18 Oct 2024

Karnataka Chief Minister Siddaramaiah announced the upcoming Cauvery Stage VI project, designed to meet Bengaluru's rising water needs, following the launch of the Cauvery Stage V project at T.K. Halli. Stage V adds 775 million liters daily (MLD) to the city's supply, costing INR 4,600 crore, benefiting 110 newly incorporated villages. The planned Stage VI aims to add 500 MLD, backed by an additional 6,000 million cubic feet (TMC) of water, with a budget of INR 5,200 crore. Additionally, nine new sewage treatment plants (STPs) with a 500 MLD capacity are planned, costing INR 2,000 crore, supporting sustainable water management for Bengaluru's future growth.Read more

17 Oct 2024

Arvind SmartSpaces Limited (ASL), part of the Lalbhai group, has announced a joint development agreement for a new residential project on ITPL Road, Bengaluru, covering 4.2 lakh square feet with a revenue potential of INR 600 crore. This move reflects ASL's strategy to tap into Bengaluru's thriving real estate market, driven by its status as an IT hub and growing population. Kamal Singal, MD & CEO, highlighted the company's strong growth prospects with a cumulative business potential of INR 1,010 crore for the year. ASL's expansion into key markets like Bengaluru positions it well for continued success in India's resurgent real estate sector.Read more

16 Oct 2024

The Karnataka government's initiative to digitise property transactions through mandatory e-khata registration has hit significant roadblocks, causing a 95% drop in registrations in key cities like Bengaluru, Mangaluru, and Mysuru. This decline coincides with efforts by the stamps and registration department to boost revenues by keeping sub-registrar offices open on weekends. Although property registrations had seen a 5% increase earlier this fiscal year, technical glitches and low public awareness hinder the e-khata rollout, prompting Revenue Minister Krishna Byre Gowda to meet with officials to address these challenges and reassure property owners of a flexible timeline for obtaining e-khatas.Read more

16 Oct 2024

WeWork India has unveiled its latest premium workspace, WeWork 37 Cunningham, located in one of Bengaluru's prime business areas. Spanning over 61,000 sq. ft. and housing 891 desks across four floors, this space stands out for its luxurious design, cutting-edge technology, and bespoke services. As Bengaluru grows as a hub for multinational corporations, the demand for world-class workspaces is rising. WeWork 37 Cunningham meets this need by offering a mix of elegance, functionality, and sustainability, making it a perfect choice for large enterprises and businesses.Read more

16 Oct 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) recently rejected nearly 2,000 building plan approval applications following an order mandating local planning authority approval for single plot or layout developments. This directive impacts property owners, particularly in zones like Bommanahalli and Mahadevapura, where over 60% lack necessary approvals. Engineers have urged the BBMP to reconsider the order, fearing it may hinder tax collection and complicate property transactions, especially for those with A-khata status.Read more

15 Oct 2024

Navin's, a renowned name in Chennai's real estate landscape, ventures into Bengaluru with the launch of Navin's Antheia Poetry, a luxury condominium project located in JP Nagar at Dollars Colony, Bannerghatta. Offering opulent 2, 3, 3.5, and 4 BHK residences, this project boasts state-of-the-art amenities and sustainable features, aiming to blend modern convenience with nature. With prices starting from INR. 4.2 crore, it promises an elevated living experience in one of Bengaluru's most dynamic neighbourhoods.Read more

15 Oct 2024

The Bangalore Development Authority (BDA) has intensified its anti-encroachment efforts, seizing properties worth around INR 460 crore in Nagarabhavi, west Bengaluru. On September 29, land in survey numbers 78 and 129 was reclaimed from illegal occupants who had established commercial operations. This operation led to the demolition of over 40 unauthorised shops and the recovery of six acres valued at INR 430 crore. The BDA also removed illegal structures from Kaggadasapura lake, securing INR 2 crore worth of land for future protection against encroachments.Read more

11 Oct 2024

The Namma Metro network is set to expand to 77 km with the upcoming 3.1-km extension of the Green Line along Tumakuru Road. Following a safety inspection by CMRS on October 3, services between Peenya Industry and Nagasandra were temporarily suspended. The new 3.14 km line includes three stations: Manjunathanagar, Chikkabidarakallu, and Madavara, expected to attract 25,000 to 30,000 additional passengers daily. While all extended Metro projects from phase II are now operational, BMRCL is also preparing to launch the Yellow Line from R V Road to Bommasandra in early 2025, facing delays due to a shortage of coaches.Read more

11 Oct 2024

A Bengaluru consumer court has ordered CanFin Homes Ltd to return property documents to a borrower, C Sathyanathan, who had fully repaid his loan. Sathyanathan cleared a loan of INR 60 lakh in 2018, but the company failed to return his documents, citing an unpaid penalty. After reviewing the case, the court found CanFin Homes guilty of service deficiency and ordered them to pay compensation totalling INR 1.3 lakh, along with INR 100 per day until the documents are returned. The company has 45 days to comply with the court's directive.Read more

10 Oct 2024

Birla Estates, a subsidiary of Aditya Birla Real Estate Limited, has achieved remarkable success with Phase II of its Birla Trimaya project, selling 95% of its inventory within 24 hours and securing bookings worth INR 600 Crore. This follows the strong performance of Phase I, which garnered INR 500 Crore in 36 hours. The entire 52-acre project, located in North Bengaluru, is expected to generate around INR 3,000 Crore in revenue. Birla Estates continues to expand across key Bengaluru markets with various premium projects.Read more

