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The promoter of a housing finance company has proposed a settlement after six entities submitted bids.

Nov 14 2025

 

The promoter of a housing finance company has submitted a settlement plan to lenders, proposing to repay ?1,385 crore of outstanding dues over a 26-month period, along with accumulated interest, according to people familiar with the matter. The proposal was submitted late Wednesday, even as the firm—currently undergoing insolvency proceedings initiated by the regulator—has already received six takeover bids.Under the plan, the promoter has offered an upfront payment of ?350 crore, with accrued interest to be cleared within 24 months after the principal amount is repaid over the initial 26-month period. The proposal also includes full repayment of dues owed to operational creditors and employees. Additionally, the promoter has suggested that lenders appoint a professional CEO to oversee the business during the repayment phase. A five-member board, including two lender-nominated directors and an indemnity arrangement for these members, has also been proposed. Lenders have confirmed receiving the settlement plan, but approval appears uncertain. According to an official aware of the discussions, the Committee of Creditors is unlikely to accept the proposal due to allegations of fund diversion against the promoter, supported by findings from a forensic audit commissioned by the lenders. The official added that the promoter may not meet the required eligibility criteria. The promoter, however, expressed confidence in the company’s future and said the settlement plan, if approved without any lender haircuts, would help stabilise the business. The insolvency administrator declined to comment. As previously reported, one bidder has emerged as the frontrunner with the highest upfront cash offer, while the remaining interested parties have submitted competing bids. The Committee of Creditors is expected to meet next week to evaluate the proposals and has engaged an independent professional firm to assess their commercial viability.

 

 


The company saw its net profit decrease by 5 in Q2 FY26

Nov 13 2025

 

 

A reported a 5.12% year-on-year decline in its consolidated net profit for the quarter ended September 30, 2025. The firm posted a profit after tax of ?103.15 crore in Q2 FY26, compared with ?108.72 crore in the same period last year, according to a regulatory filing.Consolidated total income grew 4.18% to ?441.90 crore in the reporting quarter, up from ?424.19 crore in the corresponding quarter of the previous fiscal. The company’s overall loan book expanded to ?15,033 crore as of September 30, 2025, marking a 7.7% increase from ?13,964 crore a year earlier. Assets under management stood at ?14,690 crore as of June 30, 2025. As of the September quarter, loans to the non-salaried segment accounted for 52.6% of the portfolio, while the salaried segment made up 47.4%. Housing loans formed 71.4% of the book, with home-equity products comprising the remaining 28.6%. All loans are retail in nature. The gross non-performing assets (GNPA) ratio improved to 3.16%, down from 3.96% a year earlier. The net NPA ratio eased to 1.50% from 1.59%. Gross NPAs amounted to ?475 crore compared with ?552 crore last year, while net NPAs stood at ?225 crore against ?217 crore previously. Provisions for expected credit losses amounted to ?375 crore, representing 2.5% of total loan assets, with a stage-3 coverage ratio of 52.5%. During Q2 FY26, loan sanctions totalled ?1,206 crore, while disbursements reached ?1,069 crore. The company reported a return on assets (RoA) of 2.9% and a return on equity (RoE) of 13.5%, compared with 3.3% and 16.0% respectively in Q2 FY25. The capital adequacy ratio remained strong at 36.88%.

 


SFB takes the lead in bidding for Indian Housing with an offer of Rs 775 crore.

Nov 12 2025

A small finance bank has emerged as the top contender to acquire an impact investor-backed housing finance company, with an all-cash offer of ?775 crore, according to people familiar with the matter. Other bidders include investment and infrastructure firms, asset reconstruction companies, and housing finance firms. One bidder has proposed ?750 crore — ?450 crore upfront and the balance over two years — while another has offered ?625 crore, including ?325 crore upfront and the rest in installments. Other offers include ?400 crore upfront, with several other bidders offering lower amounts.

