26 Aug 2024

U.S. grocery retailer Hy-Vee is expanding its Indian presence by leasing a 54,000 sq. ft. office in Bengaluru's Karle Tech Park, accommodating 350 employees. This move follows the establishment of its Global Capability Center in April 2023 at Manyata Tech Park. With over 550 U.S. stores and USD14 billion in annual sales, Hy-Vee's Bengaluru expansion underscores its commitment to leveraging India's talent pool. This strategic investment in India's tech hub reflects a broader trend of U.S. companies capitalising on local expertise to enhance global operations.Read more

21 Aug 2024

Residents of Anjanapura BDA Layout are voicing strong concerns over a plan to relocate slum dwellers from Kengeri and Shankarpally to their neighborhood. Developed by the Bangalore Development Authority (BDA) 25 years ago, Anjanapura still faces basic infrastructure challenges, including a lack of reliable water supply, forcing residents to depend on tankers. The decision by the Karnataka Slum Development Board to move slum dwellers to Anjanapura instead of the originally planned locations has alarmed residents. They fear this could lead to increased crime and further strain on the already inadequate infrastructure. The Anjanapura Residents Welfare Association has formally expressed their concerns to the Deputy Commissioner, emphasizing the potential risks to water resources and the lack of essential civic amenities in the area.Read more

20 Aug 2024

NatWest Group plans to hire around 4,000 employees in Bengaluru over the next two years, significantly boosting its engineering and innovation capabilities. The bank's new office at Bagmane Constellation Business Park will span 370,000 square feet, tripling its current capacity. This expansion follows a previous commitment to add 3,000 software engineers by 2026, increasing the Bengaluru workforce to about 6,000. With 17,000 employees across India, NatWest aims to leverage India's tech talent to enhance its global services, reflecting a broader trend of international firms investing in India's growing tech hub.Read more

19 Aug 2024

BHIVE Workspace has leased 42,000 square feet in Brigade Metropolis, Bengaluru, boosting its seating capacity to over 1,200. This follows last year's acquisition of space on the same floor and is part of BHIVE's strategic expansion to meet rising demand for flexible workspaces. The company plans to increase its managed office space by one million square feet this fiscal year, aiming for a revenue of INR 348 crore. As Bengaluru's coworking sector grows, BHIVE's expansion aligns with the city's shift towards hybrid work models and flexible office solutions.Read more

15 Aug 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) is cracking down on neglected vacant properties, with fines of INR 2 per square foot for unkempt plots. Property owners will receive notices if their sites lack cleanliness, and repeat offenders may face legal action. This initiative aims to curb illegal dumping, improve public health, and enhance neighbourhood quality. Simultaneously, the BBMP is intensifying efforts to combat mosquito-borne diseases like dengue, deploying 600 fogging machines and 618 sprayers across the city as daily case numbers stabilise. The BBMP's actions reflect its commitment to fostering a cleaner and healthier Bengaluru.Read more

15 Aug 2024

Fortius Infra, led by Gopi Krishnan, has completed two major real estate projects in Bengaluru: Fortius Origin, a 180,000 sq. ft commercial office in Koramangala, and Under the Sun, a 600,000 sq ft luxury villa community in Devanahalli. Partnering with Colliers India, Fortius tackled challenges like high-water tables and used innovative solutions to finish ahead of schedule. Colliers will manage leasing and facilities for Fortius Origin. These projects highlight the importance of developer-management firm collaboration to meet Bengaluru's growing demand for commercial and residential spaces. Fortius Infra's projects are set to impact the city's infrastructure and living standards positively.Read more

14 Aug 2024

The Bangalore Development Authority (BDA) is contemplating a 15-20% price increase for villas in Hunnigere, off the Nelamangala-Sondekoppe Road, due to rising construction costs. Prices for 3 BHK villas may rise from INR 75 lakh to INR 85-90 lakh, and 4 BHK villas from INR 1.10 crore to INR 1.15-1.20 crore. Additionally, prices for 320 one-bedroom flats have increased from INR 13.50 lakh to INR 15 lakh. This move, set for finalisation in an upcoming board meeting, has sparked concerns among prospective buyers about affordability amidst ongoing inflation and market conditions.Read more

