Metrowater will install one lakh smart water meters, integrated with a billing system, to monitor water usage in commercial buildings across city. In first phase, the meters will be installed for bulk consumers, including TNHB, and the readings will be sent to consumers' phones every month. An estimated 5 crore has been allocated for the initiative, and installation of these meters is expected to generate additional revenue for the department. Until now, Metrowater had installed mechanical meters with automated meter reading (AMR) in residential and commercial buildings. However, these meters show variation in readings and even register consumption when air passes through or when the water returns. Residential buildings were charged a flat rate of 80, with no proper accountability for both residential and commercial usage. To address this issue, the smart meters will soon be installed, targeting commercial and high-rise buildings in the first phase. Metrowater chief engineer O Parveez said, "Smart meters will accurately measure water consumption, leading to better revenue collection. At  present, we are supplying 1,100 MLD. We want to adopt a metering system similar to that of Tangedco. It will also help prevent water wastage and ensure accountability in water usage." The installation charges and tariff will be announced later, officials said. Installation of smart meters is also expected to raise awareness among consumers about efficient water usage. Of the 14 lakh consumers who pay tax, only 8 lakh pay water charges now. The board plans to increase the number of paying consumers, with charges applicable for buildings above 500 sqft. The tender will be floated in May, and the work order is expected to be issued within two months after that. Metrowater public relations officer M Vetrichelvan said the board already has a list of bulk consumers, and notices will be issued in advance.
 

 Private equity investments in Indian real estate declined 3 pc last fiscal year to USD 3.7 billion due to lower fund inflow in office buildings, according to Anarock. Real estate consultant Anarock's arm Anarock Capital on Monday released its data of private equity (PE) deals in Indian real estate. As per the data, the PE investments in real estate declined to USD 3.7 billion in 2024-25 from USD 3.8 billion in the preceding year. During the 2020-21 fiscal year, the PE inflow was USD 6.4 billion, but the investments fell in 2021-22 to USD 4.3 billion. It marginally improved in the 2022-23 fiscal year to USD 4.4 billion before decreasing in 2023-24. Shobhit Agarwal, MD & CEO, ANAROCK Capital, said, "PE investments have steadily declined over the past five years, dropping from USD 6.4 billion in FY21 to approximately USD 3.7 billion in FY25. This represents a 43 per cent decrease from FY21 levels, primarily driven by reduced foreign investor activity amid heightened global macroeconomic uncertainty and geopolitical volatility." As per the data, the share of foreign investors in total PE investments during the last fiscal year stood at 84 per cent while domestic 16 per cent. In assets class, office complexes saw a steep decline in investment to USD 806 million in FY25 from USD 2.2 billion in FY24. The PE investments in warehousing assets rose sharply, compensating for to decline in inflow in housing and office properties. The last fiscal year saw a significant deviation in funding structure, with hybrid deals surging to 42 per cent of total PE inflow. Equity and debt investments dropped to 37 per cent and 21 per cent, respectively. Commenting on the report, Binitha Dalal, Founder & Managing Partner, Mt K Kapital, said, "A marginal 3 per cent dip in PE inflows is more a sign of market recalibration than concern. Investors are becoming more selective, focusing on quality assets and structured opportunities that promise long-term value over short-term gains." "India's growth momentum and rising affluence have given momentum to real estate activity, thereby evincing interest from investors. 
 

Chennai's retail real estate market recorded a substantial 31 per cent year-on-year growth in leasing activity during the first quarter of 2025, totaling 0.17 million square feet, as reported by Cushman & Wakefield. This surge was predominantly driven by the fashion sector, which accounted for 37 per cent of the total leasing activity, marking a nearly fourfold increase compared to the same period last year. 

High Streets Dominate Leasing Activity

High street locations were the focal point of this growth, contributing over 90 per cent of the total leasing activity. The North-West submarket, including prominent areas like Anna Nagar and Perambur, led with a 38 per cent share, while the Off-CBD region, encompassing Arcot Road and Aminjikarai, followed closely at 37 per cent. 

Limited Mall Leasing Due to Supply Constraints

In contrast, mall leasing activity remained subdued, with only 10,000 square feet transacted during the quarter. This was primarily due to a limited supply of quality space, leading to a marginal decline in the mall vacancy rate by 14 basis points quarter-on-quarter to 14.13 per cent. Superior malls maintained tight vacancy levels of one to two per cent. 

