The Tamil Nadu State Highways Authority ( TNSHA ) has launched a major road project along the East Coast Road ( ECR ).  A four -lane elevated corridor, covering 14.2 km from Thiruvanmiyur to Uthandi, will soon be built to reduce heavy congestion. The project cost is estimated at Rs 2,100 crore. The corridor will begin near Tidel Park and extend up to Uthandi. It will be built on the road median with supporting pillars and will include pathways for pedestrians. The structure will have a width ranging from 16 to 20 metres and a clearance height of 5.5 metres for vehicles below. International tenders for construction were floated on August 26. Officials confirmed that the project will follow the hybrid annuity model (HAM), which combines EPC and BOT methods. The stretch between Thiruvanmiyur and Uthandi currently takes around one hour during peak hours. Once the elevated road is operational, motorists travelling towards Mamallapuram, Puducherry, and Cuddalore are expected to cover the same route in 15 to 20 minutes. The project will provide relief across 13 traffic-heavy junctions including Neelankarai, Kottivakkam, Vettuvankeni, Injambakkam, Akkarai, and Panaiyur. Exit ramps will be built at LB Road Junction, Thiruvanmiyur RTO, Neelankarai, Injambakkam, and Akkarai. The corridor will function as a toll road under a closed-gate system. Charges will be collected based on distance travelled.  Along with easing congestion on ECR, the corridor will serve as an alternative route for commuters moving from Adyar to Kelambakkam, Thiruporur, and Mambakkam through ECR, reducing pressure on the busy OMR stretch. At present, the section handles nearly 70,000 passenger car units daily. Officials expect the new flyover to bring smoother traffic flow for both local and intercity travellers.Alongside this project, the six-laning of a 9.2 km portion between Thiruvanmiyur and Akkarai is close to completion, with about 90 per cent of work already done. Currently, the state’s longest operational elevated corridor is the 7.3 km Madurai–Natham road. Once completed, the Thiruvanmiyur–Uthandi corridor will be the longest of its kind in Tamil Nadu. 

Greater Chennai Corporation (GCC) was called "negligient and indolent" by Madras high court, in complying with the orders of the court in true spirit. The court said that instead of executing lock-and-seal notices issued to unauthorised constructions, GCC was giving opportunities to occupiers of the buildings to pursue other remedies. This pertained to a petition that sought lock-and-seal of a building at Virugambakkam. When it came up for hearing on April 3, the court condemned GCC for not acting on an identical writ petition in 2023. GCC sought four weeks' time, and the matter was listed on April 30, but was taken up for hearing on Aug 12. Since GCC did not comply with the court's direction till then, the bench took suo motu contempt proceedings, and summoned corporation took suo motu contempt proceedings, and summoned corporation the court that a private bank, one of the occupiers of the building filed against eviction. Holding that corporation officials were guilty of wilful disobedience of the orders of the court, the bench, however, accepted the apology of the officials since the said premises were locked and sealed on Aug 15.
 

As many as 45 cities out of 50 registered an increase in property prices during the first quarter of 2025-26, according to data released by the National Housing Bank (NHB). Out of the 50 cities covered, 5 cities registered a decline in the property prices on an annual basis. Howrah registered the maximum decline of 6.1 % followed by Kochi (5.5 %) and Thiruvananthapuram (4.8 %)," the latest residential housing price index NHB RESIDEX released on Thursday. The 50-city Housing Price Index (HPI), based on valuation prices of properties collected from banks and housing finance companies, recorded an annual increase of 5.7 % during the first quarter of the current fiscal compared to 6.6 % a year ago, it added. Seven key primary residential markets witnessed an appreciation in property prices during April-June 2025. Primary residential properties in Ahmedabad witnessed an increase of 6.8 % while those in Bengaluru rose by 9.1 %, and in Chennai by 7 %. On a quarter-on-quarter basis, the 50-city index registered an expansion of 0.5 % in April-June period. The index has shown an increasing trend on the Q-o-Q basis since September 2021.
 

Singapore-based CapitaLand is in the process of selling an industrial unit in Chennai which is leased to Pegatron, one of the largest suppliers of Apple, two people aware of the development said. The 750,000 sq ft leased asset is expected to fetch nearly '600 crore. Brookfield, Hines and Hillhouse Capital are among the bidders. "It is on a long-term lease and holds significant value since Apple products are manufactured there. The CapitaLand board is also reassessing the process after receiving the first round of bids. Although global firms have shown interest, the decision on rebidding is yet to be taken," said one of the persons quoted above.  Industry sources said 750,000 iPhones are manufactured out of this facility, including some refurbishment. "It's a very high-end industrial facility and one of the largest for the manufacturing of iPhones in India," the executive said. CapitaLand, Hines and Brookfield declined to comment. Hillhouse did not respond to the email query. Property consultancy Cushman & Wakefield's survey points out that 88% of manufacturers are scaling up due to infrastructure-led confidence and over 95% report improved logistics access through government-backed programmes. The study revealed high optimism regarding the impact of government-led infrastructure initiatives such as Bharatmala, Sagarmala, Dedicated Freight Corridors and the National Industrial Corridor Development. 

