Once seen as the gritty industrial edge of the city, North Chennai is turning into one of the hottest new address in real estate, espically plotted development. Areas such as Red Hills, Puzhal, and Karanodai are fast turning into favourite hubs for plotted development due to various development projects planned by the govt. According to developers, North Chennai is what Anna Nagar was in the 1970s or Besant Nagar in the 1980. From key connectivity upgrades such as Chennai Outer Ring Road (ORR) to the expansion of social infrastructure such as metro, schools, colleges and healthcare facilities, the region is rapidly evolving into a vibrant residential zone. Chennai, Hyderabad and Bengaluru lead in plotted development when compared to the rest of India. These plots are created in all futuristic locations, where the govt has planned future development projects and where investments can grow," said Ranjeeth Rathod, executive committee member, Credai-Chennai. G Square's latest land acquisition aligns with this momentum. The firm has acquired a total 62.38 acres of land to develop 1,091 ready-to-construct villa plots spread across Red Hills, Puzhal, and Karanodai. The total investment across these projects stands at 230 crores. The new projects are strategically located with excellent access to major transit corridors, prominent educational institutions, healthcare hubs and other developments like Madhavaram Mofussil Bus Terminus (MMBT), fintech city at Madhavaram, Chennai Peripheral Ring Road," said Bala Ramajeyam, managing director, G Square Realtors Private Limited. 
 

Prestige Group and Arihant Group have entered into an agreement to jointly acquire a 3.48-acre land parcel in Velachery, Chennai from Rane Madras (RML) for a consideration of ?361.18 crore. The land is earmarked for the development of residential dwellings with a total development potential of approximately 7.5 lakh sq ft and an estimated gross development value (GDV) of over ?1,600 crore. The acquisition will be undertaken through their joint venture entity, Canopy Living LLP. The transaction is expected to be completed by September 30, 2026. Total extent of land in Velachery is 4.50 acres and RML will retain the balance portion of the land, where a new office will be constructed. It hopes to reduce debt as well as integrate city offices of various divisions through this land monetization.
 

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 National Housing Bank (NHB) has introduced stricter guidelines for refinancing home loans in under-construction properties. In an order to home financiers, the NHB said it would now provide refinance only for loans where less than half the construction is complete during the first disbursement. This rule specifically applies to loans taken for construction on plots or for building homes on self-owned land, said the order. "In cases where HFCs extend loans to individuals for ongoing construction, refinance from NHB will be available only in respect of  loans where not more than one-half of the construction has been completed at the time of disbursement of first tranche of the loan by the HFC," said the NHB order. NHB has also mandated that the stage of construction be clearly verified through a technical evaluation report when the first tranche of the loan is disbursed. HFCs have been instructed to ensure only eligible loans are flagged for NHB refinance. According to sources familiar with the matter, the change was triggered by instances where borrowers were applying for home loans after the construction was already complete, effectively using the loan to monetise the finished property. NHB clarified that such cases should be treated as loans against property (LAP) rather than home loans. Out of the outstanding home loans of ?33.53 lakh crore at the end of September 2024, housing finance companies had a share of ?6.25 lakh crore. The NHB has been steadily tightening regulatory oversight and enforcing stricter compliance norms for HFCs. In December last year, NHB mandated that all HFCs report non-performing asset (NPA) data on the first day of each month, after observing that many lenders were continuing to record collections for the previous month well into the following week. In March, the regulator took further action by reprimanding HFCs for mis-selling insurance policies bundled with home loans. NHB directed HFCs to immediately cease the practice of selling insurance products without clearly disclosing the terms and conditions to borrowers. 
 

A sessions court in Mumbai on Friday denied anticipatory bail to four directors of Ecstasy Realty Private Limited in a Rs 600 crore financial fraud case. Additional sessions judge NG Shukla rejected the pre-arrest bail pleas of Pulin Bole, Shivani Verma, Shobit Rajan and Pranav Bajaj. The reasoned order was not made available as yet. The Economic Offence Wing (EOW) had registered an FIR against Ecstasy Realty and its directors based on a complaint by Edelweiss Asset Reconstruction Company Limited (EARCL). As per the FIR, Rs 600 crore raised via secured Non-Convertible Debentures (NCDs) for a residential project was fraudulently siphoned off through layered transactions, benefiting promoters and related entities. The accused sought pre-arrest bail claiming they were innocent and contending that the FIR was registered with "the sole intention to harass and humiliate" them. No correct allegations are contained in the FIR, their pleas claimed. The FIR has been lodged after an "inexplicable and unjustifiable" delay for the alleged offence committed between March 2018 to March 2023, which suggests the allegations against them are an afterthought and have been falsely fabricated to implicate them, the plea added. The court, however, rejected their pleas.
 

