logo
Shoppers stranded as MLCP closes

Shoppers stranded as MLCP closes

Time of India4 days ago
Chennai: Weekend shoppers in T Nagar were caught off guard as the multi-level car parking (MLCP) abruptly shut down on Saturday, forcing many to turn back. With barely any staff in sight and barricades blocking entry, customers were left scrambling for parking space during the busy Aadi shopping season.
The 40crore facility, inaugurated in 2021 by the then chief minister Edappadi K Palaniswami, had been operated by a private firm whose contract ended recently. It was later handed over to another company on a temporary basis. "They ran it for a year, and now their term has also ended. So from Saturday, the shutters were down. As it's Aadi, there were many shoppers," said a Greater Chennai Corporation (GCC) official.
A lone security guard at the site placed red barricades at the entrance and was seen responding to confused and angry motorists.
You Can Also Check:
Chennai AQI
|
Weather in Chennai
|
Bank Holidays in Chennai
|
Public Holidays in Chennai
"I came in the afternoon expecting to find space, but on-road parking was full and the MLCP was closed. I had to park on Masilamani Road, but the traffic police locked my vehicle as it was a no-parking zone," said K Jagadeesan from Manapakkam.
Senthamarai Kumaresan from Vadapalani, who came on her two-wheeler, was also turned away. "GCC should have at least issued a closure notice. During Aadi, footfall is high in T Nagar, yet the civic body has shut down the MLCP.
Some temporary arrangements should be made immediately," she said.
The MLCP can accommodate 222 cars and 513 two-wheelers, with three car lifts and one bike lift. While bikes are parked in the basement and terrace, cars are accommodated across six floors each floor holding 37 cars. However, two of the three car elevators have been dysfunctional for months and remain unrepaired. For the past eight months, the temporary operator had been offering free parking for the first three hours.
"But with only one working elevator, queues were long, and car owners avoided the facility. As a result, most bylanes around Pondy Bazaar have turned into illegal parking zones," said V Manikandan of West Mambalam.
GCC commissioner J Kumaragurubaran said a new contractor will be appointed soon. "We will be floating the RFP shortly," he said.
Get the latest lifestyle updates on Times of India, along with
Friendship Day wishes
,
messages
and
quotes
!
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Blue Flag project to be expanded to three more Chennai beach stretches
Blue Flag project to be expanded to three more Chennai beach stretches

The Hindu

time8 hours ago

  • The Hindu

Blue Flag project to be expanded to three more Chennai beach stretches

Chennai's three beaches — Thiruvanmiyur, Palavakkam and Uthandi — are expected to be developed under the Blue Flag certification programme. Further, the Greater Chennai Corporation (GCC) is set to begin work on the second phase of the Marina Beach Blue Flag project — from the Mahatma Gandhi Statue to Nochi Nagar, opposite the Karaneeswarar Koil Street. After the inauguration of the Blue Flag project at Marina Beach by the Deputy Chief Minister Udhayanidhi Stalin on Sunday, Mayor R. Priya said a total of 30 acres along Loop Road had been planned for the next stage. She further said the Detailed Project Report was being prepared for these sites, and the tender would be finalised soon. The works, estimated to cost over ₹6 crore for each beach, will be funded under the Tamil Nadu: Strengthening Coastal Resilience and the Economy Project, supported by the World Bank. The plan includes new toilets and changing rooms, wheelchair-accessible paths, solar lighting, waste bins, lifeguard stations and grey water treatment systems. Seating areas and Blue Flag programme-compliant signboards will also be installed. Dedicated access for persons with disabilities will be created, according to the GCC. 'A total ₹6.02 crore has been allocated for each beach. The works will take seven months to complete, and the beaches will then be maintained for another year under the same contract by the private party engaged,' an official said. There was no mention of shops in the proposals for any of the four Blue Flag projects. To this, the Mayor said the decision to remove shops in the first phase at Marina Beach received good response from the public. 'This is also crucial to keep the beach clean — a critical criterion for Blue Flag certification. A complex can be set up for authorised vendors, and illegal shopkeepers will be evicted as per GCC regulations,' she said.

