23 Jan 2025

The Bangalore Development Authority (BDA) is facing a significant financial challenge, as property owners in the Arkavathi and Nadaprabhu Kempegowda layouts owe a total of INR 3,503.64 crores in unpaid development charges. Despite benefiting from infrastructure development in these areas, many owners have not paid the charges, which are essential for maintaining services such as roads and drainage. The BDA is seeking to recover the dues through legal measures. In addition, unauthorized constructions have compounded the issue, leading the BDA to issue notices to property owners to regularise their assets by paying the charges.Read more

23 Jan 2025

BBMP is set to auction properties with large tax arrears after multiple warnings. A property in the East Zone will go under the hammer on February 5, while two properties in the Dasarahalli Zone and one in Bommanahalli will be auctioned on February 6. The auction comes after property owners failed to clear their dues despite receiving showcause notices. The tax arrears range from INR 11 lakh to INR 1.8 crore. BBMP is proceeding with the auction under Section 156 of the BBMP Act 2020 and plans to issue over 500 notices in the coming weeks.Read more

22 Jan 2025

A fire on January 14 at the Bangalore Bioinnovation Centre (BBC) in Bengaluru's Electronic City caused losses estimated at INR 80-INR 110 crore, severely impacting biotech startups and destroying the second floor of the facility. Initial reports blame improper storage of flammable solvents for the blaze, which spread through HVAC systems. Affected startups, including Fermbox and Immunitas, face significant setbacks, while the BBC reported damages of INR 42 crore. Karnataka IT Minister Priyank Kharge pledged government support for recovery efforts. The incident highlights the urgent need for stringent safety protocols in biotech labs as the BBC and its stakeholders plan to rebuild.Read more

21 Jan 2025

India's residential real estate sector has witnessed a 46.8% year-on-year (YoY) surge in under-construction supply, driven by robust demand. Bengaluru leads with an impressive 114% YoY growth, followed by Gurugram at 98%. The average price of under-construction properties stands at INR 12,064 per square foot, with affordable options in Ahmedabad and Kolkata, while Mumbai and Delhi continue to cater to premium buyers. Developers are accelerating project timelines to meet rising demand across segments. This increase highlights the market's resilience and adaptability, catering to diverse homebuyer preferences from affordable housing to luxury developments.Read more

20 Jan 2025

Macrotech Developers, operating under the Lodha brand, has acquired a 20-acre land parcel in Bengaluru for a housing project with a gross development value (GDV) of INR 2,800 crore. The acquisition includes both outright purchases and a joint development agreement. This marks the company's fifth project in Bengaluru, a market it entered a few years ago. The firm has recorded a 20% growth in sales bookings for the 2023-24 financial year and aims to achieve a target of INR 17,500 crore in the current fiscal year.Read more

17 Jan 2025

The Bruhat Bengaluru Mahanagara Palike (BBMP) is preparing to intensify actions against major commercial property tax defaulters following the end of the One-Time Settlement (OTS) scheme. With an outstanding INR 300 crore due from nearly 2 lakh properties, BBMP has developed a comprehensive plan, targeting 240 properties across various zones, focusing primarily on commercial ones. Residential properties will not be seized unless unoccupied. However, the Bengaluru Coalition has criticized BBMP's approach, calling it insufficient and ineffective. They argue that sealing properties under existing laws has had little impact and doesn't address the issue at hand.Read more

17 Jan 2025

The Bruhat Bengaluru Mahanagara Palike (BBMP) has sealed 830 non-residential properties across eight city zones for outstanding property tax dues, with the East Zone leading at 231 closures. Led by Special Commissioner (Revenue) Munish Moudgil, the initiative emphasizes swift enforcement, including property attachment and potential auctions. Over 180 properties were sealed in just 24 hours, signaling intensified efforts from January 1 to 9, 2025. BBMP aims to boost compliance through these actions and better communication with property owners, emphasizing the importance of timely tax payments to fund essential city services. This crackdown underscores a growing focus on sustainable urban governance.Read more

