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

01 Aug 2024

BHIVE Workspace has leased 42,000 sq. ft. of Grade-A office space in Garudacharapalya, Mahadevapura, marking its second collaboration with Brigade Group. This new facility on the 7th floor of Summit B will support 1200+ seats and feature state-of-the-art amenities. "This new signing supports our strategic vision to enhance our presence across Bengaluru's key business hubs," said Shesh Rao Paplikar, Founder and CEO. BHIVE aims to expand its managed office space portfolio by an additional 1 million sq. ft. this year, projecting a revenue target of INR 348 Crore for FY 2024-25.Read more

31 Jul 2024

A delegation from the Kolhapur Municipal Corporation (KMC), led by Commissioner Manjulekshmi, visited the Bruhat Bengaluru Mahanagara Palike (BBMP) to study its property tax software, which serves millions of properties. Known for its user-friendly interface and online payment options, BBMP's system streamlines tax collection. KMC officials, including system manager Yashpal Rajput and tax assessor Sudhakar Challewad, observed the digitisation process firsthand at BBMP East Zone. This visit aims to facilitate the implementation of a similar system in Kolhapur, potentially enhancing tax payment ease for residents, improving municipal record-keeping, and increasing tax collection efficiency.Read more

29 Jul 2024

Homebuyers in Bengaluru's delayed Ozone Urbana project, developed by Ozone Group, have achieved a key victory. The Karnataka High Court ruled that Ozone Group promoters can be included in legal proceedings. Buyers had sought refunds exceeding INR 4 crore (USD 4.8 million) through the Karnataka Real Estate Regulatory Authority (KRERA). The ruling allows targeting promoters' personal assets, addressing a major gap in the Real Estate (Regulation and Development) Act, 2016. Despite regulations, KRERA reports developers owe over INR 486 crore (USD 5.8 million) for delayed projects, highlighting the need for further reforms to protect homebuyers.Read more

29 Jul 2024

BL Kashyap & Sons Ltd. has been awarded a major INR 160 crore contract by Suruchi Properties Pvt. Ltd., a Century Real Estate Holdings subsidiary. The project involves civil and structural works for a residential building in Kodihalli, Bengaluru. This new order expands BL Kashyap's order book to INR 3383 crores, highlighting the company's growth and capability in handling large-scale projects. Managing Director Vineet Kashyap emphasised the firm's commitment to excellence and innovation. With over 250 completed projects and operations across 12 cities, BL Kashyap continues to solidify its leadership in the EPC sector.Read more

26 Jul 2024

Samsung R&D Institute India has secured a renewed lease for its prominent office space spanning 4.2 lakh square feet within Bengaluru's Bagmane World Technology Centre. The lease, effective from June 4th, 2024, extends for 60 months with an annual rent of approximately INR 51.6 crore. This strategic move highlights Samsung's long-term commitment to India's IT sector, leveraging Bengaluru's robust infrastructure and skilled talent pool. The office provides Samsung with 11 floors of dedicated workspace, 562 parking slots, and 10 exclusive elevators, reinforcing its significant presence in India's tech landscape and fostering innovation through collaboration with local partners.Read more

25 Jul 2024

Karnataka's "Beyond Bengaluru" initiative aims to decentralise industrial development by establishing sector-specific clusters in cities like Belagavi for aerospace and Mangaluru for fintech and animation. This strategy seeks to replicate Bengaluru's IT sector success across diverse industries, attracting over 300 companies and creating 3,000 jobs in smaller cities. With a focus on regulatory ease and incentives, Karnataka aims to balance economic development statewide, leveraging its robust educational infrastructure and expanding renewable energy capacity. Challenges include regional competition and airport logistics, with solutions like reopening HAL airport under consideration, underscoring the state's commitment to sustainable and inclusive growth.Read more

25 Jul 2024

Brigade Group introduces Cobalt, featuring 948 one-bedroom apartments within the expansive Brigade El Dorado township in North Bengaluru. Designed for young professionals, Cobalt integrates sleek, contemporary architecture amidst 40 acres of lush greenery. The township offers extensive amenities including retail shops, entertainment venues, a hospital, and sports facilities. Strategically located 15 minutes from Kempegowda International Airport and near major IT parks, Cobalt ensures seamless connectivity. With completion expected by Q2 FY29, this project underscores Brigade Group's commitment to providing modern, sustainable living solutions in Bengaluru's vibrant tech corridors.Read more

25 Jul 2024

Hebbal, in northern Bangalore, has quickly grown from a quiet suburb to a busy residential and commercial area. The area has modern apartments, tech parks, and shops, attracting young professionals and families. There are also schools and hospitals, making it a convenient place to live. In June, Sobha City had the most sales with nine deals, followed by L&T Raintree Boulevard with 5 deals. Resale deals made up 69% of the total deals concluded in the month. Prices per square foot in Hebbal ranged from INR 1,200 to as high as INR 54,228, with an average of around INR 16,406. Around 38% of the apartments sold were within INR 1 crore range, while 50% of the flats sold were within INR 1-2 crores and 13% of the apartments sold were between INR 2 - 3 crores.Read more