14 Aug 2024

Residents across Bengaluru are raising alarms about illegal construction and building bylaw violations. Notably, a senior citizen from Nandidurga Road Extension reported over 15 major violations, including illegal utility connections. Despite repeated complaints to BBMP and state officials, the building's owners added extra floors and a generator on an upper floor. Other areas, such as Jeyamahal and Basavangudi, face similar issues, with unauthorised gas cylinder facilities and encroachments on public roads. Residents demand stricter enforcement from authorities, emphasising that these violations pose significant safety risks and undermine community well-being.Read more

14 Aug 2024

Bengaluru's rapid growth and economic significance have not led to its designation as a 'Metro' city, unlike Mumbai, Delhi, Kolkata, and Chennai, which benefit from a 50% House Rent Allowance (HRA) tax exemption. Union Minister of State for Finance, Pankaj Chaudhary, highlighted that Bengaluru, classified as a non-metro, only receives a 40% exemption. This disparity has sparked calls for reclassification to alleviate financial pressure on residents and attract talent. The government's stance, aimed at rationalising tax rates and limiting exemptions, continues to stir debate on urban growth and national fiscal policies.Read more

13 Aug 2024

Lansum Properties has acquired a 3.6-acre land parcel in Kokapet, Bengaluru, for INR 200 crore to develop a high-end residential project. The company secured INR 250 crore in financing from IndusInd Bank for construction and project development. The luxury project will feature three and four-BHK units starting above INR 2.4 crore and will include 55 floors, benefiting from Hyderabad's unlimited floor space index regulations. Hyderabad's luxury property market is thriving, with sales for homes above INR 1 crore up 50% year-on-year, and land prices in Kokapet have nearly doubled since 2021.Read more

12 Aug 2024

Aranyakaa Farms has achieved a remarkable 75% increase in farmland value across nine projects over the past three years, driven by its commitment to sustainable development and innovative agricultural practices. With Bangalore facing congestion and water issues, the company offers a serene alternative, enhancing land values amid a 20-30% surge in farmland prices around the city. Notable projects like Vrindavan and Tapovan saw prices soar from INR 60 lakh to INR 1.3 crore per acre. Aranyakaa Farms' smart farming techniques and community focus have positioned it as a leader in managed farmland, with continued growth expected.Read more

09 Aug 2024

The Karnataka Real Estate Regulatory Authority (KRERA) has mandated GVG Infrastructure Pvt Ltd to refund INR 34.7 lakh to homebuyer Dhimosh Mangadan for failing to complete the Mulberry Mist project in Varthur, Bengaluru, on time. Despite an August 2019 deadline, the project remains unfinished. KRERA's order, issued on July 10, also demands an additional INR 11.5 lakh in interest. This case highlights Bengaluru's real estate issues, with over 26,030 delayed housing units valued at INR 28,072 crore. Across India, approximately 5 lakh homes are stalled, emphasising the need for stricter enforcement of developer accountability.Read more

09 Aug 2024

The extended Green Line of Namma Metro, from Nagasandra to Madavara, will begin commercial operations by October. This 3-km extension, part of Phase II, includes new stations at Manjunathnagar, Chikkabidarakallu, and Madavara. The Bangalore Metro Rail Corporation Limited (BMRCL) will start trial runs soon and expects an additional 25,000 to 30,000 riders. The construction at Madavara is nearing completion, with the hold of power supply almost finished and trial tests planned within the next few weeks. The extension will improve access to the Bangalore International Exhibition Centre and ease travel for passengers from nearby areas.Read more