10 Oct 2024

The Bangalore Metro Rail Corporation Limited (BMRCL) is starting the acquisition process for properties needed for Namma Metro's Orange Line, connecting JP Nagar 4th Phase to Kempapura. The initial project package identifies 299 private and 29 government properties for an elevated corridor to Mysuru Road. BMRCL plans to construct eight stations and a 3-km double-decker flyover along the route. To complete the 32.2-km line, 1,031 properties covering 1.43 lakh square metres must be acquired. Additionally, BMRCL is reconsidering the size of a planned depot near Byadarahalli due to complications with land ownership and costs.Read more

07 Oct 2024

The Bengaluru Metro's Phase 3 project has commenced, featuring geotechnical investigations critical for determining the placement of pillars and stations across 22 stations. This phase includes the 32.15-kilometre Outer Ring Road segment, known as the Orange Line, and a 12.5-kilometre stretch from Kadabagere to Hosahalli. An extended section of the Green Line is set for inspection by the Commission for Railway Safety, following successful trial runs. The project, with an extension to Madavara costing INR 298 crore, aims to significantly enhance connectivity for commuters travelling between Tumakuru and Bengaluru.Read more

07 Oct 2024

The Karnataka Government launched a draft Global Capacity Centres (GCC) policy aiming to generate USD 50 billion in economic output and attract 500 new GCCs by 2029, creating 350,000 jobs. The policy focuses on establishing Global Innovation Districts, with state-of-the-art technology parks in Bengaluru and beyond. Key features include incentives for anchor investors, customised packages for mega projects, and a Centre of Excellence for AI in Bengaluru. The policy emphasizes expanding the GCC ecosystem outside Bengaluru through recruitment support and infrastructure incentives. It aims to strengthen Karnataka's position as a global hub for innovation and business transformation.Read more

03 Oct 2024

The Karnataka government has made e-khata mandatory for property registration starting in October to battle fraud, urging property owners to obtain it quickly as physical khatas will be phased out. Revenue Minister Krishna Byregowda highlighted that the e-khata system, already in 12 districts, will expand statewide. To aid this transition, the revenue department has digitised property records and will collect GPS coordinates as unique identifiers for each property. Additionally, the government is expediting applications to regularise Bagar Hukum land, with 160 committees handling 9.8 lakh applications, while 81.8% of land parcels are now linked to Aadhaar.Read more

03 Oct 2024

Karnataka's government launched India's first Knowledge Health Innovation Research-City (KHIR-City) on 26 September 2024. Inspired by global hubs like Singapore's Biopolis and the US's Research Triangle Park, this 2,000-acre, INR 40,000 crore project aims to create 1 lakh jobs and foster growth in the health and research sectors. KHIR-City will house universities, hospitals, and industries to drive healthcare innovation and economic development. With an advisory committee of notable experts, the initiative blends global expertise with local talent to position Bengaluru as a global healthcare leader, accelerating research, development, and commercialization in India's healthcare landscape.Read more

02 Oct 2024

WeWork has leased a total of 143,000 square feet of office space at Embassy Golf Links Business Park in Bengaluru to IBM and OpenText. IBM secured 73,000 sq. ft., while OpenText took 70,000 sq. ft., both for two years. The growing demand for managed office spaces, particularly from the IT sector, is driving these transactions. Recent reports indicate that flexible office space in India reached 58 million square feet in the first half of 2024, with the IT sector accounting for half of the total absorption. IBM also renewed a separate lease for 830,000 sq. ft. in Bengaluru.Read more

02 Oct 2024

Century Real Estate, a prominent player in Bengaluru's real estate landscape for over five decades, has revealed a striking achievement with its new project, Codename Built Rare, in Indiranagar, securing INR 450 crores in sales during its pre-launch phase. Spanning 8.5 acres, this opulent development features 347 luxurious residences and an impressive array of amenities. With anticipated revenues of INR 2200 crores, it is set to redefine high-end living in one of the city's most coveted areas.Read more

01 Oct 2024

Puravankara, a prominent real estate developer in India, is expanding its commercial portfolio by acquiring 2.3 acres of land in Bengaluru for approximately INR 135 crore. The company aims to develop 3 million square feet of office space over the next four to five years, anticipating rental income growth to INR 500 crore. Recently, they announced plans to acquire 20 million square feet of land by the financial year's end, focusing on both outright purchases and redevelopment to boost residential and commercial project launches in major markets like Mumbai, Bengaluru, and the Delhi-National Capital Region.Read more

01 Oct 2024

NBR Group, a Bengaluru-based real estate developer, has acquired a 9.65-acre land parcel in the Sarjapur-Mullur suburb to develop a high-rise residential project covering 9 lakh square feet, projected to generate over INR 1200 crore. This area is rapidly gaining popularity due to its strategic location and ongoing infrastructure improvements, attracting tech professionals and families seeking affordable housing options. Meanwhile, Bengaluru's residential market is booming, with a 30% increase in home sales value in Q2 2024, reflecting sustained demand from buyers and investors alike.Read more

01 Oct 2024

Flent, a Bengaluru-based proptech startup, has raised INR 6.5 crore in a pre-seed funding round led by WEH Ventures, with participation from notable investors such as 2 AM Ventures and various angel investors, including former Airbnb GM Sanchan S Saxena. The startup plans to use the funds to expand its core team and develop a full-stack renting platform aimed at addressing the fragmented urban rental market, valued at USD 10 billion. With strong backing and a clear vision, Flent aims to revolutionise the rental experience for both landlords and tenants.Read more