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.

A flexible workspace operator has signed leases for two new centres — one in Pune and another in Chennai.

The Chennai workspace occupies three floors of a commercial tower, covering 1.5 lakh sq ft with a capacity of 2,400 desks.

The Pune workspace has been taken on lease from a local real estate developer. It spans two floors, includes 1,000 desks, and covers 60,000 sq ft.

Both new centres are scheduled to open in the second half of FY25.

Tamil Nadu deputy chief minister Udhayanidhi Stalin on Wednesday inaugurated 102 completed urban development projects worth 399.81 crore and laid the foundation stone for 108 new projects valued at 975.63 crore at an event held at the Ripon Building in the city. Addressing at the event, Udhayanidhi said, "it is not just everything for everyone, but everything for every town." He added that the DMK's vision for Singara Chennai was first articulated in 1959, when the party won the Chennai corporation elections. He credited former chief minister M Karunanidhi and chief minister M K Stalin for city's sustained growth, by bringing projects like the metro rail and road infrastructure upgrades. Of the 102 completed projects, 31 were implemented by the Greater Chennai Corporation, 2 by the CMWSSB, 35 by the directorate of municipal administration, 31 by Town Panchayats, and 3 by the TWAD Board. Among the 108 new projects announced, 62 will be executed by the Greater Chennai Corporation, including 477 crore for road re-laying and 54 crore for canal improvements. Four projects will be carried out by Metro Water, including underground drainage system (UGDS) works in North Chennai. Another 28 projects fall under the directorate of municipal administration and 14 under the town panchayats. He awarded 7.26 lakh in cash prizes to 62 high-performing Class X and XII students from Chennai Corporation schools, along with 38 teachers and 14 headmasters.

An investment entity has received approval from the national competition regulator for its proposed investment in a real estate development firm through a combination of preferential allotment and secondary share purchase. Earlier in the year, the real estate firm had announced a proposed equity infusion via preferential allotment and secondary share acquisition by an affiliate of the investing entity.

The transaction involves a two-pronged investment structure with a cumulative value of approximately ?1,167 crore. As part of the deal, the real estate firm will issue 1,26,75,685 equity shares on a preferential basis to the investing affiliate. The shares, with a face value of ?10 each, are priced at ?329 per share, amounting to a total infusion of ?417.03 crore.

Following completion, the investing entity will hold 40% of the real estate firm’s equity capital, excluding the open offer. Subject to full acceptance of its open offer for an additional 26% stake from public shareholders, its total holding may rise to 66%.

After the transaction, the promoter group’s shareholding will decline from 59.52% to 33.81%, reflecting significant stake dilution by key members of the promoter family and other associated individuals.

A leading paint manufacturer’s shares are expected to be in focus on Monday after another paint company filed a complaint with the national competition regulator, alleging abuse of dominance, according to industry sources.

The parent company of the complainant reportedly submitted the filing in late 2024, alleging that the dominant market player pressured dealers by threatening reduced credit limits and withdrawal of contracts if they engaged with the complainant. The allegations also include delays in supplies and restrictions on access to tinting machines as coercive measures.

The accused company, which is the country’s largest paint producer, holds over half of the nation’s installed production capacity and operates an extensive distribution network with tens of thousands of dealers across numerous touchpoints.

Sources indicated that the competition regulator is expected to begin a formal investigation soon, with an order to initiate a probe likely in the near future.

Market data shows the average target price for the accused company’s stock suggests a modest potential upside. Analyst sentiment remains largely negative, with a majority issuing a ‘sell’ recommendation.

The stock has fallen significantly over the past one and two years, and the company’s current market valuation stands at a large-cap level.

People looking to invest in property in the region will soon have to pay more, as the district administration is set to revise land circle rates upward. According to officials, benchmark rates for residential properties in prime areas could rise by about 40%, while agricultural land in outer areas may see a 10–30% increase.

The new rates will take effect from Saturday, requiring buyers to pay higher stamp duty. The circle rates had not been revised since 2017. Observing the increased property values recorded in sale deeds, the local administration began revising stamp duty rates last year.

The district, divided into multiple administrative subdivisions, will see substantial increases in the benchmark value of agricultural, non-agricultural, commercial plots, and vacant land. A senior district official stated that after conducting local surveys and reviewing property values mentioned in sale deeds, the revised rates were finalized following public objections and suggestions.

A state-level official said the higher rates will help generate more revenue and benefit farmers and property owners affected by development projects, as the value of land acquired by public agencies and private developers will also rise proportionately. 

A major consumer electronics firm has leased 12,616 sq ft of space in a commercial complex in Mumbai for a minimum monthly rent of Rs 17.35 lakh, according to a real estate data analytics platform.

The analytics platform reviewed the lease agreement of the company, which currently operates two retail outlets in India. The firm has taken the space on lease from a property developer for a term of 10 years and 10 months, with a rent-free period of 10 months.

The starting monthly rent works out to Rs 138 per sq ft, with a minimum payable rent of Rs 17,35,104. The agreement also includes a revenue-sharing clause of 2% per quarter for the first 42 months, increasing to 2.5% per quarter thereafter.

The company opened its first two official retail stores in India in 2023. Later, it announced plans to open four more outlets in major metropolitan cities across the country.

The firm began manufacturing its devices in India in 2017. Recently, government sources indicated that the company’s investment plans in India remain unchanged, and it aims to establish a major production base for its products in the country.