. Compliance will be rigorously checked and ensured before the issuance of the completion report. S Ramprabhu, chairman of the DTCP committee at the Builders Association of India, said that this is a step in the right direction to improve transparency and buyer confidence.
 

State-owned Bank of Maharashtra on Thursday said it has reduced its interest rate by up to 50 basis points on retail loans, including home, car, education and other loans linked with Repo Linked Lending Rate. The interest rate reduction by Pune-based lender is in line with the rate moderation done by RBI last week and the new rates are effective from June 10. With the rate cut, its home loan now starts from 7.35 per cent and car loan from 7.7 per cent, which is among the lowest interest rates in the banking industry, BoM said in a statement. This benefit of reduced interest rates reflects the bank's commitment to offer best financing solutions to all its customers and help them fulfil their dreams, it said. In the current interest rate landscape, the bank is making retail loans cheaper to bring in cheer among its customers, it added. Meanwhile, Bank of Baroda (BoB) also reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across various tenors from one month to one year. Following the RBI action, many banks have slashed lending rate, and remaining will follow suit soon. On Friday, the RBI slashed benchmark interest rate by a larger-than-expected 50 basis points, and unexpectedly reduced the cash reserve ratio for banks to make available more money to lend in a bid to boost the economy. The RBI's six-member monetary policy committee, headed by Governor Sanjay Malhotra and consisting of three external members, voted five to one to lower the benchmark repurchase or repo rate by 50 basis points to 5.5 per cent. It also slashed the cash reserve ratio by 100 basis points to 3 per cent in tranches that will add Rs 2.5 lakh crore to already surplus liquidity in the banking system.
 

The regulator has introduced stricter guidelines for refinancing home loans on under-construction properties. In an order to home financiers, it stated that refinance will now be provided only for loans where less than half of the construction is complete at the time of the first disbursement. This rule specifically applies to loans taken for construction on plots or for building homes on self-owned land.

“In cases where home financiers extend loans for ongoing construction, refinance will be available only for loans where not more than one-half of the construction has been completed at the time of disbursement of the first tranche,” the order said.

The regulator has also mandated that the stage of construction be verified through a technical evaluation report when the first tranche is disbursed, and financiers must ensure only eligible loans are flagged for refinance.

Sources said the change was prompted by instances where borrowers applied for home loans after construction was already complete, effectively using the loan to monetise finished property. Such cases should instead be treated as loans against property (LAP). Out of the outstanding home loans of ?33.53 lakh crore at the end of September 2024, housing finance companies held a share of ?6.25 lakh crore.

The regulator has been tightening oversight and enforcing stricter compliance norms. In December last year, all housing financiers were mandated to report non-performing asset (NPA) data on the first day of each month after it was observed that many lenders continued recording collections for the previous month into the following week.

In March, further action was taken against financiers for mis-selling insurance policies bundled with home loans, directing them to immediately stop selling insurance products without clearly disclosing terms and conditions to borrowers.

A sessions court in Mumbai on Friday denied anticipatory bail to four directors of a real estate company in a Rs 600 crore financial fraud case. The additional sessions judge rejected the pre-arrest bail pleas of the directors. The reasoned order has not been made available yet.

The Economic Offence Wing (EOW) had registered an FIR against the company and its directors based on a complaint by an asset reconstruction firm. According to the FIR, rs 600 crore raised via secured Non-Convertible Debentures (NCDs) for a residential project was allegedly siphoned off through layered transactions, benefiting promoters and related entities.

The accused sought pre-arrest bail, claiming innocence and alleging that the FIR was filed with the “sole intention to harass and humiliate” them. They argued that the FIR contained incorrect allegations and was lodged after an “inexplicable and unjustifiable” delay for the alleged offences committed between March 2018 and March 2023, suggesting that the allegations were fabricated.

The court, however, rejected their pleas.

As many as 22 beach-facing residential buildings in a coastal area along a major road face the threat of demolition after the district administration identified them as violators of Coastal Regulation Zone (CRZ) rules. The buildings—some completed and others still under construction—are located within the No Development Zone (NDZ) of CRZ III, where permanent structures are banned within 200 metres of the High Tide Line.

At least six of these were found to be under construction even during inspection, indicating ongoing activity despite regulatory restrictions. Others are upscale, completed buildings, some with two floors, built along the fragile coastal stretch.

These findings were part of an action taken report submitted to a national environmental tribunal, which took up the matter on its own. A team comprising revenue and environmental officials conducted GPS-tagged inspections and submitted photographs and ownership details to the state coastal regulatory authority to initiate action.

During the hearing, the tribunal questioned why demolition had not begun despite clear acknowledgment of violations. It also noted that the district-level coastal authority was expected to act decisively against illegal developments.

In response, the state coastal authority informed the tribunal that it had forwarded the list of violators to the central environmental authority, seeking clarification on whether it had the power to directly carry out demolitions. The tribunal is now expected to decide whether demolition can proceed without waiting for further directions from the central government. The matter will be taken up again in the coming weeks.

Residents in the neighbourhood on Thursday raised concerns about the increasing number of residential houses being illegally rented out for commercial purposes.

In a meeting chaired by the local legislator, members of the residents’ association said that houses in the area were being rented out as hotels, cafes, and parlours. They noted that this had resulted in more traffic, increased garbage, excess sewage, and frequent electricity disruptions. They also pointed out that these buildings charged commercial rent despite not being designated for commercial use.