Saudi Arabia remains GCC's biggest borrower in H1 2025 despite 20% YoY drop in debt issuance
Saudi Arabia remains GCC's biggest borrower in H1 2025 despite 20% YoY drop in debt issuance

Time of India

time8 hours ago

  • Time of India

Saudi Arabia remains GCC's biggest borrower in H1 2025 despite 20% YoY drop in debt issuance

The Saudi riyal was the second most-used currency after the US dollar in GCC debt markets, raising $7 billion from eight issuances In the first half of 2025, Saudi Arabia retained its position as the top issuer in the Gulf Cooperation Council's debt markets, raising $47.93 billion through bonds and sukuk. While this figure reflects a nearly 20 percent drop from the same period last year, the Kingdom still commanded over half of the region's total issuances. A new report by Kuwait Financial Centre 'Markaz' provides a detailed view of the GCC's evolving fixed income landscape, highlighting shifting issuance preferences, currency trends, and sector-wise activity. Saudi Arabia at the Forefront – But Issuances Decline According to a comprehensive report by Kuwait Financial Centre (Markaz), Saudi Arabia raised $47.93 billion from 71 bond and sukuk issuances during the first six months of 2025. This accounted for 52.1 percent of total debt activity across the GCC, confirming the Kingdom's dominant role in the region's primary debt market. However, this volume represents a 19.8 percent decrease compared to $59.73 billion raised during the same period in 2024. Despite the drop, Saudi Arabia maintained a significant lead over its regional peers. Here's how other GCC countries performed in the first half of 2025, based on total issuance volume and market share: Saudi Arabia : Raised $47.93 billion through 71 issuances Accounted for 52.1% of total GCC debt issuance Down from $59.73 billion in H1 2024 (-19.8% year-on-year) United Arab Emirates (UAE) : Secured $24.03 billion from 69 issuances Represented 26.1% of the regional total Marked a 22.2% increase from the previous year Qatar : Raised $10 billion across 58 issuances Captured 10.9% of total GCC issuance Bahrain : Collected $5.62 billion from 7 issuances Made up 6.1% of the regional total Reflected a 49.7% increase year-on-year Kuwait : Issued $3.39 billion through 4 transactions Accounted for 3.7% of the GCC total Saw a 48% year-on-year increase Oman : Recorded $1.08 billion from 6 issuances Held the lowest market share at 1.2% Across the region, GCC-wide debt issuance totaled $92.04 billion from 215 issuances in H1 2025, down 5.5 percent year-on-year from H1 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When Knee Pain Hits, Start Eating These Foods, and Feel Your Pain Go Away (It's Genius) Click Here Undo This regional total reflects the combined efforts of sovereigns, corporates, and financial institutions to tap into capital markets amid changing macroeconomic conditions. In its December review, Fitch Ratings noted that total outstanding debt in the GCC surpassed $1 trillion, a milestone reflecting the maturing debt ecosystem in the Gulf. Changing issuance preferences – rise of conventional debt Markaz highlighted a shift in issuance trends within the GCC in early 2025. Conventional bonds made up 56.1 percent of total debt instruments, marking a reversal from H1 2024, where sukuk (Sharia-compliant bonds) held a majority share. In terms of value: Conventional debt issuance rose 7.8 percent year-on-year to $51.61 billion. Sukuk issuances, in contrast, declined 18.2 percent, amounting to $40.43 billion. For context, sukuk are Islamic financial certificates that provide partial ownership in an asset pool and are structured to comply with Islamic law, serving as an alternative to interest-bearing bonds. The increasing appeal of conventional bonds in 2025 appears to reflect evolving investor appetite and greater flexibility in issuance terms. The GCC debt market is continuing to diversify in both format and funding sources. Currency landscape – USD dominates, riyal follows The US dollar remained the preferred currency across the GCC primary market. In the first half of 2025: USD-denominated issuances reached $73.1 billion across 146 deals, representing 79.4 percent of total issuance volume. The Saudi riyal was the second most-used currency, with $7 billion raised from eight issuances. Currencies grouped under "other" amounted to $2 billion, of which the Hong Kong dollar contributed $682 million from 20 issuances, accounting for 0.74 percent of the region's total. A separate Fitch Ratings report from April revealed that GCC countries were responsible for over 35 percent of all emerging-market US dollar debt issued in Q1 2025, up from approximately 25 percent in 2024, excluding China. These figures underscore the continued international appeal of GCC sovereign and corporate issuances, particularly among dollar-based investors. Sector & issuer breakdown – corporates lead activity Corporate issuances surged in H1 2025, rising 67.7 percent year-on-year to reach $60.20 billion. This represented 65.4 percent of the region's total debt activity. By contrast: Government-related entities issued $11.2 billion across 11 deals, posting a modest 1.8 percent increase from the prior year. Sovereign issuances fell sharply by 48.2 percent, totaling $31.85 billion across the region. In terms of sectoral distribution: The financial sector led with $40.1 billion raised through 167 issuances, making up 43.6 percent of all activity. Government entities followed with $31.9 billion from 25 issuances. The energy sector recorded $8.6 billion from nine deals, accounting for 9.4 percent of the total. Remaining sectors together comprised 12.5 percent of total issuance. The issuance size across the GCC ranged widely, from as little as $2 million to $5 billion, reflecting varying capital needs and issuer profiles across public and private institutions.

