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Latest Property News in and Around Chennai

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Latest Property News in and Around Chennai

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  • Re : Latest Property News in and Around Chennai

    Varde Partners invests Rs 400 crore in Chennai-based Casagrand

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    “The money was invested against a portfolio of real estate projects and the builder has already drawn down Rs 200 crore,” one of them said. The builder is in talks to buy a 45-acre land parcel at Kelambakkam Road, Chennai.

    US-based alternative investment fund (AIF) Varde Partners has invested Rs 400 crore in Chennai-based real estate developer Casagrand Builder for purchase of land in Chennai for development, two people aware of the deal said.

    “The money was invested against a portfolio of real estate projects and the builder has already drawn down Rs 200 crore,” one of them said.

    The builder is in talks to buy a 45-acre land parcel at Kelambakkam Road, Chennai.

    “The land belonged to a Dutch firm and has been sold for over Rs 3 crore per acre,” said the person quoted above.

    The deal comes on the back of a recent Rs 440 crore investment made by Varde Partners in an Omaxe Group project in Delhi-NCR.

    The AIF has also made investments in two commercial projects of Phoenix Group in Hyderabad, and acquired a commercial building from Lodha Group in 2020 for around $1 billion.

    Casagrand is looking to develop a mid-income multi-storey apartment project on the Kelambakkam road, priced upwards of Rs 4,000 per sq ft.

    It currently operates in the middle-income residential category, priced upwards of Rs 35 lakh and up to Rs 1.5 crore, in Chennai.
    CBRE, the transaction advisor, Casagrand and Varde Partners could not be reached for comments.

    Last month, the Chennai-based builder had bought 20 acres of land in Perambur, Chennai from PVP Venture.

    “It had purchased eight acres outright while the remaining land is under JDA (joint development agreement),” a person in the know said. “Casagrand is looking to buy more land in the south to expand its residential portfolio.”

    Recently, the builder had received funding of Rs 1,200 crore from international investors including Apollo Global and KKR.

    Casagrand will add 25 million square feet of residential property by 2024 and 5 million square feet of office projects. It aims to achieve a sales target of Rs 3,750 crore this fiscal, up from Rs 2,300 crore in 2021-22.

    With improved consumer sentiment, top builders in the country have been seeing a continuous rise in homebuyer inquiries and conversions in recent months.

    Knight Frank India in its latest report, India Real Estate: H1 2022 (January – June 2022) cited that the Chennai residential market registered a 21% Year on Year (YoY) growth in sales in H1 2022. The city recorded sales of 6,951 housing units in H1 2022 compared to 5,751 housing units sold in H1 2021. The new home launches also increased by 40% YoY from 5,424 housing units in H1 2021 to 7,570 housing units in H1 2022.
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    • Re : Latest Property News in and Around Chennai

      Tamil Nadu notifies dugong reserve in Palk Bay, country's first

      P Oppili / TNN / Updated: Sep 22, 2022, 06:35 IST

      A file photo of a dugong being rescued

      CHENNAI: The state government, on Wednesday, notified India's first ever 'Dugong Conservation Reserve' in the Palk Bay. The area, a shallow water body enclosed with several small rivers along the coast, provides the ideal habitat for dugongs, dolphins and turtles.

      In this part of the biosphere reserve, the dugongs live within 10 metre depth not far from the shore. These marine mammals can weigh up to 300 kg, measuring 3.5 to 5 meters in length. Over exploitation of the sea grass beds by fishermen in the past and due to reduction in their habitat, their numbers have come down drastically.

      The establishment of dugong conservation reserve would help in protecting this highly endangered species and their habitat.

      Before notifying the area as a conservation reserve, the state government had held extensive consultations with the coastal communities, especially the fishermen who were living along the coast. Only after getting their consent, the proposal for the conservation reserve was submitted.

      Notification of the reserve will not cause any new restrictions or regulations to the communities, rather it will focus on their participation and cooperation for the conservation efforts.

      The proposal was recommended by the two district collectors. The chief naval hydrographer had also given his acknowledgement for the conservation reserve.