The exorbitant khata transfer fee fixed by Bangalore Development Authority (BDA) has drawn flak from people owning property at layouts developed by it. Property owners said they are not opposed to paying a fee for transferring khata but have objected to the steep hike introduced by the BDA. They argue that the increased amount is not only arbitrary but also places an unnecessary financial burden on those seeking to update property ownership records without any significant additional service or benefitsTheir main grievance is that the BDA charges the same fee for transferring khata to a dependant’s name after the death of the original owner, as it does for a regular sale transaction. Owners say they have no objection to a higher fee for transfers involving the sale of a property, but also places an unnecessary financial burden on those seeking to update property ownership records without any significant additional service or benefits. Residents argue that the BDA should have introduced a separate category for transfers involving legal heirs instead of treating them on par with property sales. “We have written letters to BDA officials appealing for a review of the fee hike, as it imposes a burden on dependants. Ashok M, forum’s General Secretary said officials promised to resolve the issue, yet no actionn has been taken so far.
 

British International Investment (BII) has made an equity investment of ?170 crore in Altum Credo Home Finance (Altum Credo), an affordable housing finance company. The new funding will support the company to further expand its operations within its existing geographies in India. It will also help to further strengthen its IT infrastructure, enhancing operational efficiency and controls, customer experience, and digital service delivery. The company focuses on home finance need of first-time homeowners belonging to low-income segments. The company has assets under management (AUM) in excess of ?1,000 crore.
 

Centrum Capital Ltd on Friday said it has signed an agreement to divest its entire stake in Centrum Housing Finance Ltd (CHFL), its affordable housing finance business, to new-age lender Weaver Services for Rs 430 crore. The agreement which has been approved by the board of Centrum is subject to its shareholders, regulatory and other commercial third-party approvals, Centrum Capital said in a statement. As on June 30, 2025, CHFL has an asset under management (AUM) of Rs 1,640 crore and offices across 100 locations, servicing over 18,000 customers. It offers home loans, self-construction loans, home improvement loans and loans against property. For CHFL, E&Y was the financial advisor and J Sagar Associates were the legal advisors to the transaction, it said, adding, for Weaver Services, KPMG was the tax advisor and Khaitan & Co, Bengaluru was the legal advisors. Commenting on the sale, Jaspal Bindra, Executive Chairman, Centrum Group, said, "Our housing finance business has seen sustained profitable growth since inception. We are happy that we have found an ambitious and highly capable platform - Weaver Services, backed by marquee investors like Premji Invest, Lightspeed Ventures and Gaja Capital, that will drive and significantly scale CHFL's operations going forward."
 

Real estate developer Brigade Group has acquired nine acres of land at Perungudi along the Old Mahabalipuram Road (OMR) in Chennai on a long-term lease from YMCA, marking one of the most significant transactions on the city's IT corridor in recent years. The site that the Bengaluru-based company has leased for 55 years is located in a prime stretch where large land parcels are extremely scarce. It offers a development potential of 1.6 million sq ft, a person close to the  deal said. While financial terms weren't available, experts said an acre of land at Perungudi would cost ?54 crore for outright purchase at current prices. The Brigade Group did not comment."Brigade plans to develop a Grade-A office complex alongside a 200-key JW Marriott hotel, strengthening its commercial and hospitality footprint in Chennai," said the person cited earlier. 

Housing finance companies (HFCs) are facing significant pressure due to aggressive pricing of mortgage rates by public sector banks, with the rate war squeezing their margins. Despite reporting growth in loan disbursals, many HFCs are not seeing a proportional increase in their assets under management (AUM), largely because several borrowers are shifting their home loans to competitors. In the June 2025 quarter, Bajaj Housing Finance saw a 0.5% decline in net profit, while Aadhar Housing Finance and LIC Housing Finance reported 10% and 5% growth, respectively. Lower lending rates following the Reserve Bank of India's 100 basis points repo rate cut this year have brought down their net interest margins. Bajaj Housing Finance currently charges one of the lowest mortgage rates at 7.35%, according to its website. In comparison, public sector lender Canara Bank interest rate on home loans starts at 7.40%. The rate war is affecting even the largest housing finance company, LIC Housing Finance. Jain highlighted the disparity between disbursement and AUM growth amid pricing pressures. Bajaj Housing Finance reported a 22% increase in disbursements to ?14,651 crore in the first quarter. However, its AUM rose only 0.6% to ?5,736 crore from ?5,701 crore. This is because of very intense competition. 
 