Rental Appreciation in Key Retail Corridors

High-demand high street corridors experienced rental appreciation of three to four per cent quarter-on-quarter. Notable areas with increased rentals include Usman Road (North and South), Adyar Main Road, Purasawalkam High Road, Pondy Bazaar, Velachery, and East Coast Road (ECR). 

National Retail Leasing Trends

On a national level, Hyderabad led in leasing volume, contributing 34 per cent (0.8 million square feet) of the total activity, with a 106 per cent year-on-year growth. Mumbai followed with a 24 per cent share (0.58 million square feet), recording a 259 per cent year-on-year growth, driven by new high street locations and additional mall supply. Delhi NCR captured 17 per cent (0.41 million square feet) of the total leasing share, supported by strong demand in key submarkets and a 57 per cent year-on-year increase. 

CBI booked 21 people, six of their firms, and unknown public servants on charges of illegal mining of beach sand minerals in Tirunelveli, Kanyakumari, and Tuticorin districts from 1995 until 2015. S Vaikundarajan, mining baron and exporter of minerals, was named in three FIRs. He was the first accused as managing director of VV Minerals and the second and third accused as directors of two other sand mining firms. Others named in the FIRs include his sons Velmurugan and Subramanian, brother S Jagatheesan, and Jagatheesan's sons Muthurajan, Chenthilrajan, and Subburajan. The six firms booked were Transworld Garnet India Ltd; Indian Ocean Garnet Sands Company Ltd; Industrial Mineral India Pvt Ltd; Beach Minerals Company Ltd; VV Minerals; and another firm. Also booked were their directors, mining licence holders, and employees. According to the CBI, Vaikundarajan, through his VV Minerals, received 34 mining licences in all three districts and caused a loss of 3,581.11 crore to the state govt by mining beyond the permitted quantity. He was accused of mining minerals worth 911 crore after the state banned mining. As per another FIR, Transworld Garnet India Ltd obtained 16 mining licences 14 in Tirunelveli and two in Tuticorin. The firm was accused of causing a loss to the tune of 478.35 crore to the exchequer. Similarly, Beach Minerals Company, which obtained 10 mining licences, was accused of causing a loss of 921.70 crore. CBI booked them under several sections of IPC, Mines and Minerals (Development and Regulation) Act, and Atomic Energy Act and took up the investigation. 
 

To cut bureaucratic delays, the state has announced that building permits for residential structures with stilt + 2 floors can be obtained through self-certification. The initiative expands on the existing single-window system that allows immediate online approval for ground + 1 floor houses. To assist applicants, model building plans, including elevation and sectional drawings, will be released for fixed plot sizes. These designs will apply to plots up to 2,500 sqft with a built-up area of 3,500 sqft,specifically catering to the housing needs of low- and middle-income families. "It is a welcome move by the govt. But, the built-up area needs to be increased to 10,000 sqft, and the plot size should also be increased proportionately. This will help homebuyers get their houses in a shorter time, as they won't have to wait for approvals and can start construction immediately," said S Sridharan, vice-president, Credai National, South. Clearances for school buildings near water bodies will also be permitted, provided they maintain safety standards and have no openings on the water-facing side. Schools located along national or state highways can obtain approvals if a dedicated service road is developed by the management. The govt is also focusing on digital governance with the development of a mobile app under the single-window system. This app will offer technical support and streamline the application process. To ensure these reforms are effectively implemented, a new comprehensive planning unit will be created. Meanwhile, the TN housing board announced land development projects in Tiruvallur and Salem districts and a 65 crore investment in rental housing units for govt officials in Thalavadi, Erode.
 

Home loan borrowers are having an excellent year 2025, which started with a 25 basis point reduction in the repo rate by the RBI. Now, the central bank has announced another 25 basis point rate cut. This means that home loan borrowers, especially the ones with floating-rate home loans, will see their EMIs fall substantially in the coming days as the lenders start passing on the benefit of this rate cut. With the latest cut, the repo rate now stands at 6%. Further, the RBI Governor announced the change in the monetary policy stance from neutral to accommodative. Due to change in the stance, the home loan borrowers can see more repo rate cut in the future and consequently, lower interest rate on their home loan. Adhil Shetty, CEO of Bankbazaar.com, says, "The Reserve Bank of India has reduced the repo rate by 25 basis points, bringing it down to 6%, as part of its ongoing efforts to stimulate consumption and accelerate economic growth. However, the impact of this rate cut will depend significantly on the speed and efficiency with which commercial banks transmit the benefits to borrowers. A faster and more effective rate transmission is critical to achieving the intended outcomes." "In its latest review, the Monetary Policy Committee not only reduced the repo rate by 25 basis points but also shifted its stance from 'neutral' to 'accommodative' — a clear signal that, going forward, the MPC is now considering only two possibilities: status quo or further rate cuts," says Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited. We tell you how this rate cut will impact your EMIs, how much future rate cut you can expect this year, and how you can best use the current interest rate scenario to manage your home loan. 