As many as 22 beach-facing residential buildings in Muttukadu on East Coast Road (ECR) face the threat of demolition, with the Chengalpattu district administration identifying them as violators of Coastal Regulation Zone (CRZ) rules. The identified buildings—some completed, 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 the inspection, indicating ongoing activity despite regulatory restrictions. Others are upscale, completed buildings, with some even having two floors, built along the fragile coastal stretch at Muttukadu. These findings were part of an Action Taken Report submitted by Chengalpattu Collector S Arunraj to the National Green Tribunal (NGT), which took suo motu cognisance of the matter. The collector's team, comprising revenue and environmental officials, carried out GPS-tagged inspections and submitted photographs and ownership details to the Tamil Nadu State Coastal Zone Management Authority (TNSCZMA) to initiate action. The case, heard on Thursday, saw the tribunal's expert member Satyagopal Korlapati ask pointed questions on why no demolition was initiated so far, given that violations were already acknowledged by the administration. The NGT also noted that the District Collector, as chairman of  the district coastal zone management authority (DCZMA), was expected to act decisively against such illegal developments. In response, the state coastal zone management authority (SCZMA) informed the bench that it forwarded the list of violators to the Union Ministry of Environment, Forest and Climate Change, seeking clarification on whether it had the authority to directly carry out demolitions. The NGT is now expected to decide on whether demolition can proceed without waiting for further directions from the Centre. The matter is likely to be taken up in the coming weeks.

Chetpet residents on Thursday expressed concerns about the increasing number of residential houses in their neighbourhood being illegally rented out for commercial purposes. In a meeting chaired by Dr N Ezhilan, Thousand Lights constituency MLA, members from Harrington Road Residents Association said houses in the area were rented out as hotels, cafes, and parlours. "We now have more cars coming in, more garbage, more sewage, and more electricity disruption. The buildings charge a commercial rent. None of the buildings are of commercial nature," Suhasini Fredrick of the association told the MLA. Members showed CMDA maps to prove how houses categorised as "residential" were operating as commercial. The new commercial units are letting out more sewage than residential. "This has led to backflow of sewage into houses," she said. There are many schools located on Harrington Road, and traffic is heavy during peak hours. Commercial establishments don't have parking spaces. "Pavements are encroached by their staff, and there is no space for walking. The encroachments extended up to the road, making traffic jams worse," said Sabina Narayanan, another resident. More than 20 residents participated in the meeting. MLA Ezhilan assured residents that he would escalate the issue to GCC and CMDA. "I met five residents' welfare associations so far in the constituency. The issues are being followed up and resolved quickly. 

A residential property in Delhi worth more than Rs 44 crore has been attached under the anti-money laundering law as part of an investigation against a Noida-based realty company and its promoters accused of duping homebuyers, the Enforcement Directorate said Wednesday. The case pertains to Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) (Noida) FIRs filed in 2015 against BIIPL, Grand Venice group entities, Bhasin, Quincy Bhasin and others on charges of cheating, fraud and criminal conspiracy. It was alleged in the police cases that the accused collected hundreds of crores of rupees from investors in real estate projects by promising timely delivery of commercial units, which were "never" completed or handed over, the ED said. The agency identified a "residential independent house" located at D-24 in the upmarket Rajouri Garden area in west Delhi. The asset is in the name of "main accused" Bhasin. The Lucknow zonal office of the ED issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach the said property. These companies were controlled by Bhasin, Harpreet Singh Chhabra, Ajay Dhawan and the proceeds of crime were "layered" and parked across multiple entities with no direct traceability, the agency said. Raids were conducted by the ED in this case in April at locations in Delhi, Noida and Goa and about Rs 36 lakh in cash was seized apart from documents and electronic records.
 

Blackstone has acquired South City Mall in Kolkata for a transaction value of ?3,250 crore. Anarock Group was the transaction advisor in the deal. South City Mall was developed by South City Projects (Kolkata), a consortium of Merlin Group, Emami Group, Sachi Group, Surekha Group, JB Group and Rameswara Group and launched in January 2008. Spanning over one million sq ft, the mall generates an average annual turnover of over ?1,800 crore. Sushil Mohta, chairman of Merlin Group and director of South City Projects speaking to ETRealty confirmed the transaction and said, "For us, it made sense as we are now planning for the next generation. Exiting from a previous joint venture allows us to plan for future projects. We were looking to liquidate the asset and Blackstone offered a good value, hence we exited. Merlin Group has plans to open two more malls in West Bengal one of which is of about five lakh sq ft and is being developed in Joka, Kolkata. It is also developing five million sq ft IT park in sector V, Kolkata and has 15 residential projects 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.