      When asked about the poaching of dugongs, one of the researchers said that poaching had stopped in the Palk Bay region. In fact, the local fishermen were involved in the rescue of some dugongs in Keezhathottam, a coastal village in Thanjavur district, two years ago.

      Tamil Nadu notifies dugong reserve in Palk Bay, country's first | Chennai News - Times of India (
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      • Re : Latest Property News in and Around Chennai

        Chennai: Eviction notice for encroachers around Medavakkam lake

        Ram Sundaram / TNN / Updated: Sep 24, 2022, 07:20 IST

        National Green Tribunal (NGT)

        CHENNAI: As part of the ongoing eviction drive in south Chennai, Tamil Nadu Water Resources Department has issued show cause notices to 875 encroachers on Medavakkam lake, according to a report submitted by the WRD before the National Green Tribunal (NGT) on Tuesday, September 20.

        Medavakkam lake, which was originally spread over 200 acres and served as an irrigating and drinking water source for the neighbourhood, in the past few years had lost nearly three-fourth of the water spread area due to encroachments. Citing news reports, which highlighted how pattas were issued to people using fake survey numbers, NGT Southern Zone two years ago had taken suo motu cognizance of this case and constituted a panel to enquire how the encroachers were provided electricity connections or tax receipts, and asked for a report suggesting permanent solutions.

        After repeated criticism from NGT over delay in filing the response, the state WRD has finally submitted its report stating that the revenue authorities have so far identified 1,396 encroachers in the form of houses and shops and show cause notices were already issued to 875 people among them.

        The encroachers will be given seven days' time to support their claim that they own the land, failing which form III notices will be issued for eviction process under Tamil Nadu Protection of Tank and Eviction of Encroachment Act, 2007, A Muthiah, Superintending Engineer of WRD told in his report.

        Notably, the Tamil Nadu Pollution Control Board (TNPCB) had already told the tribunal that the untreated sewage was released into the lake and Medavakkam Panchayat had already served notices for residential complexes and commercial establishments for polluting the lake. The NGT had already directed the board to act against the polluters. The case is scheduled to be heard on September 27.

        Chennai: Eviction notice for encroachers around Medavakkam lake | Chennai News - Times of India (
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        • Re : Latest Property News in and Around Chennai

          Stalin launches Green Tamil Nadu Mission

          Komal Gautham / TNN / Sep 24, 2022, 13:39 IST

          CHENNAI: Chief minister M K Stalin on Saturday launched the Green Tamil Nadu Mission that aims at increasing the green cover in the state from 23.7% to 33% in the next ten years. The CM launched the mission at Arignar Anna Zoological Park in Vandalur.

          Apart from tree planting initiatives, the mission will also facilitate online seedlings purchase via the Green Tamil Nadu Mission portal --

          Stalin said, "With involvement of various sectors, public and private organizations and people's participation, a massive tree planting programme will be undertaken to plant a variety of indigenous trees for the next 10 years." He added that 2.80 crore saplings had been raised through private charities and private nurseries. “Also, details of all planting locations are collected along with geotagged data to monitor sapling planting, survival rate,” he said.

          Around 500 saplings of ten indigenous species were planted. Another 1,000 will be planted at Vandalur zoo's parking area.

          Forest minister K Ramachandran said planting more trees is an important way to quickly control the natural hazards caused by climate change. Tamil Nadu is planning to cover 12,000 square km in the next 10 years through the Green Movement. Only indigenous species would be used, he said.

          Surpiya Sahu, state environment secretary, said, the government wanted this to become people's movement. "Every district has already formed a green committee. They will submit annual action plan and land details to the district collector," she said.

          Apart from this, they have also launched e-vehicles for the field workers of the forest that will help in improving the forest cover.

          Deepak Sreevastava, mission director for the Green TN Mission, seedlings would be delivered to the household in 7-10 days after the order was placed. Third party consultants have also been roped in for monitoring of the saplings. District committees will inspect the land parcels made available for sapling plantations.

