11 Jul 2024

The Karnataka Government is pushing for Central Government approval of two key phases of the Bangalore Metro Rail project. Phase three, costing INR 15,611 crore, awaits Union Urban Development Ministry clearance, while Phase 3A, the 37 km Hebbal-Sarjapur line, estimated at INR 28,405 crore, needs final approval despite state government consent. Additionally, the government seeks approval for the Mekedatu drinking water project and the development of Bangalore International Airport into an Air Cargo Complex. Chief Minister Siddaramaiah also emphasized the need to upgrade state highways and complete various infrastructure projects to enhance connectivity and economic growth across Karnataka.Read more

11 Jul 2024

Leading real estate developer Concorde Group has acquired a 1.6-acre land parcel on Sarjapur Road in Bengaluru for a new residential project estimated at INR 200 crores. Facilitated by Colliers India, the project will feature a high-rise building with 2 and 3 BHK apartments, integrating home automation for enhanced security and energy efficiency. A signature Evolve clubhouse will provide top-notch amenities. The prime location offers access to key IT clusters and improved connectivity with the upcoming Peripheral Road and Namma Metro expansion. This acquisition underscores Concorde's commitment to innovative, high-quality living spaces, reinforcing its position as a top real estate developer.Read more

11 Jul 2024

Godrej Properties has reached a milestone with its Godrej Woodscapes project in Whitefield-Budigere Cross, Bengaluru, selling over 2,000 homes and generating sales exceeding INR 3,150 crore (approximately USD 39 million). This project marks their most successful launch in Bengaluru and the highest sales volume and value ever for the company. This achievement, coupled with another recent launch exceeding INR 3,000 crore in sales, highlights the strong demand for residential properties in Bengaluru. With a robust pipeline of new projects in Bengaluru and plans to enter the Hyderabad market, Godrej Properties is set for continued growth in South India.Read more

09 Jul 2024

In 2024, Bangalore's rental market, particularly in areas like Whitefield, Koramangala, and BTM Layout, showed signs of cooling after a surge earlier in the year. This slowdown in rental growth is attributed to a substantial increase in new apartment completions, totaling nearly 8,850 units launched in Q1 2024. Whitefield alone accounted for about 35% of these launches. The influx of new rental options has stabilised prices, providing renters with more choices. Experts suggest this trend may lead to a rental correction, potentially lowering rents in specific parts of the city, although the full impact remains to be seen as the market continues to adjust.Read more

05 Jul 2024

Homeowners in Bengaluru with properties lacking a Khata have until July 31st to benefit from a new one-time settlement (OTS) scheme launched by the Bruhat Bengaluru Mahanagara Palike (BBMP). This initiative allows residents to clear outstanding property tax dues and obtain a Khata within three months. A Khata is essential for legal property ownership and facilitates connections to utilities, access to home loans, and property sales. The BBMP aims to generate INR 800-1,000 crore annually from the scheme, offering financial relief and simplifying future transactions. This initiative underscores BBMP's commitment to improving property registration and transparency in Bengaluru.Read more

05 Jul 2024

Bengaluru-based Sattva Group announces a bold investment of INR 12,000 crore to INR 14,000 crore (USD 1.5 billion to USD 1.75 billion) over the next 2-3 years, driven by robust growth in India's real estate sector. The strategy marks a shift towards residential development following a surge in sales, aiming to double residential revenues to INR 6,000-6,500 crore (USD 750-812.5 million) by FY25. Expanding into Chennai and Mumbai, Sattva Group plans 23 million sq. ft under construction and eyes a significant commercial office market recovery with projects housing Google, Novartis, and JP Morgan. Financing includes equity, debt, and partnerships with firms like Blackstone Inc., underscoring their confidence in India's property market resilience.Read more

04 Jul 2024

Bengaluru-based real estate developer Concorde has acquired a 1.6-acre plot on Sarjapur Road, valued at INR 32 crore, to develop a high-rise apartment tower with a GDV of INR 200 crore. The project will offer 2 and 3 BHK apartments over 225,000 sq ft, aligning with Concorde's mid-market focus. This follows their March 2024 acquisition of a 4.5-acre parcel in Thanisandra for a INR 400 crore development. Bengaluru's strong IT sector and growing population drive demand for mid-market housing, particularly in areas like Sarjapur Road. Construction is slated to start in July 2024, with further project details expected soon.Read more