16 Jan 2025

Bengaluru's real estate market has witnessed a 5-20% rise in housing prices, with eastern areas leading the surge. Despite escalating costs in central neighborhoods like Indiranagar and Koramangala, affordable options under INR 1 crore are available in peripheral areas. North Bengaluru, fueled by developments like the airport and Manyata Tech Park, offers 3BHK apartments in Devanahalli and Hebbal priced between INR 4,600 and INR 13,000 per sq ft. Similarly, areas like Whitefield, Sarjapur Road, and Kanakapura Road provide budget-friendly units in smaller gated communities. Upcoming infrastructure projects, including the Namma Metro, are set to enhance connectivity, making these locations increasingly attractive for homebuyers.Read more

16 Jan 2025

Karnataka witnessed a significant decline in property registrations in late 2024, attributed to the implementation of the e-khata system and a mid-December transfer of sub-registrars. In December 2024, only 1.5 lakh documents were registered-the lowest monthly tally of the financial year-causing a revenue shortfall of INR 1,971 crore against a target of INR 18,388 crore. Despite the slowdown, there was a 17% increase in revenue compared to 2023. Officials are optimistic that transparency measures and a potential second hike in property guidance values will fuel long-term growth and help meet the state's annual revenue target.Read more

15 Jan 2025

Karnataka has proposed draft regulations to amend Bengaluru's Revised Master Plan-2015, enabling developers to purchase additional Floor Area Ratio (FAR) based on road widths. For roads over 30 feet wide, premium FAR ranges from 20% to 60%, priced at a minimum of 28% of the guidance value. This initiative follows the withdrawal of the Karnataka Town and Country Planning (Amendment) Bill-2023, bypassing legislative approval. While developers anticipate economic benefits, critics worry about potential overcrowding and infrastructure strain. A 30-day public feedback window is open to address these concerns. The proposal marks a pivotal moment in Bengaluru's urban planning evolution.Read more

15 Jan 2025

The Bruhat Bengaluru Mahanagara Palike (BBMP) has revised A-khata issuance rules following an amendment to Section 17 of the Karnataka Town and Country Planning Act, 1961. Individual plots now require planning authority approval to qualify for A-khatas, replacing the earlier system under the Karnataka Land Revenue Act, 1964. The BBMP will also mandate compliance for subdivision or unit-specific A-khatas. This regulatory shift aims to streamline urban planning, prevent unauthorized land use, and promote sustainable development in Bengaluru. Property owners must secure necessary approvals to avoid legal complications, marking a critical step toward better-organized and compliant urban growth.Read more

13 Jan 2025

The BBMP has identified 235 acres of encroached land across 183 active lakes in Bengaluru, with 120 lakes impacted by private properties and 131 by government projects. Despite legal actions and a ?52.55 crore allocation for lake conservation, only seven acres have been reclaimed. Encroachments include roads on 116 lakes and cemeteries on 15. The court has demanded detailed encroachment data, urging BBMP to expedite action. These lakes, vital for the city's ecology and water supply, face severe threats amid rapid urbanization. Citizens are encouraged to support conservation efforts to protect Bengaluru's diminishing natural resources.Read more

13 Jan 2025

East Bengaluru's residential market witnessed an 87.4% YoY surge in supply, driven by a 33.6% increase in capital appreciation and an 11.4% rise in rents, according to Magicbricks. Budigere Cross led the growth with a 190% rise in supply and a 48% increase in property values, followed by Whitefield (91.35%), HSR Layout (83.3%), and Sarjapur (75%). The surge is fueled by infrastructure upgrades, including connectivity via Old Madras Road, Outer Ring Road, and Namma Metro. Premium housing demand surged, with INR 10,000 psf properties comprising 37% of the demand. East Bengaluru continues to solidify its position as a prime residential hub.Read more

