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.
 

Claiming that the demand for sustainable housing was likely to increase in the coming years, Tamil Nadu Chief Minister M K Stalin on Friday called for innovative urban development plans to meet the increasing requirement. He said efforts were on to prepare master plans for 136 cities, including Coimbatore, Madurai, Hosur, Salem, Tiruppur, Tiruchirappalli, Vellore and Tirunelveli. For the city, the Chennai Metropolitan Development Authority (CMDA) was developing the third master plan for Chennai Metropolitan Area (CMA) focussing on sustainable urban development, he said, while inaugurating the 17th edition of FAIRPRO 2025, a real estate exhibition being organised by the Confederation of Real Estate Developers' Associations (CREDAI). The exhibition features over 500 projects spanning 32.5 million square feet of residental space, 0.25 million sqft of commerical space, and 325 acres of plotted development in Chennai. Chef Minister said housing and urban development, which includes real estate and infrastructure development, was an important sector that ensures the economic growth of the state. Tamil Nadu is highly urbanished with nearly 48 percent of its population living in urban areas. Nine satellite townships will be formed around Chennai city namely Minjur, Tiruvallur, Tirumazhisai, Mamallapuram, Chengalpattu,Kanchipuram, Maraimalainagar, Thirupperumbudur, and Paranthur. e CMA, modern transport terminals will be opened next year at Chengalpattu and Mamallapuram. The Chennai Shoreline Renourishment and Revitalisation Private Limited, to develop the coastline and lakes, has evolved plans for Rs 250 crore to develop 12 lakes and 4 coastal areas. CREDAI to facilitate the development of industrial parks and office spaces in Chennai and other parts of the state.
 

The Maharashtra Housing and Area Development Authority (MHADA) will be undertaking the structural audit of 1,000 cessed buildings in the country's financial capital Mumbai by March 2025 as part of the government of Maharashtra's 100-day action plan. MHADA Vice President and CEO, Sanjeev Jaiswal has instructed the officials to accelerate the process to ensure the timely completion of this structural audit. The housing body has recently held a review meeting to assess various projects under the Mumbai Building Repairs and Reconstruction Board. During thid meeting, Jaiswal emphasized the importance of conducting structural audits to assess the safety and redevelopment needs of aging buildings. He directed officials to appoint structural consultants and plan for the audit of around 13,000 cessed buildings over the next year. The government’s action plan includes the structural audit of 500 buildings, of which 171 audits have already been completed, and reports for 32 buildings have been received. Jaiswal also directed executive engineers to issue notices under Section 79(A)(1)(A) for all 13,000 cessed buildings under the Mumbai Board’s jurisdiction. He further instructed officials to expedite the redevelopment process for properties acquired under Section 91(A). These measures are aimed at strengthening the administration of Mumbai’s cessed buildings, ensure timely redevelopment, and improve the living conditions of residents.
 

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.