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. 
 

Eight years after its formation in 2017,the state's real estate regulator, MahaRera, is still grappling with a significant backlog of unresolved complaints. Of 29,374 complaints filed so far, 7,310 remain pending, prompting calls from homebuyers, legal experts, and activists for faster redressal and stricter enforcement of orders. Although MahaRera has resolved 21,888 cases and holds online and offline hearings, the increasing number of unresolved cases has alarmed consumer groups. They stressed the need for appointment of more adjudicating officers and setting up of regional benches to manage the growing caseload. MahaRera has registered over 50,000 real estate projects — the highest among state regulators — with nearly 50% of them located in Mumbai Metropolitan Region and Pune. However, stakeholders argued that this operational scale has not been matched by adequate capacity to address consumer grievances. Currently, MahaRera has one chairperson, two members, and three adjudicating officers. Activist Godfrey Pimenta of the Watchdog Foundation pointed out that this limited setup cannot cope with the volume of complaints. "Some complaints take two to three years, and in exceptional cases, up to five years to be resolved — despite the law requiring them to be addressed within six months. To effectively clear the growing backlog, there is an urgent need to increase the number of MahaRera members. MahaRera has registered over 50,000 real estate projects — the highest among state regulators — with nearly 50% of them located in Mumbai Metropolitan Region and Pune. However, stakeholders argued that this operational scale has not been matched by adequate capacity to address consumer grievances. Currently, MahaRera has one chairperson, two members, and three adjudicating officers. Activist Godfrey Pimenta of the Watchdog Foundation pointed out that this limited setup cannot cope with the volume of complaints.
 

Building materials company Nuvoco Vistas is planning to raise ?1,200 crore through a structured funding arrangement to part-fund its ?1,800 crore acquisition of Vadraj Cement. The money will be raised by issuing compulsory convertible debentures (CCD) and compulsory convertible preference shares (CCPS) in Vadraj after the completion of the acquisition and will replace the bridge facilities taken to fund the deal, people familiar with the matter said. These instruments offer a feature to convert debt into equity. " Out of this ?1,800 crore of financing which we need to do upfront, we will take a long-term debt of ?600 crore in Nuvoco's books and then the which will be on a long-term maturity," the management said during a recent investor call. The company has hired Trust Capital as the arranger for the fundraising. Nuvoco did not respond to a request for comment. The funding is being Nuvoco Vistas plans to raise ?1,200 crore for Vadraj Cement buyout Nuvoco Vistas plans to raise ?1,200 crore for Vadraj Cement buyout subsidiary Vanya for the purpose of acquiring Vadraj Cement. After the acquisition, Vanya is expected to be merged into Vadraj. Vadraj will tap the market to raise ?1,200 crore in two tranches, which will be in the form of a combination of fixed-term securities with will be in the form of a combination of fixed-term securities with invest into Vadraj in the form of CCPs and CCDs with a long-term maturity and at the time of maturity they will repay the CCPs and CCDs.
 

WeWork India Management (WeWork India), a flexible workspace operator, has signed leases for two new centres - WeWork EON Free Zone in Pune, and WeWork Ramanujan Intellion Park in Chennai. The office space in Chennai is spread across three floors in the Littlewood Tower with 1.5 lakh sq ft area and 2,400 desks capacity. The company has taken up the space in Kharadi, Pune from Panchshil Realty. The workspace spans two floors, featuring 1,000 desks and is spread across 60,000 sq ft. Both these new workspaces are set to open in the second half of FY25.
 

Tamil Nadu deputy chief minister Udhayanidhi Stalin on Wednesday inaugurated 102 completed urban development projects worth 399.81 crore and laid the foundation stone for 108 new projects valued at 975.63 crore at an event held at the Ripon Building in the city. Addressing at the event, Udhayanidhi said, "it is not just everything for everyone, but everything for every town." He added that the DMK's vision for Singara Chennai was first articulated in 1959, when the party won the Chennai corporation elections. He credited former chief minister M Karunanidhi and chief minister M K Stalin for city's sustained growth, by bringing projects like the metro rail and road infrastructure upgrades. Of the 102 completed projects, 31 were implemented by the Greater Chennai Corporation, 2 by the CMWSSB, 35 by the directorate of municipal administration, 31 by Town Panchayats, and 3 by the TWAD Board. Among the 108 new projects announced, 62 will be executed by the Greater Chennai Corporation, including 477 crore for road re-laying and 54 crore for canal improvements. Four projects will be carried out by Metro Water, including underground drainage system (UGDS) works in North Chennai. Another 28 projects fall under the directorate of municipal administration and 14 under the town panchayats. He awarded 7.26 lakh in cash prizes to 62 high-performing Class X and XII students from Chennai Corporation schools, along with 38 teachers and 14 headmasters.

