The state contended that the government had called a meeting by a previous directive that suggested the creation of committees to oversee and stop unauthorized building in companies and municipalities. Following a previous ruling made by this court at its main location in Chennai, the government issued an order in 2023 establishing a high-level committee for the Greater Chennai Corporation.

Every company and municipality in the state would enact GOs akin to this one to establish committees of this kind. The state requested more time to form committees.

A division bench consisting of justices D Krishnakumar and R Vijayakumar ordered the state to submit a report after considering the submissions.

Every company and municipality in the state would enact GOs akin to this one to establish committees of this kind. The state requested more time to form committees. A division bench consisting of justices D Krishnakumar and R Vijayakumar ordered the state to submit a report after considering the submissions.

The court noted that several instances have been brought before it because the authorities have not taken the proper action to stop these constructions. Unauthorized building was not possible without the involved authorities’ knowledge.

The dismantling of unauthorized buildings and the initiation of disciplinary proceedings against negligent authorities were among the other orders this court had given. Despite this, no steps were taken to adhere to the directives strictly.

As a result, the court recommended that the state government form committees led by the relevant commissioners. The state was also asked by the court to respond with extensive recommendations aimed at preventing illegal structures. Several requests to remove unauthorized constructions from various corporation and municipality bounds were being heard by the court. The hearing for this group of cases has been postponed until March 4.

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Searches were conducted at 7 locations in Coimbatore and 10 locations in Chennai, including Aminjikarai, Anna Nagar, Egmore, and Kilpauk. When someone entered or left certain premises, armed paramilitary soldiers would stand watch.

One of the teams traveled to Coimbatore and paid a visit to Real Value Land Promoters’ Pattanam house, which is owned by DMK official Ramanathan.

A second team of IT officers searched the staff quarters of Real Value Land Promoters at Ramalingam Nagar in Naickenpalayam and the home of Ramanathan’s son Sornakarthik at Ruby Garden in Sulur.

Two other groups of people paid visits to the homes on Kalapatti Road belonging to Sadasivam and Balasubramaniam, the managing directors of Green Field Housing India Private Limited, in Mohan Nagar and Iyappa Nagar, respectively.

Another team searched Vignesh, the president of the Southern India Engineering Manufacturers Association (SIEMA), at his Coimbatore home on Dr. Balasundaram Road. Additionally, the Puliyakulam home of a Saravanan connected to Suguna Pumps was searched.

The searches were carried out to look for possible instances of tax avoidance, according to I-T department sources.

The 60-year-old construction contractor V Sathyamoorthy, who is based in Namakkal town, had many properties, including his house, searched in Namakkal.

For the state government’s PWD, Tamil Nadu Housing and Urban Development, and TWAD programs, the contractor has been building a number of buildings. The house’s paperwork, accounting records, computer, and laptops were taken by the I-T officers.

Similarly, four locations owned by PV Infra Projects in Periyar Nagar and CMK Projects Private Limited in Kanjikoil were searched by I-T inspectors. There had been a flurry in those locations due to the simultaneous searches.

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Reporters in Chennai were informed on Thursday by Indian Bank MD & CEO SL Jain that Ind Bank Housing has not operated for the last 20 years.

“At this point, Indian Bank also offers home loans. He stated, “We will wind it (Ind Bank Housing) up,” in response to a question on whether action will be made to bring the HFC back to life.

More than a month has passed since the RBI revoked Ind Bank Housing Ltd.’s certificate of reserve, in which Indian Bank owns 51% of the shares. HFC, which was founded in 1991 and has its registered office in Chennai, has been struggling since the year 2000 due to a growing number of non-performing assets.

However, Indian Bank recorded its largest year-over-year net profit of Rs 1,988 crore for the quarter that concluded on September 30, 2023.

This is a 62% increase over the equivalent quarter of FY23 when the bank earned Rs 1,225 crore. It was due to a 23% increase in net interest income in the second quarter of FY24 compared to the same quarter the previous year.

The bank reported total business of Rs 11,33,091 at the end of September 30, 2023, despite advances growing by 12% YoY to Rs 4,92,288 crore in the quarter ended September 30, 2023.

During the July-September quarter of FY24, there were 1,976 crore new slippages, of which Rs 570 crore were attributed to corporates.

According to Jain, the two or three corporate slippages that occurred recently are from the power sector and are based in Chennai and Odisha. He claims that the recovery during the quarter was Rs 2,265 crore, greater than the amount of new slippages.

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The residential real estate industry showed robust demand in Q3 of FY2023 with 11% year-on-year (YoY) growth in the area sold, it added. The area sold in the first nine months of FY23 climbed to 412 msf against 307 msf in the equivalent period of the previous year.

Post-pandemic, ICRA stated that there has been a gradual shift in the overall segment-wise composition with a rise in the contribution of the luxury and mid segments to the total sales across the top 7 cities – Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR), and Pune.