          The chief minister felicitated farmers and individuals for their outstanding contribution in greening and afforestation activities.

          Stalin launches Green Tamil Nadu Mission | Chennai News - Times of India (
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          • Re : Latest Property News in and Around Chennai

            Office space providers expand their footprint to tier 2 and 3 cities of Tamil Nadu

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            Cheaper rentals, often half the rate in metros, and lower attrition despite lower salaries, because employees are in, or close to, their hometowns, make it win-win for companies and their employees.

            Tier 2 and 3 cities of Tamil Nadu have drawn IT/ITES majors in significant numbers post-pandemic, triggering a push by office space providers to expand their footprint across the state.

            The state government too recently announced a tidel park for Madurai, even as it spearheads construction of tidel neo parks (mini IT parks) in Ooty, Vellore, Tirupur, Villupuram, Tuticorin, Salem and Thanjavur.

            Cheaper rentals, often half the rate in metros, and lower attrition despite lower salaries, because employees are in, or close to, their hometowns, make it win-win for companies and their employees. The pandemic has made this transition quicker.

            Post-Covid, staying close to one’s roots and prioritising mental health and quality of life have become key for professionals. So IT companies are having to move to find talent, rather than employees moving for jobs.

            Accenture, for instance, opened one of its advanced technology centres in India at Coimbatore’s tidel park. Infosys recently established a centre in Coimbatore as part of its plans to set up micro-hubs across the country. Global IT firm 3i Infotech also launched its first centre of excellence for Oracle applications development in Tirunelveli. The company says the talent in tier-3 cities is on a par, if not better, with that in metros.

            Bevywise Networks, an IoT startup launched in 2016 serving more than 50 clients globally, has its entire product/engineering team based in Tirunelveli. Ranjith Kumar, founder and CEO, says he’s seen cost savings of 1.5x compared to any company in Chennai, and the low commute time makes quality of life richer for his team. "In case of emerging tech, even freshers in Chennai and other metros need to be trained after hiring, and we do the same," he says.

            Bengaluru-based 315Work Avenue, a coworking space provider, is entering the Tamil Nadu market simultaneously in Chennai, Coimbatore and Madurai. The firm plans to offer around two lakh sqft of space in the next six months, of which one lakh sqft will be in Coimbatore and Madurai. Incuspaze, a chain of premium enterprise-managed office spaces, is opening in Coimbatore with around 14,000 sqft, built for IT companies.

            Managed office and coworking space provider Work Easy Space Solutions Private Limited is looking at operationalising one lakh sqft in Coimbatore, Tenkasi, Madurai, Salem and Trichy in the next nine months to one year. Prathap Murali, WorkEZ head of business, says, "If the average rental per sqft in Chennai is ₹60-₹65, it is ₹30-₹35 per sqft in tier 2 and 3 locations. A lot of our clients in Chennai want solutions for their employees, who want a hub and spoke model in these towns," he says.

            The state government’s Elcot IT-SEZ parks are also benefiting with increased bookings for its new IT parks and those under construction in Coimbatore, Trichy and Madurai. However, the existing ones, especially in towns such as Hosur and Tirunelveli, only have a meagre 10%-20% occupancy levels. Sources TOI spoke to say transport and other infra around these IT parks have been weak, prompting companies to approach private tech park operators in the heart of the towns. However, Elcot MD Ajay Yadav says Hosur and Tirunelveli typically see interest from smaller tech firms with less than 50 employees and so the IT parks in these two towns are being re-modelled to set up plug and play facilities.

            Anuj Puri, chairman, Anarock Group, said, tier 2 and 3 towns in Tamil Nadu are witnessing a spate of infrastructure development that have made them sought-after destinations for IT/ITeS investments. "What works in favour of many of these tier 2 & 3 cities is the presence of infrastructure (either already functional or soon-to-be-operational), cheaper real estate cost and relatively cheaper human resource. Overall, the set-up cost for companies in tier 2 & 3 cities, which includes real estate and human capital, is 20%-30% cheaper than in tier 1 cities," he says.
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