Blackstone has received approval from the Competition Commission of India (CCI) for its proposed investment in Kolte-Patil Developers through a combination of preferential allotment and secondary share purchase. In March 2025, the company had announced about a proposed equity infusion via preferential allotment and secondary share acquisition by BREP Asia III India Holding Co VII, an affiliate of Blackstone. The transaction involves a two-pronged investment structure, cumulatively valued at approximately ?1,167 crore. As part of the deal, Kolte-Patil Developers will issue 1,26,75,685 equity shares on a preferential basis to BREP Asia III India Holding Co VII. The shares, having a face value of ?10 each, are priced at ?329 per share, translating to a total infusion of ?417.03 crore. Post completion, Blackstone will hold 40% of Kolte-Patil’s equity capital, excluding the open offer. Subject to full acceptance of its open offer for an additional 26% stake from public shareholders, its holding may rise to 66%.  Post-transaction, the promoter group’s shareholding will decline from 59.52% to 33.81%, with significant stake dilution by Rajesh Anirudha Patil, Naresh Anirudha Patil, and Milind Digambar Kolte, among others.

Asian Paints shares will be in focus on Monday after Birla Opus Paints, a unit of the Birla Group, filed a complaint with the Competition Commission of India (CCI), accusing the company of abuse of dominance, according to sources cited by CNBC-TV18. Grasim Industries, which owns Birla Opus Paints, reportedly filed the complaint in November 2024, alleging that Asian Paints threatened dealers with reduced credait limits and withdrawal of contracts if they engaged with Grasim. The complaint also accuses Asian Paints of delaying supplies and restricting access to tinting machines as a pressure tactic. Asian Paints, India’s largest paint manufacturer, holds 53% of the country’s installed paint production capacity and has a vast distribution network of over 74,000 dealers across 1.6 lakh touchpoints. Sources said the CCI is expected to soon initiate a formal investigation into the allegations, with an order for a probe likely in the near future. According to Trendlyne, the average target price for Asian Paints is Rs 2,289, implying a potential upside of 2%. Of the 35 analysts covering the stock, the consensus rating is ‘Sell’. The stock has declined 23% over the past year and 30% over the last two years. Its current market capitalisation stands at Rs 2.15 lakh crore. 
 

People looking to invest in property in Ayodhya will have to pay more to execute transactions as the district administration is set to revise the circle rate of the land upwards. According to officials, the benchmark rates of residential properties in  prime areas could increase by about 40%, while agricultural land on the outskirts would be increased by 10-30%. The new rates will take effect from Saturday, and buyers will need to pay increased stamp duty. The circle rates in Ayodhya were not revised since 2017. Noting the increased value of properties mentioned in sale deeds, the local administration initiated the process of revising the stamp duty last year. Divided into five tehsils (administrative subdivisions) — Sadar, Sohawal, Milkipur, Bikapur, and Rudauli — the benchmark value of agricultural, non-agricultural, and commercial plots and vacant land will increase substantially. A senior officer from the district administration said that after conducting local surveys and collating the value of the plots and buildings mentioned in the sale deeds, the new rates were fixed after addressing objections and suggestions of residents. State minister of stamps and registration (independent) Ravindra Jaiswal said, "The increased rates will not only help the department generate more revenue but will also benefit local farmers and property owners who are going to be impacted due to development projects. The value of the land being acquired by govt agencies and private players will also increase proportionately."
 

iPhone maker Apple India has taken on lease 12,616 square feet area in Sky City Mall at Borivali East, Mumbai for a minimum monthly rent of Rs 17.35 lakh, according to CRE Matrix. Real estate data analytics firm CRE Matrix has reviewed the lease agreement of Apple India, which currently has two stores, one each in Mumbai and New Delhi. Premium mobile device maker Apple India has leased this space from Incline Realty for a period of 10 years and 10 months. The rent free period is 10 months. The starting monthly rent is Rs 138 per square feet. The minimum payable rent is Rs 17,35,104. The revenue share percentage is 2 per cent per quarter for first 42 months, and then 2.5 per cent per quarter, as per CRE Matrix. In April 2023, Apple opened its first two official stores in India--in Saket (Delhi) and BKS (Mumbai). Last October, Apple had announced that it will open four more stores in India, in Pune, Bengaluru, Delhi-NCR and Mumbai. Apple began manufacturing iPhones in India in 2017. Last month, government sources said Apple's investment plans for India are intact and the company proposes to have a major manufacturing base for its products in the country.