The luxury and mid sectors now account for a larger percentage of total sales, up from 14% and 36%, respectively, in FY20 to 16% and 42%, respectively, from April through December of FY23.
The value of the area sold in the residential real estate industry is anticipated to increase by 8–12% in FY23 and a further 14%–16% in FY24, according to Anupama Reddy, vice president and co-group head of corporate ratings at ICRA.

This is based on a sampling of the top 12 real estate developers who are listed. It’s anticipated that the trend towards bigger spaces, upgrades and a preference for house ownership will continue.
Irrespective Reserve Bank of India’s (RBI) rate increases during the current fiscal year, the interest rates on home loans are still lower than their peak before the creation of Covid, and affordability is still strong, according to the rating agency.

Low inventory overhang and planned launches benefit developers, but there are concerns associated with a downturn in economic growth’s effect on the employment market and an increase in interest rates on affordability, according to Reddy.

The amount of unsold inventory decreased from 923 msf in December 2021 to 839 msf in December 2022. As a result, according to ICRA, the years-to-sell (YTS) for the unsold inventory dropped to 1.5 years, the lowest level in a decade.

The rating agency added that a higher proportion of luxury units in the product mix and the partial pass-on of rising input costs were the main drivers of the average sale price’s 10% YoY increase in Q3 of FY23.

Ashiana Housing, Brigade Enterprises, DLF Ltd, Godrej Properties, Keystone Realtors, Kolte-Patil Developers, Macrotech Developers, Mahindra Lifespaces Developers, Prestige Estate Projects, Puravankara, Sobha Ltd, and Sunteck Realty were among the builders included in ICRA’s sample set.

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Despite dismissing a slew of petitions challenging the councils’ resolutions and the subsequent GO raising the property tax, Justice Anita Sumanth reserved property tax general revision notices for 2022-23, beginning in the second half. The court ordered that the amendments take effect in the first half of 2023-24, or on April 1, 2023.

“As courts have decided over the years, tax rate increases cannot be retroactive because any increase in tax rates and tax burden would be detrimental to the parties.” “Even at the limit, this court creates quite clearly that the citation to the first half of 2022-23 in the GO is erroneous and illegal,” the judge noted.

Both corporations have been directed to ensure that their websites remain functional and that grievance mechanisms are in place to allow all property tax assesses to seek clarification on any aspect of their property tax assessments.

The issue concerns the move to raise property tax rates in response to a need for additional funds, as well as the mandate issued by the 15th Central Finance Commission for obtaining grants and establishing entry-level conditions for accepting money under various central government schemes.

A notification was issued for the implementation of the general revision of real estate taxes within the boundaries of Chennai and Coimbatore Corporations, with effect from the first half of 2022-23, based on the recommendations of a committee formed by the state.

Aggrieved, the petitioners approached the court, arguing that it is not for the Central Finance Commission to impose such a mandate on the state because it is contrary to the Constitutional provision and the federal structure enshrined therein. “Because the requirement is derived from the Centre’s diktat, the GO is susceptible to being quashed solely on this basis,” they claimed.

They went on to say that state intervention is fatal to the revision because the respective statutes do not envision the state playing any role in matters relating to the determination of property tax in corporations. Refusing to concur, the judge upheld the GO’s legality and dismissed the petitions.

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The investment with EON Group is part of Certus Capital’s strategy to deploy approximately Rs 500 crore in senior secured real estate credit deals through Earnnest.me in the current fiscal year.

With this Rs 30 crore capital infusion, Earnnest.me investments have surpassed Rs 100 crore across three transactions since its launch in February. Prior to this, it had invested Rs 40 crore in Pune-based real estate development firm Pharande Spaces‘ portfolio of four affordable housing projects, and another Rs 40 crore in Chennai-based real estate firm Arun Excello’s portfolio of four residential projects.

The EON ONE project, which spans more than three-quarters of an acre near Siddhivinayak Temple, entails the redevelopment of an old housing society as well as the rehabilitation of its existing 27 members. While the rehabilitation portion of the project is nearing its end, the sale element has a total potential growth of 1.5 lakh sq ft and will be completed by December 2025, as all approvals have already been obtained. Based on current property rates in the area, the project is expected to bring in Rs 400 crore in revenue.

“Certus Capital’s investment in EON is a component of the firm’s strategy to fund well-placed projects carried out by developers in Tier 1 cities. “The residential real estate sector is experiencing increased demand and sales. Earnnest.me will continue to provide carefully selected and thoroughly researched property investment opportunities to our investors “According to Ashish Khandelia, founder of Certus Capital and Earnnest.me, the number is 11.

Certus Capital picks up 10-15% of each investment as part of its strategy to ensure its presence throughout the investment period. So far, more than 200 investors have invested in various credit opportunities through Earnnest.me, with a minimum spend ticket size of Rs 10 lakh. Over 50% of investors have returned to the platform.