03 Jul 2024

Bangalore's logistics sector gets a boost as CJ Darcl Logistics leases 125,000 sq ft of warehousing space from IndoSpace. The nine-year agreement, located in IndoSpace's Narasapura Industrial and Logistics Park, strategically enhances CJ Darcl's operational capabilities. This partnership leverages IndoSpace's extensive network across 11 cities, offering CJ Darcl access to efficient logistics infrastructure crucial for expanding their Warehousing and Distribution (W&D) services. The move underscores Bangalore's role as a key logistics hub in India, supporting economic growth and meeting growing demand for high-quality logistics solutions amid rising e-commerce activity.Read more

02 Jul 2024

The Karnataka government has addressed concerns over reports of selling 25,000 acres around Bengaluru for development. Emphasising balanced economic growth, the government clarified that land sales are not planned. Instead, they aim to increase non-tax revenue from sectors like mining, urban area advertising, and naming rights for public projects. Improving tax compliance and monetizing non-strategic assets without outright land sales are key strategies. The government plans to enhance private land value through infrastructure projects and develop idle government land to generate income. Collaborating with global consultants, they seek private investment for industrial townships, ensuring transparency and sustainable development for Bengaluru.Read more

27 Jun 2024

Despite a directive from the BBMP Commissioner to demolish illegal buildings within 117 days, unauthorised structures in Bengaluru's Whitefield area persist. In October 2023, the BBMP identified 38 illegal buildings, but residents report no demolitions nearly seven months into the drive. Citizens, who were initially hopeful, have become frustrated as enforcement efforts weakened, with BBMP marshals withdrawn in December. RTI responses revealed that out of 72 buildings, only 34 had plan approvals, with 28 having deviations. The lack of action has led to continued construction of new illegal buildings, highlighting the city's administrative failures and possible collusion with violators.Read more

27 Jun 2024

Residents in Bangalore's Vajarahalli area can expect relief as the BBMP has filed an FIR against Provident Apartment for improper wastewater disposal, under Sections 278 and 283 of the IPC and Section 3 of the Prevention of Damage to Public Property Act, 1984. The untreated wastewater, causing significant road damage and health risks, has been a recurring issue. BBMP's Assistant Engineer confirmed prior warnings and police complaints. The Thalaghattapura Police have demanded immediate rectification from Provident Apartments, highlighting the importance of responsible waste management and the BBMP's role in enforcement.Read more

27 Jun 2024

In a pivotal ruling, Karnataka's KRERA reinforces builders' obligations to rectify structural flaws post-handover. Triggered by water seepage issues at SNR Verity, Bengaluru, the case spotlighted SNR Square Pvt Ltd's negligence. KRERA's mandate extends developers' liability for five years post-residents' association formation, safeguarding against common pitfalls like leakages and faulty wiring. Despite RERA's protective framework, challenges persist with developers evading responsibilities, often shifting repair burdens to associations prematurely. Empowered by KRERA's directive, Karnataka's homeowners armed with documentation and procedural knowledge can compel builders to honour their commitments, securing livable homes long-term.Read more

24 Jun 2024

Whitefield, a rapidly developing IT and residential hub in eastern Bangalore, has become a prime real estate destination. With its robust infrastructure, excellent connectivity, and abundant social amenities, Whitefield attracts professionals and families seeking a comfortable lifestyle amidst the growing tech ecosystem. In May, Carmel Heights led the real estate market with the highest number of deals, followed by Prestige Palms and Amrutha Heights. The locality offers diverse housing options, from luxury apartments to budget-friendly choices, catering to a wide range of preferences and budgets. Whitefield's thriving real estate market underscores its appeal as a vibrant and sought-after locality.Read more