“There is strong interest from bidders, largely because the company’s loan book is fully secured. It also holds about ?300 crore in cash, and all bad loans have been adequately provided for,” said a senior official advising one of the bidders. Impact investing typically involves funding projects that aim to achieve measurable social outcomes alongside financial returns. Investor interest in housing finance firms has surged in recent months, adding to the company’s attractiveness. Recent deals include a large private equity firm acquiring a significant stake in a major housing finance company, another firm purchasing a large portion of a different housing finance company, and yet another acquisition by a global investment firm. “Given the momentum in the sector, bids could even cross ?1,000 crore,” another person involved in the process said, adding that several investors who missed the Expression of Interest (EoI) deadline are still keen to participate.  February this year after it defaulted on its loan obligations. The housing finance company has a loan book of ?1,500 crore and cash reserves of over ?300 crore. The resolution professional (RP) has so far admitted 60 creditor claims worth ?1,363 crore, with the largest claim held by a major housing finance firm. Other creditors include several large banks and financial institutions, each with less than 3% exposure.


Tamil Nadu government’s consent to commence Global City

Nov 10 2025

The industrial development corporation has sought administrative approval from the district collector to acquire 1,945.19 acres of patta and government lands spread across six villages in a taluk for the proposed Global City project. The proposal aligns with the state government's 2025 budget announcement for developing a 2,000-acre Global City near a major metropolitan area, featuring IT parks, trade zones, residential areas, recreational spaces, and advanced urban infrastructure. Phase I of the project is expected to commence soon, with the corporation assuring enhanced connectivity to the city through metro rail, improved road networks, and express bus services.In its proposal, the corporation has pledged to fund land acquisition and establishment costs, form specialized teams to manage the acquisition process, and ensure rehabilitation and resettlement for eligible individuals in line with government norms. “Administrative clearance will enable the corporation to begin the project’s groundwork,” said a senior official. The Global City will incorporate AI-powered smart city management, digital twin-based urban planning, intelligent mobility systems, and eco-friendly blue-green infrastructure to promote sustainability.After evaluating potential sites in several nearby districts, a review chaired by the Chief Minister on August 22 selected the taluk for implementation. The corporation has earmarked 1,945.19 acres across several villages in the region. The identified lands include wetland, dry land, manavari land, and government land. The corporation has sought approval under the state's Acquisition of Land for Industrial Purposes Act to proceed with the acquisition.

 

 

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The Government to halt plans for the Global City project

Nov 08 2025

The industrial development corporation has sought administrative approval from the district collector to acquire 1,945.19 acres of both patta and government land across six villages in a selected taluk for the proposed Global City project. This proposal follows the state government's 2025 Budget announcement to establish a 2,000-acre Global City near a major metropolitan area, featuring IT parks, trade zones, residential areas, recreational facilities, and next-generation urban infrastructure.In its submission, the corporation has pledged to fund land acquisition and establishment expenses, form dedicated teams for the acquisition process, and carry out rehabilitation and resettlement of eligible persons in line with government norms. Administrative sanction from the government will enable the corporation to begin groundwork for the project. The Global City is envisioned to integrate AI-driven smart city management systems, digital twin-based urban simulations, smart mobility solutions, and green-blue infrastructure to promote sustainability.Following a review, which evaluated potential sites in various districts, one taluk was chosen for the development. The corporation has earmarked 1,945.19 acres spanning several villages in the region. The identified land includes wetland, dry land, manavari land, and government land. The corporation has sought approval under the state's Acquisition of Land for Industrial Purposes Act to proceed with the process.

 

 

 

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In Q2 FY 26 achieved a profit of Rs 80.63 crore

Nov 07 2025

The cement company has reported a consolidated net profit of ?80.63 crore for the quarter ending September 30, 2025, marking a significant recovery from the ?30.80 crore loss recorded during the same quarter of the previous fiscal year. The company's total income for Q2 FY26 stood at ?1,554.44 crore, reflecting a 24.91% increase from ?1,244.44 crore in Q2 FY25.As part of its green initiatives, the company is upgrading its cement plant to boost its Total Specific Recycle (TSR) from 4% to 16%. The company has also commissioned a new grinding unit with a capacity of 13.5 lakh tonnes per annum and completed the expansion of its cement mills. As a result, its total cement production capacity has increased from 16.5 million tonnes per annum (MTPA) to 18 MTPA.Additionally, the company is expanding its clinker capacity at one of its integrated cement plants by adding a new clinker line of 2.3 MTPA, along with four new grinding units of 4.6 MTPA. The company is also establishing three split-location cement grinding units in different states, with a combined capacity of 3.4 MTPA. The total cost of this expansion project is expected to be ?3,000 crore, funded through ?2,100 crore in term loans and the balance from internal accruals. The first phase, including the clinkerization and grinding unit, is scheduled to be commissioned by March 2027, with the remaining capacity to be completed by March 2028.