08 Aug 2024

From January to June 2024, Millennials and Gen Z accounted for over 60% of property purchases in Bengaluru, marking a significant shift in the real estate market. Data from NoBroker reveals that Gen Z, aged 11-26, made up 16% of these sales, while Millennials, aged 27-42, dominated the rest. Properties ranged from INR 70 lakh to INR 1.1 crore, reflecting young buyers' willingness to invest significantly. Notably, 67% of these buyers are from dual-income households. The trend includes increasing female participation and a preference for under-construction projects, signalling a transformative phase in the housing market driven by younger generations.Read more

08 Aug 2024

In 2023, Bengaluru led Global Capability Centres (GCCs) office space leasing with 15.34 million square feet, commanding a 53% share in the IT/ITeS sector. This positions Bengaluru ahead of other major cities like Mumbai and Hyderabad. The GCC sector's leasing activity is projected to grow to 26 million square feet by 2027, marking a 16% increase from 2018 levels. Despite a global economic slowdown, GCCs continue to thrive, with revenues expected to hit USD 46 billion by 2024. The number of GCCs in India rose from 1,250 in 2019 to about 1,600 in 2023, potentially reaching 2,525 by 2030.Read more

08 Aug 2024

Bengaluru tops India's residential real estate market, with JLL Research reporting 18,548 housing units sold and 16,537 new homes launched between April and June 2024. The city represents 21% of national new launches and 23% of home sales. The majority of new launches are in the upper-mid segment, priced between INR 1 - INR 3 crore. Whitefield and areas like Hosur Road have driven much of this activity. The average property price rose by 15%, and unsold inventory dropped by 21% year-on-year. Bengaluru's robust performance underscores its strong demand and dynamic real estate sector.Read more

06 Aug 2024

Residents of Nadaprabhu Kempegowda Layout (NPKL) in Bengaluru are challenging the Bangalore Development Authority's (BDA) recent imposition of a INR 31,000 road cutting fee on site allottees. This fee is being charged despite ongoing delays in providing essential infrastructure such as drinking water, recycled water, and an underground drainage system. Site allottees, who have been waiting for over eight years, argue that the BDA has not fulfilled its initial promises. The Nadaprabhu Kempegowda Layout Open Forum has requested the Chief Minister to halt the fee collection, citing financial strain on residents. The Deputy Chief Minister confirmed that development costs should be included in site fees, raising concerns about the fairness of additional charges before infrastructure completion.Read more

05 Aug 2024

The Karnataka government introduced two bills to enhance revenue and prevent water theft. The Karnataka Municipalities Bill, 2024, imposes fines of up to INR 50,000 and 15-day imprisonment for officials failing to collect property tax and double tax on unauthorised buildings. The Karnataka Irrigation Bill increases water theft penalties to INR 2 lakh and two-year imprisonment, requiring government permission for drilling near canals. These amendments aim to improve compliance and resource management, ensuring better adherence to regulations and preventing illegal activities, thus enhancing accountability and contributing to the state's development and sustainability.Read more

01 Aug 2024

The Karnataka government has approved a bill to restructure Bengaluru's administration, proposing to divide the Bruhat Bengaluru Mahanagara Palike (BBMP) into up to 10 smaller units. This aims to enhance governance in the city, which faces challenges like traffic congestion, waste management, and infrastructure development. The plan includes increasing the number of wards from 225 to 400 and establishing a Greater Bengaluru Authority (GBA) to coordinate the smaller units. The GBA will oversee the 1,400 sq km region but not local planning, which remains with the Bangalore Development Authority (BDA).Read more

01 Aug 2024

The Karnataka government is addressing illegal land registrations, especially in high-value areas like Bengaluru, by integrating "e-khatas" or electronic land records for all properties. Revenue Minister Krishna Byre Gowda announced this initiative to enhance transparency and prevent illegal conversions of agricultural land. Responding to allegations of sub-registrar collusion with land sharks, Gowda highlighted that a new bill, pending the President's assent, aims to curb such activities. The government also addressed issues related to the regularisation of houses on government land and the usage of 'Kumki' land. These measures aim to protect legitimate property owners and ensure accurate land records.Read more