It has a diverse group of investors that includes real estate agents, finance experts, family offices, CXOs, ultra-high networth individuals, professionals, and so on. Earnnest.me continues to actively assess deals in tier 1 markets such as Hyderabad, Bangalore, Pune, Mumbai, and Chennai.

Certus Capital has added former Deloitte India executive Vishal Singh to its leadership team in order to strengthen its institutional investment banking business. Ex-Piramal Capital executive Gaurav Bhalla has been appointed as Director, and ex-Deloitte India executive Siddharth Pal has been appointed as Senior Vice President. In addition, in 2023, it aims to launch its first category-ll alternative investment fund (AIF).

Certus Capital has assessed over Rs40,000 crore of real estate credit exposure held by NBFCs and housing finance companies since its inception in 2018. Certus also advised foreign investment firms on nearly Rs 10,000 crore in closed investments and platform commitments in the real estate credit and warehousing space.

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According to the report, aggregate demand and cumulative supply fell slightly year on year (quarter on quarter).
Greater Noida, Gurugram, Bengaluru, and Mumbai experienced the fastest year-on-year growth in residential demand, while Bengaluru, Kolkata, Navi Mumbai, and Mumbai experienced the slowest growth in residential supply.

“After years of uncertainty, 2022 has brought relative stability and recovery to the residential sector. Home sales have been strong all year, and the upcoming holiday season is expected to fuel growth even more because it is an excellent time to invest in real estate.” Sudhir Pai, CEO of Magicbricks, stated.

According to the report, residential demand in Bengaluru increased by 3.7% year on year, while supply decreased by 0.3%. Larger homes remained popular, accounting for 49% of the total demand and 43% of the total supply.

Chennai’s housing market contracted, with demand falling 9.2% year on year and supply falling 5.2%. According to the report, residential prices in the city increased 2.1% year on year.
Residential demand in Delhi remained subdued, falling 12.8% year on year. Three-bedroom apartments dominated its residential market, accounting for 49% of orders and 47% of supply.

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On Tuesday, he said there is a cultural and natural connection between Singapore and Tamil Nadu to collaborate in a few areas during a panel discussion titled “Partnering with Tamil Nadu for Technology, Innovation, and Entrepreneurship,” which was organized as part of the NTU Singapore-CII Singapore-India Dialogue.

Several city-state firms have previously invested in Tennessee real estate assets and REITS, including GIC and Ascendas, which is now CapitaLand.

“There is ample room for these kinds of asset managers and developers, along with the Tamil Nadu government, to explore more such chances using Singapore firms’ technical know-how.” Our housing minister informed me that plans to promote a couple of flagship housing projects in Chennai in collaboration with Singapore companies are in the works. We could look into other commercial real estate collaboration opportunities. This is what he said.

He stated that during a previous trip earlier this year, “two prominent Singapore ministers met me, and during the contact, they invited chief minister M K Stalin to lead a delegation to explore more potential for cooperation.”

He claimed that the ‘learning curve’ phase prevented him from doing more in this area in the 17-18 months since the government took power.

He also expressed disappointment that they “weren’t able to accelerate faster” and vowed to focus more on getting things off the ground in the future.

“One area where we could collaborate more is in fintech,” Thiaga Rajan said, “particularly in credit risk management in the context of unsecured debts, as well as working on a faster and more predictable dispute resolution mechanism.”

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Bangalore, 21 September 2022 – CapitaLand Hope Foundation (CHF), the philanthropic arm of CapitaLand Group, has launched its second CapitaLand Hope School in Bangalore, India to provide more than 400 children from underserved families with access to education.  CHF has contributed INR 50 million towards the construction of the school, which is the 31^st of the CapitaLand Hope Schools which span across India, China, and Vietnam.  Through the schools, CHF aims to provide children with a holistic education for a better start in life.

Located in Krishnarajapuram, Bangalore, the 20,000-square foot Government Kannada and English Medium Higher Primary School comprises eight classrooms, a staff room, a multi-purpose room, a playground, a kitchen, a sick room, library, computer and science laboratories, art & crafts room, and lavatories.  

CapitaLand staff volunteers and partners collaborated and built the school over a one-year period.  CapitaLand staff from International Tech Park Bangalore provided their real estate expertise to Karnataka Education Department including designing and managing the development of the school. Indian contemporary artist Madhuri Umashankar designed The Hope Wall which was unveiled at a ceremony for the handover of the school on 19 September 2022. 

CHF also partnered with an international non-profit organization, Room to Read, to set up the school library with materials to improve literacy amongst the children.  This is the 14^th library that CHF has established with Room to Read since they launched libraries across Bangalore to benefit some 2,000 children in March 2022.