21 Jun 2024

Royal Orchid Hotels, a Bengaluru-based hospitality company, has announced an ambitious plan to nearly double its room count to 11,000 keys across India within two years. Targeting new cities in Jammu & Kashmir, Uttar Pradesh, Andhra Pradesh, and Telangana, the company aims to secure management contracts and explore flexible-lease revenue-sharing models. Shifting to an asset-light approach, Royal Orchid focuses on leases and revenue-sharing agreements to accelerate expansion and mitigate financial risks. With over 100 hotels in India, Sri Lanka, and Nepal, the company seeks to strengthen its luxury and smart hotel segments, reflecting optimism in the rebounding Indian hospitality sector.Read more

20 Jun 2024

Amazon is significantly expanding its presence in Bengaluru, leasing over 1.1 million square feet of office space from Sattva Group. Located at Sattva Horizon business park near Bengaluru International Airport, the new 11-story building will accommodate over 7,000 employees and be operational by mid-2025. This lease follows Amazon's other major property deals in India, securing over 1.45 million square feet across Bengaluru, Gurugram, and Hyderabad. Additionally, Amazon Web Services plans a USD 12.7 billion investment in Indian cloud infrastructure by 2030, emphasizing the company's long-term commitment to India's digital and economic growth.Read more

20 Jun 2024

MoEngage, a US-based customer engagement platform, is expanding its Bengaluru operations by leasing an additional 450 seats at 315Work Avenue, doubling its space to 45,000 square feet. This move underscores the growing trend of businesses opting for co-working spaces for flexibility and scalability. 315Work Avenue provides customized, modern workspaces that cater to MoEngage's needs, enhancing employee productivity. Manas Mehrotra, Founder of 315Work Avenue, emphasized their commitment to client satisfaction. This expansion reflects India's booming demand for co-working spaces, projected to comprise 20% of the office market by 2030, driven by the need for adaptable and cost-effective work environments.Read more

19 Jun 2024

Global energy management and automation leader Schneider Electric has launched its largest employee campus worldwide in Bengaluru with a significant INR 200 crore (EUR 22 million) investment. This expansive 630,000 square-foot campus, located at Bagmane Solarium City, serves as a global innovation hub, the first of its kind for Schneider Electric. It aims to foster innovation and collaboration among over 8,000 professionals. This strategic move underscores India's role in Schneider Electric's growth, leveraging the country's rich talent pool and positioning the nation as a pivotal centre for cutting-edge solutions in energy management and automation.Read more

18 Jun 2024

Total Environment, a Bangalore-based real estate developer, secures over INR 1,600 crore funding, accelerating residential project delivery across Bangalore spanning 12 million sq. ft. The funding, sourced from top banks, comes after robust residential sales performance. Founder Kamal Sagar attributes their strategic exit from expensive debt to sales focus and market uptrend, enabling loans at lower interest rates (9.7% to 12.5%). This shift from higher-interest investments marks Total Environment's transition, aiming to deliver 100 homes monthly. The move aligns with the booming Indian residential sector, witnessing heightened sales and increased investments, positioning Total Environment advantageously in Bangalore's competitive market.Read more

18 Jun 2024

Bangalore-based Gopalan Enterprises plans to invest INR 2,000 crore to develop a 20 million sq. ft office portfolio, aiming to increase annual rental income to INR 500 crore within four to five years. This strategic move addresses the rising demand for large corporate campuses. With prestigious clients like Oracle, Samsung, Google, and TCS, Gopalan focuses on key locations like Whitefield and Outer Ring Road in Bengaluru. Additionally, they are expanding their aerospace park to 1 million sq. ft and diversifying into various sectors, positioning themselves for growth in real estate, aerospace, education, and more.Read more

18 Jun 2024

Deputy Chief Minister D K Shivakumar of Karnataka has issued a reminder to property owners in Bengaluru regarding the ongoing 'One Time Settlement' (OTS) window for outstanding property tax payments. The scheme, closing on July 31, offers a 50% reduction in penalties and a waiver of interest payments. Despite this opportunity, over 4 lakh property owners are yet to participate, out of approximately twenty lakh properties eligible for the scheme. Shivakumar stressed the importance of tax compliance, warning of repercussions for defaulters after August 1. The digitization process of properties is underway to facilitate easier tax compliance. Additionally, Shivakumar addressed concerns about unauthorized flex banners, urging strict action and encouraging public complaints through the BBMP helpline.Read more