Residents presented official planning maps to show that properties classified as “residential” were operating as commercial units. They added that these establishments were releasing more sewage than permitted, causing sewage backflow into nearby homes.

The area also has several schools, resulting in heavy traffic during peak hours. Residents said commercial units did not provide parking spaces, leading to staff encroaching on pavements, leaving no room for pedestrians. They added that these encroachments extended onto the road, worsening traffic congestion.

More than 20 residents attended the meeting. The legislator assured them that he would escalate the issue to the relevant civic and planning authorities and said that concerns raised by multiple residents’ groups in the constituency were being acted upon promptly.

A residential property in the national capital worth more than ?44 crore has been attached under the anti–money laundering law as part of an investigation against a real estate group and its promoters accused of duping homebuyers.

The case relates to complaints filed in 2015 against the group and its promoters for alleged cheating, fraud, and criminal conspiracy. Authorities stated that the accused collected large sums of money from investors in real estate projects by promising timely delivery of commercial units, which were never completed or handed over.

Investigators identified a high-value residential property located in an upscale area of the national capital, registered in the name of the main accused. A provisional order under the relevant anti–money laundering legislation was issued to attach the property.

According to officials, the companies were controlled by multiple individuals, and the illicit funds were routed through various entities to obscure their origin. Searches were carried out earlier this year at multiple locations across different cities, resulting in the seizure of cash, documents, and electronic records.

A private equity firm has acquired a major shopping mall in Kolkata in a transaction valued at around ?3,250 crore. An advisory firm assisted with the deal.

The mall, originally developed by a consortium of real estate and investment partners, was opened in January 2008. Covering more than one million square feet, it records an average annual turnover exceeding ?1,800 crore.

A senior member of one of the original developer groups confirmed the sale, noting that exiting from the previous joint venture will allow the consortium to focus on upcoming developments. The group is planning to open two additional malls in West Bengal, including a five-lakh-square-foot project in Joka, Kolkata. It is also working on a five-million-square-foot IT park in Sector V, along with 15 residential projects currently under construction.

There are at least 304 survey numbers, several of them with substantial buildings, within Chennai's Pallikaranai Marsh Ramsar site, the state wetland authority informed National Green Tribunal (NGT) in a report last week. The report, prepared with satellite data and e-governance records, was submitted during a hearing in a suo motu case initiated in July 2023. The case pertains to allegations that a private builder was laying a road by dumping soil and construction debris into Perumbakkam marshland using heavy machinery. During the recent hearing, NGT sought clarity on whether the disputed road lies within the Ramsar site's zone of influence. According to the latest affidavit, the survey and sub-division numbers span seven revenue villages, including Perumbakkam, Sholinganallur-I, Pallikaranai, Perungudi, Jalladianpet, Injambakkam, and Okkiyam Thoraipakkam. The wetland authority noted that while the survey number data is indicative, final verification is awaited from directorate of survey and settlement. The outcome will help CMDA incorporate Ramsar boundaries and their influence zones into the upcoming master plan 2026. The builder's counsel, in earlier submissions, claimed that the land was filled only to facilitate a survey by govt officials. But in July 2024, the wetland authority confirmed the road was built by mobilising construction material inside the marshland and that the location lies adjoining Ramsar boundary. In April 2025, the NGT directed CMDA to file a comprehensive update on planned changes to the master plan in light of the marshland's ecological significance and to spell out protections for Ecologically Sensitive Zones. 
 

Eight years after its formation in 2017, the state’s real estate regulatory authority is still grappling with a significant backlog of unresolved complaints. Of the 29,374 complaints filed so far, 7,310 remain pending, prompting calls from homebuyers, legal experts, and activists for faster redressal and stricter enforcement of orders.

Although the authority has resolved 21,888 cases and conducts both online and offline hearings, the rising number of unresolved cases has concerned consumer groups. They emphasized the need to appoint more adjudicating officers and establish regional benches to manage the growing caseload.

The authority has registered over 50,000 real estate projects — the highest among state-level regulators — with nearly half of them located in major metropolitan regions. However, stakeholders argued that this large operational scale has not been matched by sufficient capacity to handle consumer grievances.

At present, the authority has one chairperson, two members, and three adjudicating officers. Activists pointed out that this limited setup cannot manage the volume of complaints. They noted that some cases take two to three years, and in rare instances up to five years, to be resolved — despite legal provisions requiring resolution within six months. To clear the growing backlog, they stressed the urgent need to increase the number of authority members and expand adjudicating strength.

A building materials company is planning to raise ?1,200 crore through a structured funding arrangement to partially finance its ?1,800 crore acquisition of a cement business.

The funds will be raised by issuing compulsory convertible debentures (CCDs) and compulsory convertible preference shares (CCPS) in the acquired entity after the deal is completed. These instruments will replace the temporary financing facilities used to fund the transaction and can be converted from debt into equity.

According to company representatives during a recent investor call, ?600 crore of the required upfront amount will be taken as long-term debt on the parent company’s balance sheet, with the remaining amount structured for long-term maturity. An external financial arranger has been appointed to manage the fundraising.

The company did not respond to requests for comment. The funding is being routed through a subsidiary established specifically for the acquisition. After the transaction, this subsidiary is expected to be merged with the acquired cement entity.

The acquired company will raise ?1,200 crore in two phases through a mix of fixed-term securities. These funds will be invested into the company in the form of CCPS and CCDs, which will be repaid upon maturity.