In a move that could signal a shift toward higher interest rates in the home loan market, India's largest mortgage lender, State Bank of India (SBI), has increased home loan rates by 25 basis points for new borrowers. The hike primarily affects applicants with lower credit scores, as the bank has raised the upper band of its loan rates. Union Bank of India has also increased its rates, and other public sector lenders may follow suit. During the last fortnight of July, SBI's mortgage rates ranged from 7.5% to 8.45%. After the revision, new borrowers will pay between 7.5% and 8.70%. Union Bank of India has raised its rate to 7.45%, up from 7.35% in late July. Both banks did not respond to emailed queries seeking an explanation for the rate hike. SBI has tweaked the rates based on CIBIL scores and the External Benchmark Lending Rate (EBLR). This is a low-yielding product for us, so we've decided to increase margins on new loans for borrowers with low credit scores. This change applies only to new customers and will not impact the ?8 lakh crore of outstanding loans," said a person familiar with the matter. Axis Bank, meanwhile, reported a year-on-year decline in home loan volumes, a segament it has struggled to grow for several quarters. Over the past four years, government-owned banks have steadily gained market share. Data from credit bureau CRIF Highmark shows that the share of new home loans by value for public sector banks rose to 43% in FY25 from 34% in FY22. Over the same period, the share for private banks fell to 29.8% from 42.6%.
 

Over 9,000 individuals have been found to be fraudulently claiming Rs 1.20 lakh each under the Pradhan Mantri Awas Yojana, despite being homeowners themselves. Investigations have exposed the misuse of funds meant for the scheme, and authorities are now taking action to recover the availed subsidies. Similarly, pension fraud has also been exposed in various govt schemes, with over Rs 40 lakh lost due to fake claims, deceased beneficiaries, and unreported remarriages. Authorities admitted that the absence of recovery mechanisms hampers further action, underscoring a pressing need for policy reforms and stricter verification. Under the PMAY scheme, the govt provides Rs 1.20 lakh in three instalments to economically weaker families for constructing homes. However, a departmental survey conducted after disbursing the first instalment revealed that over 9,000 individuals across various villages had already built houses — some even double-storeyed. These beneficiaries submitted fake documents to claim the funds. In Shankargarh block alone, over 3,127 beneficiaries had not even laid a single brick after receiving the initial assistance. Upon verification with locals, it was confirmed that these individuals had no need for a new house. Authorities are now preparing to initiate recovery proceedings against them. Similarly, the Old Age Pension Scheme, which currently supports 1.53 lakh pensioners in the district, revealed that 2,351 beneficiaries had died a year ago, yet their families did not report the deaths, and the pensions continued to be credited. District social welfare officer Ram Shankar said that current rules do not allow recovery in such cases, limiting the department's ability to act. These revelations highlight serious loopholes in verification and recovery systems in welfare schemes and raise concerns about transparency and accountability in the distribution of public funds. 
 

Buying an apartment or plot in Tamil Nadu may soon become a presenceless process, with the state registration department preparing a system where neither buyers nor developers will need to visit sub-registrar offices (SROs) for first-sale registrations. In the first phase, the facility will be optional and gradually made mandatory. Officials said the move is aimed at easing congestion at SROs, many of which function from cramped offices with little space or parking for visitors. Every year, about 36 lakh documents are registered in Tamil Nadu, of which 5.5 lakh are Memoranda of Deposit of Title Deed (MOD) and 3.5 lakh are receipt deeds. On average, 26,000 apartments are registered every month, with Chennai topping the list. The state has 582 SROs. Two years ago, presenceless registration was introduced for MODs, receipt deeds, and residential lease deeds (within five years), but it was not mandatory. Currently, only about 30,000 MODs and receipt deeds are done online. Under the proposed system, once the seller and developer complete the online registration, the respective SRO will access the application, verify the details, and clear the documents. To enable this, the department will provide software to top builders and developer associations. The proposal, however, has triggered concerns over safety. With multiple complaints of fraudulent registrations and property disputes already pending across the state, many fear that removing physical presence could open the door to manipulation and forgery. "This move will make the entire process faster and far more convenient for buyers. For developers too, it reduces the hassle of coordinating multiple visits to sub-registrar offices. What we need is a robust system with strong safeguards so that trust is maintained by chairman of the DTCP committee at the Builders Association of India.