Deloitte India, Embark forge strategic alliance to power next wave of global capability centres
Deloitte India, Embark forge strategic alliance to power next wave of global capability centres

Economic Times

time15 hours ago

  • Economic Times

Deloitte India, Embark forge strategic alliance to power next wave of global capability centres

Synopsis Deloitte India and Embark have formed a strategic alliance to provide comprehensive solutions for Global Capability Centres (GCCs) in India. This partnership aims to assist global enterprises in establishing and expanding their GCCs by offering services encompassing strategy, operations, infrastructure, and governance. In a move that underscores India's growing stature as the nerve centre of global enterprise transformation, Deloitte India and Embark — an integrated platform by Embassy Group — have entered into a strategic alliance to offer end-to-end solutions for Global Capability Centres (GCCs). The partnership aims to support global enterprises in building and scaling their GCCs in India through a comprehensive suite of services spanning strategy, operations, infrastructure, and over 1,800 GCCs currently operating in India — and projections ranging between 2,400 and 5,000 by 203, the alliance is looking to tap into growth. India's GCC sector has already seen economic contribution soar from $ 19 billion in 2015 to over $ 68 billion in 2024, reflecting a significant shift from cost arbitrage to strategic value creation. Today, one in three Fortune 500 companies has a GCC in India, and increasingly, mid-market firms are emerging as key players. In fact, 27% of the country's GCCs now belong to mid-sized enterprises, according to industry estimates. ' We are beginning to see significant shift in global enterprises' drivers for setting up a GCC. What started as pure capacity models for enterprise support functions are now moving towards becoming cognitive command centres housing emerging tech capabilities such as ArtificiaI Intelligence (AI), Engineering and Research & Development (ER&D) and other digital capabilities. Carrying an achievable vision of 5000 GCCs in the next five years, this sector is poised to generate US$150–US$200 billion in direct economic impact tapping talent beyond metros,' said Romal Shetty, Chief Executive Officer of Deloitte South Deloitte–Embark collaboration is designed to guide organisations across the entire GCC lifecycle — from vision and business case to legal entity setup, tax structuring, infrastructure, talent acquisition, and ongoing operations. Deloitte will bring deep transformation and advisory capabilities, while Embark, backed by Embassy Group's real estate and business ecosystem, will serve as the execution arm on the ground.' What we are seeing today is not just the growth of GCCs, but a fundamental shift in how global organisations view India as a strategic hub for innovation, beyond mere execution. Yet, many companies struggle to convert vision into reality due to a lack of a trusted advisor-led support system. This alliance with Embark is designed to solve that challenge. By bringing together complementary strengths under one roof, we enable enterprises to move from intent to impact faster, with greater confidence, proven ability and long-term scalability,' said Deepak Mowdhgalya, Partner, Deloitte India. As India cements its leadership in the global services value chain, the Deloitte–Embark alliance positions itself as a key enabler of the country's next growth frontier — turning GCCs into true engines of innovation, resilience, and enterprise agility.'Our combined strengths will enable global companies to seamlessly enter and scale in the Indian market, using world-class infrastructure,' said Aravind Maiya, Co-founder & CEO of Embark. Embark offers a one-stop platform for GCC setup, and is part of Embassy Group's broader ecosystem, which spans over 54 million sq. ft. of commercial real estate, 45 million sq. ft. of residential projects, and extensive capabilities across managed workspaces, hospitality, and education infrastructure. With Embark, Embassy aims to deliver a frictionless landing zone for global firms looking to tap into India's skilled talent and innovation ecosystem.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store