How much will you save on your home loan EMIs due to two repo rate cuts?

Raoul Kapoor, Co-CEO, Andromeda Sales and Distribution Pvt Ltd, explains how much home loan borrowers will save on their home loan EMIs due to the 50 basis points repo rate cuts. For a 20-year home loan, assuming the original interest rate was 9%, a 0.5% (50 bps) reduction to 8.5% will bring significant EMI savings:

For example, a borrower with a loan amount of Rs 50 lakh will see a monthly EMI saving of Rs 1,960. However, with the 20-year tenure of a home loan, the rate cut will result in total savings of Rs 4.70 lakh.

RBI MPC Meeting: Will there be a rate cut in future?

The central bank is mandated to focus on inflation targeting in a band of 4% with +/-2%, i.e., between 2% and 6%. The State Bank of India's Economic Research Department, in its Ecowrap report, said that India's CPI Inflation fell to a 7-month low of 3.6% in February 2025 due to a substantial decline in food and beverage prices. The report also indicated that inflation for FY26 is projected to be between 4.0 and 4.2%, while core inflation fell to a 7-month low of 3.6% in February 2025 due to a substantial decline in food and beverage prices. The report also indicated that inflation for FY26 is projected to be between 4.0 and 4.2%, while core inflation may range between 4.2 and 4.4%. 

The central bank may implement successive rate cuts in April and August 2025 with an overall expected cumulative rate cut of atleast 75 basis points. It is important to note that the RBI cut the repo rate by 25 basis points in the February policy meeting, bringing it from 6.50% to 6.25%. RBI Governor Sanjay Malhotra, in his last statement while delivering the rate cut, said, "Inflation has declined. Supported by a favourable outlook on food and continuing transmission of past monetary policy actions, it is expected to further moderate in 2025-26, gradually aligning with the target." 

Home loan borrowers: What to do now

For home loan borrowers, the reduction in their home loan EMIs will depend on how quickly the RBI cuts the rate and how quickly your bank/lender passes on the benefit of the rate cut to you. Home loan rates are about to go sub-eight again with today’s 25 bps rate cut. The lowest rates we’re currently seeing are between 8.10 and 8.35. 

If your home loan is linked to EBLR: The future rate cuts by the RBI will decide how quickly the EMIs will come down in the future for the borrowers. The RBI circular on external benchmarks for lending rates mandates that interest rates shall be reset once in three months. Hence, if your bank still has not communicated about the last rate cut of February 2025 then it should be communicated by May 2025. 

If loan is linked to other lending regimes: Prior to October 2019, the banks were offering home loans, auto loans, etc, linked to other lending regimes such as MCLR (Marginal cost of lending rate), base rate or BPLR. If your current loan is linked to one such lending regime, then it is important for you to switch to an EBLR-based lending regime. There will be some administrative costs applicable, however, the interest savings can be huge under EBLR due to lower interest rates.
 

Revenue department of Greater Chennai Corporation (GCC) has set a target of 500 crore in property tax collections during the incentive period of the first half of 2025-2026 financial year. This follows a record-breaking collection of 2,023 crore in 2024-2025, the highest in the last 16 fiscal years. The civic body offers a 5% incentive on the net property tax payable for those who settle their dues between April 1 and 30, with a maximum discount of 5,000. In 2023-24, the civic body collected 879 crore in property tax during the first half and 1,144 crore in the second half. City revenue officer K Bhanuchandran said, "We achieved our target and even surpassed it in the previous fiscal. It was possible because we collected 379 crore during the same period during the incentive period." Meanwhile, in a move to streamline tax data management, the Chennai corporation has decided to privatize statistical record-keeping. The company will be asked to maintain records of property and professional tax collections and dues. A tender was floated in March for a year to send tax reminders through WhatsApp, along with QR codes for instant payment. 
The initiative has been well received by property owners many of whom are taking advantage of the incentive scheme. "By paying our taxes on time, we were able to save some money and avoid penalties. I feel that the incentive period or the discount percentage should be increased to encourage more people to pay at the earliest," said C Raghukumar from Perambur. Many taxpayers opted for early payment in 2024-25. Officials are hoping that the trend will help them meet their collection targets this year too.
 