24 Jul 2024

Godrej Properties has acquired land parcels in Bengaluru and Pune, marking a significant expansion. In North Bengaluru's Thanisandra, the company secured a seven-acre plot for a high-end residential project with a built-up area of 9 lakh sq ft, expected to generate INR 1,200 crore. In Pune's Hinjewadi, Godrej acquired 11 acres for a mixed-use development, featuring group housing and retail, with a developable potential of 2.2 million sq ft and estimated revenue of INR 1,800 crore. These strategic moves align with the rising demand for premium housing and commercial spaces in key Indian cities.Read more

24 Jul 2024

The Bangalore Apartments Federation (BAF) and the Real Estate Research Initiative (RERI) at the Indian Institute of Management Bangalore (IIMB) have signed an MoU to enhance awareness among homebuyers and residents in Bengaluru. This partnership aims to benefit nearly 1,300 apartment and villa RWAs, representing about 300,000 households, 1.5 million citizens. Key collaboration areas include research, knowledge generation, focusing on resource management, waste management, safety, and cultural integration. BAF President Vikram Rai highlighted the value of this partnership, while Prof. Venkatesh Panchapagesan noted that RERI's first initiative will involve training residents to manage their apartment associations effectively.Read more

24 Jul 2024

A Bengaluru resident, Shreyanshu Pavas, won a significant victory from the Karnataka Real Estate Regulatory Authority (KRERA), receiving INR 48.4 lakh compensation for a seven-year delay in the possession of his apartment. Mr. Pavas had booked a flat in Mantri Webcity 2A on Hennur Road in 2013, expecting completion by 2016. Despite paying over INR 63 lakh, he faced immense inconvenience and financial loss due to the delay. KRERA ruled in his favour, emphasising the developer's failure to honour contractual agreements, highlighting RERA's crucial role in protecting home buyers' rights in India.Read more

23 Jul 2024

Bengaluru Airport City Limited (BACL) is set to transform the area around Kempegowda International Airport (KIA) into a sprawling 45 million square feet commercial and hospitality hub by 2038. This development will prioritise commercial office spaces, with nearly 2 million square feet dedicated to Global Capability Centres (GCCs) by 2026, attracting major corporations and multinational companies. The transit-oriented design, featuring two metro stations within the city, promises a 20% premium in rental rates. Additionally, a 2.5-kilometre underground tunnel is planned to improve connectivity, linking the eastern and western parts of the city and enhancing access from the Whitefield IT corridor. This project aligns with Bengaluru's broader trend of office space expansion, with the city's stock expected to reach 330-340 million square feet by 2030, driven by strong IT and BFSI sectors.Read more

22 Jul 2024

The rising rental market in Bengaluru is cooling, particularly in IT corridors. With nearly 8,850 units launched in Q1 2024 and a shift to hybrid work models, tech professionals are seeking affordable options on the outskirts. Rental prices in IT hubs like Whitefield and Sarjapur have dropped 15-20% year-on-year. Many are moving to the outskirts for more spacious, cost-effective homes. Improved metro connectivity and increased inventory have given renters more leverage. Landlords are reducing rents in prime areas to attract tenants, anticipating a significant market correction. This trend offers tech professionals the chance to secure better living spaces at lower prices.Read more

22 Jul 2024

Bengaluru anticipates smoother commutes with the imminent 3.7 km extension of the Green Line, linking Nagasandra to Madavara. Overcoming delays from land acquisition and the pandemic, operations are set to begin by July or August pending safety clearances. The extension introduces three new stations-Manjunath Nagar, Chikkabidarakallu, and Madavara (BIEC)-costing INR 298 crore each, improving access for Madanayakanahalli, Makali, and Nelamangala residents, including proximity to Bangalore International Exhibition Centre. Plans for a 54.21 km extension to Tumakuru are underway, potentially expanding the city's longest Metro line with 19 stations. This expansion aims to bolster Bengaluru's public transit, fostering economic growth and easing commutes citywide.Read more

18 Jul 2024

Bengaluru's BBMP has collected INR 463.03 crore in property taxes through its One-Time-Settlement (OTS) scheme, with INR 624.88 crore still outstanding as the July 31 deadline nears. Launched on February 27, the scheme aimed to ease tax burdens by waiving 50% of penalties and interest but saw limited participation, with only 1.52 lakh out of 5.51 lakh defaulters settling dues. Despite issuing notices to 3.95 lakh property-owners, only 70,000 responded. BBMP Chief Commissioner Tushar Giri Nath urges eligible property-owners to utilize the scheme. Overall property tax-collection decreased to INR 1,758 crore this year.Read more