 

 

 

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The Chennai development authority plans to build co-working spaces in George Town

Nov 06 2025

To support the growing workforce in low-income neighborhoods, the metropolitan development authority is set to build a co-working space on a major road in a historic district. The authority has issued tenders for the construction of a three-story building, which will accommodate at least 150 workstations spread across the ground, first, and second floors. The third floor will feature a canteen and dining area, along with a sheltered space for visitors.

As per the tender details, the ground floor will include a 770-square-foot lobby area. The first floor will contain a 75-seat work terminal spanning 1,334 square feet, with an additional 495-square-foot area for work terminals. The second floor will have another 75-seat work terminal within a 1,200-square-foot hall. Every floor will be equipped with two restrooms and a coffee-dispensing unit. Additionally, each floor will have three computers with internet access and free access to digital journals and magazines. The space will also provide reading materials for competitive exams.

A local representative highlighted that the surrounding areas have a significant number of lower-income individuals entering the workforce. “Even pavement dwellers are securing jobs that require computer skills. This initiative will greatly benefit them and help uplift the neighborhood,” they noted. The project will also include the creation of a 20-slot bike parking area along the stretch. Additionally, a resettlement colony is being developed nearby, and encroachments along a major canal will be relocated there. The facility is expected to be operational by December.

 

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HC orders bodies shifted to approved cemetery

Nov 05 2025

The High Court has directed a religious institution in a suburban area to stop using its private land as a burial ground. The court also ordered the institution to remove the bodies buried there and rebury them in the officially designated cemetery within 12 weeks. The directive was issued following a petition filed by a local real estate firm that had objected to the burials being conducted on land owned by the institution, located next to its apartment project.

According to the petition, the local municipal corporation had granted a burial ground license to the institution, allegedly violating zoning regulations and legal procedures. The court agreed with the petitioner, observing that the license had been issued “in undue haste” and “in violation of statutory procedure.” It pointed out that the license was approved without collecting the prescribed fee and before the relevant government rules had been sanctioned. The court also noted that the official who granted the license was involved in the rule-making process and should have waited for the government’s approval before acting.

The court further held that the burial ground violated local development and building rules, which permit only one burial facility within a subdivision. It also ruled that the developer had the right to challenge the burial ground, as it directly impacted the value and viability of the apartment project. The court gave the institution 12 weeks to exhume and rebury the bodies. If the institution fails to comply, the local authorities are directed to carry out the task at the institution's expense.

 

 

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Chennai parks upgraded with new play areas

Nov 04 2025

The Greater Chennai Corporation (GCC) is preparing to install inclusive play equipment for children with disabilities in two North Chennai parks, with a total project cost of ?2.5 crore. Inspired by the accessible play zone at Marina Beach’s Blue Flag area, this initiative aims to create safe and inclusive recreational spaces for all children within local neighbourhoods. According to the 2025–2026 civic budget, GCC will develop special play areas and upgrade existing parks in Madhavaram and Kodungaiyur to attract more families. Around ?1.81 crore has been allocated for the Madhavaram park and ?1.33 crore for the Kodungaiyur park to set up new play structures. Officials said the new facilities will feature tactile boards for visually impaired children and sensory play installations, offering a more advanced setup than the one at Marina Beach. “We plan to make these play areas completely accessible for children with special needs,” said C.A. Balamurali, GCC’s Chief Engineer. The tender process for the project will begin soon. Alongside this, renovation work will be carried out, as many parks in North Chennai are in poor condition. “The Kodungaiyur park hasn’t seen major restoration in over 30 years. We’ll be constructing a new compound wall, building walkways, and raising the ground level to prevent waterlogging,” said A. Rajkumar, Tondiarpet Zonal Officer. Residents in the area have welcomed the move but emphasized the need for awareness among locals to ensure the facilities are used properly “If maintained well, this project can make a real difference for families. The civic body should expand such inclusive parks across the city,” said A. Arumairaj, President of the Indira Gandhi Nagar Residents’ Welfare Association, Tiruvottiyur.