Construction delays have hit two major Tamil Nadu Urban Habitat Development Board (TNUHDB) housing projects in the city, as the contractor, M/s Ramalingam Construction Company (P) Ltd, failed to meet deadlines. With only a fraction of the work completed, TNUHDB has imposed penalties and issued warnings. The 118.53 crore project at Andimaniyam Thottam, ward 126, Mandavelli,aims to deliver 702 residential units using pre-fabricated concrete technology within 18 months. The contract requires essential amenities, including drinking water, sewage systems, electricity, and environmental infrastructure. However, since the project site was handed over on Aug 23, 2024, workers completed only 15% of the project instead of the expected 45%. Construction progress remains slow across all four blocks. Despite already being two years overdue, the project remains incomplete. In response to the delay, TNUHDB managing director Anshul Mishra imposed a penalty of 2,000 a day on the contractor, which will continue until the project is completed. Officials have urged the contractor to accelerate construction and avoid further repercussions. Failure to meet critical construction milestones have raised concerns among officials. The TNUHDB has issued a notice to the contractor, demanding immediate acceleration of work. "If delays persist, we will take further action as per contractual terms. 
 

Municipal corporations across major Indian cities have reported record-breaking property tax collections in the financial year 2024-25. Several factors contributed to this surge, including digitisation, strict enforcement measures, and increased taxpayer participation. 

Mumbai: BMC Achieves Historic Rs 6,198 Crore Collection

The Brihanmumbai Municipal Corporation (BMC) recorded its highest-ever property tax collection, accumulating Rs 6,198 crore in FY 2024-25, nearly meeting its Rs 6,200 crore target. The G South ward, covering Lower Parel and Worli, contributed the highest amount at Rs 624.50 crore, followed by the K East and K West wards at Rs 526.64 crore and Rs 504 crore, respectively.

Bengaluru: BBMP Inches Towards Rs 5,000 Crore Mark

The Bruhat Bengaluru Mahanagara Palike (BBMP) collected Rs 4,800 crore by March 30, 2025. officials aimed to surpass Rs 5,000 crore, banking on last-minute payments. The administration implemented stricter recovery measures, including property auctions for chronic defaulters and enhanced IT systems for tax enforcement.

Chennai: Civic Body Surpasses Rs 2,000 Crore for the First Time

The Greater Chennai Corporation (GCC) collected Rs 2,020 crore in property tax from April 1, 2024, to March 31, 2025, surpassing the previous year’s Rs 1,755 crore. Over Rs 100 crore was collected in the last week of March.

Delhi: NDMC and MCD Struggle to Meet Targets

The New Delhi Municipal Council (NDMC) collected Rs 1,050 crore in FY 2024-25, an increase of Rs 24 crore from the previous year. However, it fell short of its Rs 1,150 crore target. Meanwhile, the Municipal Corporation of Delhi (MCD) collected Rs 2,150 crore, far below its Rs 4,000 crore goal.

Ahmedabad: AMC Reports Four-Year High in Collections

The Ahmedabad Municipal Corporation (AMC) reported a 3.57 per cent increase in property tax revenue, collecting Rs 1,739.90 crore in FY 2024-25 compared to Rs 1,679.98 crore the previous year. AMC also saw growth in professional tax (Rs 270.06 crore) and vehicle tax (Rs 224.42 crore), bringing its total tax revenue to Rs 2,256.31 crore.

Hyderabad: GHMC Crosses Rs 2,000 Crore for the First Time

The Greater Hyderabad Municipal Corporation (GHMC) recorded a property tax collection of Rs 2,034 crore, surpassing the Rs 2,000 crore mark for the first time. The One-Time Settlement (OTS) scheme, offering a 90 per cent waiver on interest for defaulters, significantly contributed to the increase.

Thane: Near-Target Achievement at Rs 810 Crore

The Thane Municipal Corporation (TMC) collected Rs 810 crore in property tax for FY 2024-25, achieving 95 per cent of its Rs 850 crore target. The Majiwada-Manpada ward led with Rs 246.14 crore. The corporation attributed its success to digital payment options and awareness campaigns.

Nashik: Highest Collection in 40 Years

The Nashik Municipal Corporation (NMC) collected Rs 256 crore, marking a 25 per cent rise compared to FY 2023-24. This was the highest collection in NMC’s 40-year history. The administration incentivised early payments by offering a rebate of up to 10 per cent for online transactions.