08 Jan 2025

The Bengaluru Development Authority (BDA) has outlined plans for the development of six new residential layouts as part of the Peripheral Ring Road-2 (PRR-2) project. To support this initiative, the BDA will acquire approximately 3,000 hectares of land from both government and private sources across various villages in Bengaluru's outskirts. The project aims to address the city's growing demand for housing by creating 50,000 new residential sites. Landowners will receive compensation under a 40:60 ratio, with 40% paid as developed plots in the new layouts while the remaining 60% will be monetary compensation. The development is expected to improve urban infrastructure, alleviate housing shortages, and stimulate the real estate market.Read more

08 Jan 2025

Property transactions in Bengaluru faced significant delays at the start of the year due to confusion over the transfer of 90 sub-registrars. Disputes over positions and conflicting court orders disrupted operations at several sub-registrar offices, with some officers lacking necessary system login IDs. This led to backlogs and halted registrations, causing inconvenience for buyers and sellers. The state government, advised by the Advocate-General, issued login IDs to the newly transferred officers, but resistance from incumbents further complicated the situation. Authorities are working to resolve the issue promptly, highlighting the need for better management of government employee transfers to prevent disruptions in critical public services.Read more

07 Jan 2025

In an effort to generate revenue for developmental projects without burdening taxpayers, the Bruhat Bengaluru Mahanagara Palike (BBMP) is focusing on its immovable properties, such as buildings and open spaces it owns or manages. The civic body plans to sell or lease these properties through a public auction, linking the rental value to the government's guidance value. Recently, BBMP notified draft rules on property management, seeking public objections. These rules aim to streamline the leasing process, make BBMP more self-reliant, and address issues like low rental values and lengthy leases to religious or educational institutions.Read more

07 Jan 2025

The Guntur Municipal Corporation (GMC) is contemplating adopting the Bengaluru model for managing vacant land in the city. The plan includes imposing fines on landowners whose properties become dumping grounds, contributing to public health issues. Around 20,000 neglected sites in the city are breeding mosquitoes and creating unhygienic conditions. While GMC has issued notices to landowners, many have not responded, worsening the situation. GMC officials are preparing a report to seek approval for penalties, and local legislators have called for immediate attention to the city-owned vacant sites.Read more

02 Jan 2025

Phase III of Bengaluru's Namma Metro is underway, with the Karnataka government acquiring 26,811 sq. m. of land for elevated corridors and stations between JP Nagar 4th Phase and Mysuru Road. The project impacts 197 private properties and requires 10,892 sq. m. of government land from agencies like BBMP and BDA. The Karnataka Industrial Area Development Board (KIADB) is overseeing land acquisition for BMRCL, ensuring fair compensation for affected landowners. Spanning 32.2 km from JP Nagar to Kempapura and 12.5 km from Kadabagere to Hoshalli, Phase III aims to modernize Bengaluru's transport infrastructure and ease traffic congestion.Read more

01 Jan 2025

The Bangalore Development Authority (BDA) is set to develop six residential layouts, creating 50,000 plots along the proposed Peripheral Ring Road (PRR)-2, connecting Hosur Road to Bengaluru-Mysuru Road. To manage high land acquisition costs and ensure fair farmer compensation, the BDA will adopt a public-private partnership (PPP) model. Spanning 3,000 hectares of land, the project will feature a 30-km-long, 100-metre-wide road with commercial plots on either side. Farmers will receive a 40:60 compensation ratio, including plots in the new layouts. Land acquisition is expected to complete in 6-8 months, with PRR-2 becoming operational within two years.Read more

31 Dec 2024

The Karnataka government has issued a preliminary notification to acquire land for the first stage of Metro's Phase III project. A total of 26,811 square metres of land will be acquired to build an elevated line and Metro stations between JP Nagar 4th Phase and Mysuru Road station. The project will also impact 197 private properties, including residential buildings and vacant sites. Along with this, 10,892 square metres of government-owned land will also be needed. The Phase III plan was approved earlier this year, and construction work will follow a geotechnical survey.Read more