 

 

 

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Flood prevention work in progress at Perumbakkam

Nov 03 2025

 

A major stormwater diversion project is being implemented by the Highways Department near the Elcot area to ensure that Perumbakkam and nearby localities off OMR remain flood-free this monsoon. The work, estimated at ?42 crore, aims to significantly improve the area’s flood resilience. According to V. E. Mathiyalagan, standing committee chairman for the Sholinganallur zone, a 1.7 km twin-cell culvert is being built to channel rainwater from the Perumbakkam marsh into the Buckingham Canal. “Earlier, a low-level bridge often caused flooding along Semmozhi Salai and in Perumbakkam during heavy rains. The Highways Department has now demolished that structure and begun constructing a high-level bridge. The work is progressing at a brisk pace,” he said. Perumbakkam’s entire drainage network flows into the adjoining Pallikaranai marshland. The Perumbakkam Main Road, which connects OMR and Medavakkam, cuts across this marsh, and officials said that stormwater drains along this stretch are currently being desilted. Meanwhile, the Water Resources Department is widening the Okkiyam Maduvu channel at a cost of ?27 crore. Although the waterway still has patches of hyacinth near KCG College of Technology, officials noted that CMRL is constructing two high-level bridges across Okkiyam Maduvu with a 205 m expanded waterway and an additional 1.5 m of vertical clearance to improve flow. Commuters, including K. Sathish Kumar from Radial Road, have urged the Highways Department to speed up completion of the macro stormwater drain linkage from Okkiyam Maduvu to the sea via Bethel Nagar to ensure smoother drainage during heavy rainfall.

 

 

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The Tamil Nadu Land Reforms Department has released guidelines for maintaining records.

Nov 01 2025

The relevant department has issued a detailed circular to all district offices, outlining procedures for proper record and document maintenance to ensure easy access and long-term preservation. This move follows criticism regarding poor record-keeping practices within the department. Many public information requests were reportedly denied due to documents being unavailable or untraceable.

According to the circular, records related to land transfers, land acquisition, ownership details, land reclassification, encroachments, government land leases, land surrenders, and tax schemes must be maintained at the respective district offices, with copies forwarded to the relevant department. The circular further instructs that records be systematically categorized as permanent, disposable (to be destroyed after ten years), standing orders, and current documents.

When a public information request is received by the department, it should be transferred to the relevant district office, and the concerned office must provide the required information to the applicant. The circular also specifies that record rooms should ideally be located on the ground floor, protected from sunlight, rain, and pests. Confidential documents must be stored separately with restricted access, and record rooms should be regularly cleaned. Closed files are to be marked in black ink, while pending documents must be marked in red ink, each with appropriate serial and document numbers.

 

 

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Overall housing sales in India’s top seven cities dropped 12 in the first nine months of 2025, but Pune and Chennai saw an uptick.

Oct 31 2025

Residential property sales across India’s top cities dropped 12% year-on-year to 202,756 units during January–September 2025, according to a market report released on October 28. The slowdown was attributed to rising property prices, the monsoon season, a pre-festive lull, and economic uncertainty. In Q3 2025, sales fell 9% year-on-year and 2% quarter-on-quarter to 67,980 units, reflecting the broader nine-month trend. However, some cities defied the slowdown, posting significant annual growth. Together, several major cities accounted for over 60% of total sales, though their combined volumes declined 9%. One region saw the steepest drop at 29%, followed by other cities with declines ranging from 16% to 21%. Meanwhile, one city stood out with a 15% rise in transactions.

The premium housing segment showed modest annual growth in Q3 2025, while homes priced between ?1.5 crore and ?3 crore recorded a 14% year-on-year increase. In contrast, demand for homes below ?1 crore declined 23% compared to the same period last year.

According to an industry expert, “The January–September 2025 period reflects a shift toward a value-driven market, with premium housing leading sales despite the overall 12% drop in total units sold.” They added that projects launched during this period continued to attract strong buyer interest, contributing 24% of total sales, slightly higher than in the same period last year. While premium housing demand remained firm, developers were cautious with new mid-range and affordable projects due to slower demand in recent quarters.

Around 70,915 new homes were launched in Q3 2025, bringing the year-to-date total to 225,001 units, just 1% lower than last year. Several cities saw healthy growth in new launches. Home prices across the major cities continued to rise in Q3 2025, registering 6–16% annual growth. One city led with a 16% increase, followed by others with growth ranging from 13% to 14%.

 

 

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