Pimpri-Chinchwad: Record Rs 966 Crore Collection

The Pimpri-Chinchwad Municipal Corporation (PCMC) collected Rs 966 crore in property tax in FY 2024-25, with 5.02 lakh regular taxpayers and 92,465 newly assessed properties contributing to the record-breaking figure.

Ludhiana and Mohali: Rising Collections with Strict Enforcement

• The Ludhiana Municipal Corporation (LMC) achieved a record Rs 153 crore in property tax collection, exceeding its Rs 150 crore target. This was a significant increase from the Rs 137.70 crore collected in FY 2023-24.

• Mohali Municipal Corporation (MC) collected Rs 50 crore, surpassing last year’s expectations by Rs 10 lakh. Officials issued property seizure notices to defaulters, ensuring compliance.

Kurnool and Vizianagaram: Southern Cities Improve Tax Revenue

• The Kurnool Municipal Corporation (KMC) collected Rs 75 crore in property tax for the financial year 2024-25, achieving over 75 per cent of its target. Tax collection and water charge payments concluded on March 31.

• Vizianagaram Municipal Corporation collected Rs 38.65 crore, exceeding the previous year’s Rs 35.17 crore.

Key Trends in Property Tax Collection for FY 2024-25

• Technology Integration: Many cities adopted online payment options, mobile collection vans, and SMS reminders to facilitate tax payments.

• Strict Enforcement: Civic bodies issued property seizure notices and service interruptions to defaulters.

• Incentives & Rebates: Cities like Nashik and Hyderabad offered rebates and OTS schemes to encourage compliance.

• Public Awareness Campaigns: SMS alerts, auto-rickshaw promotions, and social media drives helped increase tax participation.

Future Outlook: Increasing Targets and Digital Transformation

With digital platforms facilitating easy payments and municipalities enforcing stricter collection policies, property tax revenues are expected to rise further in the coming years. Many cities are now setting ambitious targets for FY 2025-26, aiming to surpass previous records while ensuring a streamlined tax collection process.

Indian Maritime University former vice-chancellor and forme bureaucrat K Ashok Vardhan Shetty on tuesdsy proposed the idea of setting up a university finance commission in every state to rationalize funding for state universities. Similar to the state finance commission for local bodies, a university finance commission is needed in each state to assess the need for various courses, department, the quantum of grants. For example, Annamalai University is getting more grants than the funds given to all state universities put together. This shows there is no reasoning in our funding. There is considerable scope for rationlization of funding and this can be doen once every 10 years. He also suggested giving some additional grants based on performances indictors such as graduation outcomes, research output and students employability. On the ongoing financial crisis in state universities, A situation where pubilcly funded unversities and colleges lack full time faculty members. In some universities teachers were not paid for months at a time, and it shows the very low priority accorded to higher education. It's not only in Tamil Nadu it's the same in other states also. He also said public universities are guilty of creating unnecessary departmnets,starting too many courses and creating too many posts. India cannot become a developed nation if it neglects its public universities. It must emulate China and South Korea in creating more publicly funded institutions. Inadequate funding and neglect of existing universities is a gross disservice to students. To improve access to higher education he suggested measures, including lowering fees in top Institutions such as IITs, IIMs and overhauling the education loan system. The education loan. 
 

The government of Maharashtra has increased ready reckoner (RR) rates, which determines property valuations for stamp duty and taxation, for the financial year 2025-26 across the state after keeping it unchanged for the last two years. Mumbai will witness an average 3.39% hike, while the average hike across the state is 3.89%. Municipal corporation areas across the state, except Mumbai, will witness an average increase of 5.95%, while municipal councils and nagar panchayats will see a 4.97% hike. Urban areas will see a 3.29% rise, and rural regions will witness an average increase of 3.36%, the state government said in a statement. The impact is particularly significant in cities like Navi Mumbai with 6.75%, Thane with 7.72%, Nashik 7.31%, and Solapur 10.17% increase, where the hikes are steeper. Developers and investors are concerned about rising costs, as construction expenses and premiums may put pressure on the market. We appreciate the state government’s move to revise Mumbai ready reckoner rates marginally. With Mumbai’s real estate market witnessing a surge in redevelopment activities, this upward revision in rates will escalate construction costs, as development expenses, additional FSI, and municipal charges are directly linked to it,” said Niranjan Hiranandani, chairman of developers’ body NAREDCO. With Mumbai's property prices already at premium levels, the revised RR rates could make homeownership more expensive. Experts predict that developers may pass on the additional burden to buyers, further driving up costs in Maharashtra’s key real estate markets.