 Mr. Gauri Nagabhushanam, Chief Executive Officer, India Business Park, CapitaLand Investment said: “We are extremely proud to complete our second Hope School in Bangalore to help over 400 children and their immediate families.  We are passionate about education and have contributed over INR 100 million to develop three schools, two in Bangalore and an upcoming school in Pune.  We take an active role in setting up the schools and continue to engage the children as well as contribute in various ways including donating various items and organizing activities for them.  It is extremely heartening to be able to reach out and touch the lives of the communities as we grow our business in India.”

Mr. D R Ramamurthy, Block Education Officer, South – 4, Krishnarajapuram, Bangalore said: “On behalf of the education department, we would like to extend our sincere thanks to CapitaLand Hope Foundation for building this state-of-the-art school in Krishnarajapuram for students from underserved families. These modern facilities are unmatched by any school across Bangalore and will immensely help our long-standing need to have this school and ‘Guru Bhavana’ (education office) in East Taluk. With deep appreciation and gratitude, we acknowledge CHF’s contributions towards the children and society, and we would like to continue collaborating with them for great work in the future.”

 CapitaLand #GivingAsOne campaign

CapitaLand is distributing 2,500 school kits to the CapitaLand Hope School in Mahadevpura as well as children across Bangalore, Chennai, Hyderabad, and Pune as part of its #GivingAsOne campaign.  Each kit contains a notebook, a geometry set, a pen, a pencil, and a dictionary.  Held from September to October this year, #GivingAsOne brings CapitaLand staff and partners together to do good by uplifting the lives of vulnerable groups and supporting the environment in communities where CapitaLand operates.  Staff is also rallied to pen messages of hope and encouragement through #Pen4Hope for children and seniors in  Singapore, China, India, Malaysia, and Vietnam.  CHF will donate INR 1,100 for every message and volunteer hour contributed.  Other than the distribution of the school kits, CapitaLand will be unveiling the upcoming hope school in Pune.

 Mr. Tan Seng Chai, Chief Corporate and People Officer of CapitaLand Investment and Executive Director of CHF, said: “As a socially responsible company, CapitaLand is committed to contributing to the environmental and social well-being of our communities.  To provide a conducive learning environment and improve children’s access to education, we have helped to build 31 schools benefitting over 28,000 children in China, Vietnam, and India since 2005.  We also support seniors and conservation efforts through various programs.  Through our annual #GivingAsOne campaign, we galvanize our staff and partners to come together to give back as it is through collective action that we can truly make a positive and meaningful impact in the communities.”

 About CapitaLand Hope Foundation (www.capitalandhopefoundation.com)

CapitaLand Hope Foundation, the philanthropic arm of CapitaLand Group, was established in 2005. As a registered charity and grantmaker, the Foundation aims to nurture and inspire the young, improve the quality of life of seniors, and protect the environment for future generations, with a focus on communities where CapitaLand operates. Going beyond donations, the Foundation also advocates volunteerism as an integral part of building a caring and inclusive community.

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The Indian Property Expo is a platform that allows various real estate players all across India that are backed by many Trade Associations, Financial Institutions, Hight Profile Brokers, Investors, Corporate Buyers and Channel Partners.

Indian Property Expo helps people to connect, associate and interact directly with Potential Buyers, Premium Buyers, Venture capitalists’ affluent clients, end-users and Investors who are in search of the best real estate projects.

The Indian Property Expo was held in association with Naredco Maharashtra, Builders Association of India (BAI), Maharashtra Societies Welfare (MahaSeWA), Media Varta News, Quick Realty Homes and The Free Press Journal.

The Indian Property Expo had great offers from several trusted builders like Godrej Properties, Sunteck Realty, Transcorn Group, Ruparel Realty, Vamsiram Group, Sensation Infracon, JP Infrastructure, Shubh Shagun, Apna Ghar and many more.

There were 1000+ visitors due to the following reasons:

• Top Builders & Developers Participating Across India.
• The right way to Invest in Properties for HNI’s & Regular Investors looking for high ROI.
• More than 125+ affordable and Premium projects under one roof to find your dream home
• Assured Gift to the first 100 Visitors which is provided by REALTY QUARTER.
• Projects range starts between 6 lacs to 3 crores
• 5 Android mobile for the first 3 spot bookings.
• 2 Night and 3 Days stay at Lucky Draw in Lonavala for 3 People.
• Gift Vouchers worth Rs.1000 each for Two People.
• Aspirational buyers looking for their dream home will get a wider view of the properties.
• Meet the builders directly and get special exhibition discounts and offers.
• Easy Finance available from all leading banks under one desk
• Exclusive in-depth Real estate Counseling to select the right property.

We thank all our visitors, partners, and associations for making the Indian Property Expo 2022 a success. If you have missed the opportunity of visiting or showcasing your projects then you can bookmark our site and stay tuned for our next event.

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